Attract Top Notch Talent with a Competitive Employee Benefits Package

Attracting quality candidates is an ongoing challenge, even in the wake of the coronavirus pandemic with exceptionally high unemployment. Offering a solid benefits package, with the right blend of perks, will help give companies the competitive edge they need to attract top candidates.

Companies are moving past nap rooms and foosball tables toward benefits and perks that focus on work-life balance and overall wellness. Think conveniences such as back up day care, company contributions toward fitness memberships and access to financial service advisors. Remember to highlight the benefits and perks your company has to offer on your website and promote on social media in an effort to attract the best candidates. Include quick hit bullets in a job description to show candidates what you can do for them, if they join your team.  During interviews with candidates, be sure to provide more details on the competitive benefits they’ll receive by working for your company.

Companies will want to consider adding some, or all of the perks listed below, to create a strong and competitive health and wellness benefits package:

• Variable schedules – a healthy work-life balance is key to not only attracting top notch talent, but also important when it comes to retention.  This is a perk that is low-cost and one that is ideal for smaller companies that cannot provide some of the fancier perks or higher salaries larger companies may be able to offer.  Think out-of-the-box in terms of timing schedules to avoid long commutes and accommodate working parents who may need to attend to their school-age children.
• Remote work – not all positions have the ability to work from home, but experience during the pandemic have shown that many more employers are able to effectively work remotely than many companies originally thought.  Remote work eliminates commuting time, resulting in increased take home pay by saving on commuting costs and may even result in an employee being able to live in a more affordable area because they aren’t tied to a daily commute.  It will also provide employees with the ability to make appointments and work around childcare and school schedules, resulting in decreasing needs for employees to take a half day off for an hour appointment.  Working remotely and having the ability to have a flexible schedule go hand in hand and companies will see increased productivity from their employees, reduction in turnover, and lower overhead costs.
• Flexible Paid Time Off – More and more companies are moving to paid time off programs that provide employees more flexibility in selecting how they want to use their time.  Top performers are self-motivated and work well independently; they don’t want someone micromanaging their time and their time off.
• Tuition Reimbursement and Student Loan Assistance – as student loan debt continues to rise, offering loan assistance or education reimbursement is a benefit that may give companies the edge on a competitor.  While this could be costly, some of the cost can be offset through government tax breaks.

Companies should review their health and benefits offerings annually and survey employees to find out what is most important to them.  Great benefits and perks will boost a company’s culture, can lead to more employee referrals and provide additional incentives for employees to remain with the company.

For assistance with creating an employee benefits plan that attracts top talent, reach out to your OneDigital Benefits Strategist or your local HRC team.