Benefits play a big role in recruiting and retaining key employees who make an important impact on company performance. And since we find ourselves in a job seekers’ market with more job opportunities than before, it’s crucial to keep a mindful eye on the competition and what they’re offering.
It’s easy to get into a bidding war with the competition because, unfortunately, another company can always have more money than yours. That’s why you have to offer something innovative that they won’t find elsewhere. Powerful statistic: 50% of employees say that improving their benefits package would make them stay at their job. It’s clear, simply providing a cookie-cutter benefits package is no longer an option if you want to secure talent.
Two Tips to Keep in Mind:
- Create a benefits package that reflects your culture. It’s true, it may be difficult to offer everything that super powers, such as Netflix or Airbnb, are offering their employees. But what they’re also doing is sculpting a benefits package that mirrors their company values. Follow their lead in this respect. Your employees won’t find your benefits package anywhere else because it will be unique to your company.
- No one wants the exact same thing from their benefits. Providing the standard package to everyone just won’t do. Not only because they could find it anywhere else (though that point is also valid), but because this doesn’t allow for any flexibility. Each employee has different needs. Your benefits package should account for that. Some benefits plans allow the employer to set a budget that the employee can then use toward the benefits they want and need. Some plans have expanded flexibility in what is covered under the actual plan. When in doubt about what your employees want, you can always ask.
Your benefits package needs to be innovative, but that doesn’t have to mean throwing more money at it. It means taking a thoughtful approach to providing your employees what they will truly find beneficial.