21 Nov Strategies For Attracting Top Talent Through A Competitive Benefits Package
Job markets today are highly competitive, with many businesses going over and above when it comes to offering compelling compensation packages.
As a business, standing out from companies vying for the attention of talented individuals requires more than just offering a fair wage. Structuring a competitive benefits package in addition to comparative industry salaries can be a great way to even the playing field and get more attention to your job descriptions from the right job candidates.
Why It’s Important to Provide More Than Just a Salary
There is no doubt that employees want to make sure they’re being adequately compensated for the work they do. However, attracting more qualified candidates means more than studying industry salary benchmarks and trying to stay in a certain lane. It also means thinking of the other important elements that keep employees grounded with a certain company.
Here are some things things you’ll want to keep in mind:
- Employees Want Security – Most potential job candidates are looking for additional financial security in the form of benefits packages that include healthcare, retirement plans, and other valuable job perks. It’s important to keep this in consideration when building out total compensation packages.
- Competition is High – In many industries, it’s hard to find any job candidates, let alone highly qualified ones. Benefits packages help to ensure your business remains in the top percentage of employers receiving regular job applications.
- Shows Where Business Values Are – When you take the time to build out a competitive benefits offering, you’re showing potential employees where your core values are. Job candidates are much more likely to engage with potential employers who show that they’re actively looking to support their employee’s health and well-being through comprehensive benefits packages.
Tips for Improving the Value of Your Benefits Packages
When designing your business’s benefits package, it’s important to make the right decisions regarding its format to create the right amount of interest from potential job applicants. Below are some helpful tips for achieving this:
Think About What Employees Need
It’s important to think about the demographics of your potential employees and what is likely to resonate with them most when choosing your benefits offerings. While not all benefits may be a high priority for every employee, by focusing on a more comprehensive offering, you’ll ensure that the majority of your workforce is happy with their options.
Some of the most common factors to consider include:
Prioritizing Employee Wellness
There are a wide variety of healthcare options you can incorporate into your benefits offerings. By not only offering traditional healthcare, you could also consider including EAPs (employee assistance programs) to support their mental health needs as well.
Consider How You Can Provide Long-Term Financial Support
Although some employees may not have long-term plans to stay with a certain company, many individuals are actively looking to stay with a signal employer for an extended period of time. A big part of what makes individuals stay longer with a certain employer is the financial stability they’re able to gain.
Finding benefits options that provide long-term financial support to employees can be a great way to attract more qualified talent. This can include looking into 401(k) retirement plans, disability and life insurance, and financial wellness programs that help employees learn how to better manage and save their money.
Prioritize a Healthy Work-Life Balance
Another high priority for today’s working professionals is having a healthier work-life balance. There has been more and more evidence about how working extended hours and sticking to a strict corporate mentality can lead to higher levels of stress and burnout. This is why incorporating benefits that directly address this issue can be so beneficial.
As part of your benefits package, think about potentially adding remote or hybrid working flexibility into your offerings. This not only makes your business more attractive to job candidates, but it also widens your talent pool to individuals outside of your local area.
Structuring your benefits packages with generous amounts of paid time off (PTO) is another great strategy. While you may not be in the position to offer unlimited vacation days, thinking about how you can offer more than the bare minimum in this category can be another powerful attractant for your business.
Start Attracting More Top Talent to Your Business
Finding highly qualified talent is one of the key elements necessary to ensure long-term business success. However, in order to find the right employees for your organization, you’ll need to make the right investments into compelling benefits offerings. By following the strategies discussed, you’ll make sure that your business stands out from other businesses by bringing more value to potential job candidates.
About The Author
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm (https://getebm.com) a leading provider of employee benefits solutions, Frank has built the business by bridging the gap between insurance and technology-driven solutions for brokers, consultants, carriers, and employers nationwide.
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