One of the best ways to differentiate yourself from other employers is by offering a robust employee benefits package. However, if you really want your employee benefits to be effective in attracting and retaining talent there are a few things to keep in mind.
Quality Over Quantity
It's true that employees love choice when it comes to benefits, as evidenced by the rise of voluntary benefits offerings, but ultimately it's not a matter of who has the most. What it comes down to is crafting a benefits package that offers employees real advantages and that are relevant to their needs.
A buffet of benefits may also muddy the waters and make it more difficult for employees to engage with the benefits that do matter to them. It's much better to tailor your benefits offerings to the needs of your employees. Your employees will feel individually valued and as a result it will be much easier to get them engaged with their benefits.
Communication Is Key
Have you ever conducted an exit interview only to find out that your employee is leaving for another company because they offer a certain benefit? A certain benefit that you already offer? It's enough to make you want to pull your hair out and scream.
As frustrating as it is, bear in mind that this is not a failure on the employees part. It's a failure of HR to properly communicate Employees have a lot of things competing for their interests. Between balancing their work duties and their personal life there's not a lot of time left to intensely study their benefits package.
It's HR's job to effectively communicate the value of your benefits package. There are many ways to go about this and the results of engaging your employees in their benefits are well worth it.
The Snowballing Effects Of Company Loyalty
The rise of brand values in the workplace is one result of the increasingly competitive, candidate-driven job market. In the past you would have simply called this company loyalty and it was something that was just a given. You worked for a company, you were proud of it, and that's just the way it was!
These days you have to work a little bit harder to keep your employees loyal. You have to create a "workplace brand" that is constantly engaging with employees and reminding them why they work here. Oftentimes a companies brand boils down to the benefits they offer. The Google campus is practically legendary for the host of benefits, both orthodox and non-traditional, that it offers to Google employees.
As a smaller business you may not be able to replicate that level of workplace branding but it's still worth carving out a name for yourself in the business landscape. Not only will keeping employees around longer shield you from the cost associated with turnover it will also attract new candidates through word of mouth and review sites like Glassdoor.
Offering an impressive salary is not enough to retain employees in this candidate-driven job market. What you need is a robust benefits package. Please contact us at Summerlin-Roberts today to learn more about our employee benefits services.