So, maybe you’ve already invested a lot in your employee benefits or you’re just starting, and you’re thinking, “Now I have to be ‘competitive’ about it too?”
Competitive Benefits Packages Help Attract & Retain Top Talent
We get it. It seems like another task on a never-ending list. However, a competitive benefits package is downright vital to business success. This includes keeping employees engaged and providing them with a high level of work satisfaction. These improvements in company culture yield greater productivity and increased bottom lines.
Research has shown that almost two-thirds of workers say that the benefits they are currently receiving make them more likely to stay in their jobs. In other words, happy employees = better business results.
We’re going to share three great types of benefits that will bolster your offerings and make you more competitive.
Ancillary Benefits
Whether you have 100 employees or five, it’s a lot to think about. Will you provide just the core benefits, or will you go beyond those and provide ancillary benefits as well? Better yet, what even are “ancillary benefits?”
Ancillary benefits are secondary health benefits that you can provide along with your core benefits. They can bolster your overall benefits offerings and include life insurance, vision, dental, disability, HSAs (health savings accounts), FSAs (flexible spending accounts), and employee stipends, to name a few.
Ancillary benefits are important to employees because they signal a desire on your part to provide more than just the minimum amount of coverage required by law. More importantly, they provide your employees with an added measure of protection and peace of mind.
There are so many options, it can seem difficult to narrow them down but there are a few good ways to determine what to offer.
To begin, we recommend:
- Dental
- Vision
- Disability
PTO Benefits
PTO is short for “paid time off” and it’s just what it sounds like. You are continuing your employee’s regular pay while they take time off from work. It’s a simple, yet valuable benefit you can offer.
It seems that post-pandemic, American workers are more likely to take time off than in the past. In fact, a recent Glassdoor survey found that PTO (paid time off) and vacation are more important to employees than a pay raise.
This goes hand-in-hand with today’s outlook on work. Employees really do value thoughtfully chosen time away from work and paid compensation for that time (when earned) can help to build loyalty and retention.
That means your employees want more time away from work these days, while still being able to receive compensation.
Some type of accrual-based PTO system is pretty standard and can be set up with a standard number of PTO hours going into an employee account each pay period.
You can also offer a certain amount of PTO immediately upon hire. It could be anywhere from a couple of days to a week. The amount you choose should be an incentive for your employees, while still being sustainable for your business. That way your employees don’t feel that they have to “prove themselves” for a certain period before they can take time off.
Wellness Benefits
Wellness benefits are meant to promote health and well-being among your employees. There are many types of programs that fall under this category:
- Physical health education and screenings
- Access to fitness equipment and activities
- Remote work options
- Flexible scheduling
- Education assistance
Wellness benefits may seem excessive to some business owners but they can result in a happier and more satisfied workforce. The demand for a higher level of work satisfaction is at an all-time high and you may be losing out to other employers by not offering some of these options.
Following the pandemic, many employees have found working from home to be both beneficial and more productive. If this is something that you leaned on during the pandemic, it’s worth exploring whether you can continue to offer that option.
These are some of the most popular types of incentives out there right now. In a post-pandemic workforce that is more focused on mental health and work-life balance, these are what potential employees are looking for. And they could be part of the key to retaining and attracting talent in your company.
Start Developing a Competitive Benefits Package
As you can probably tell by now there are countless ways to configure a competitive benefits package. But don’t let that scare you away.
Remember the rewards are great when you have a competitive benefits package in place. You will be able to attract and keep the best people for the job and business will thrive in turn.
Want to learn more about employee retention and benefits? We have a wealth of knowledge on this subject. Read about improving retention post-pandemic.
We have plenty of experience consulting with employers who would like to improve their benefits offerings. Contact one of our experts directly and get started on developing a competitive benefits package for your workforce.
