Attracting the best modern employees requires employers to go beyond salary. Constructing top-tier benefits packages will play a significant role in enticing the talent you want and retaining them once they have joined your organization.
Expectations have been slowly shifting within the marketplace. Employees appreciate packages that provide more holistic features that help them financially, mentally, and physically, in addition to the standard healthcare and salary.
While all candidates will want to know the salary of the position you offer and expect to see healthcare as a part of your benefits package, there are also four key areas where they want to see benefits. Understanding these areas and knowing what your company can offer in these areas is key to creating an exciting offer.
Since the pandemic, people have realized how much work they can do from home, and they appreciate the work-life balance that comes with the ability to work at least some of the time from the comfort and convenience of their own computer.
Many people also appreciate flexible working hours and how these schedules can improve their quality of life by making it easier to schedule appointments, participate in family life, and pursue hobbies. Remote work benefits have become an important component for countless employees. This type of flexibility is highly sought after and will increase retention and job satisfaction.
The entire modern culture has been increasingly aware of the importance of mental health support. This reflection and shift has made its way into top benefit packages as well. Businesses have begun to include support features such as access to counselors, options to take mental health days, and in-office benefits such as meditation and yoga, particularly during high-stress times of the year.
People also recognize the importance of staying on top of their retirement savings. Helping your employees plan for their futures with benefits like matching retirement contributions provides excellent financial support. People appreciate the financial security this offers, which will increase its appeal to prospective employees.
Higher education prices have increased astronomically, placing considerable stress on people as they try to earn their degrees. Acknowledging this concern and helping your employees manage it through student loan repayment assistance or tuition reimbursement demonstrates you care about your employee’s long-term goals and want to help them continue to grow.
While the four features described above should play the most significant roles in the benefit packages you construct, consider also the following type of bonus features you might want to include.
As you prepare to upgrade the benefits package you offer your employees, work through the process carefully to make sure you capture the benefits that matter most to your workers. Moving through this process properly will increase your retention rates and help improve overall job satisfaction.
A well-constructed benefits package in the modern workplace can make all the difference when it comes to attracting top talent and then retaining them long-term. Quality benefits let employees know you appreciate them.
However, modern employees have some new and different expectations about the types of benefits they would like to see included. Consider the suggestions and the types of offerings described above to see how you can incorporate some of these key features into your internal packages.
If you are preparing to construct a new benefits package for your business, contact our HR experts today for a consultation on building or revising a benefits package. We can help you build the package that will fit your business and your employees best.