Businesses today face no shortage of challenges when scaling their operations. If they don’t need to continue innovating products and services, they need to adapt to their customers’ changing preferences constantly.
However, another critical element of ensuring a business’ long-term stability is ensuring it can acquire and keep high-quality staff. Organizations can help achieve this by offering competitive compensation packages that include sought-after benefits offerings.
To achieve this, though, it’s important to consider what types of benefits are considered more valuable to individuals than others while finding a way to ensure that the business’ value and affordability are in alignment.
Why the Benefits You Put in Place Matter
Many individuals consider employee benefits more than just perks—they also show that the business is committed to keeping its workforce happy and healthy. Talented workers know they’re in demand, and they’re increasingly prioritizing organizations that recognize their value by providing competitive benefits offerings.
However, the advantages of offering quality benefits packages go beyond improving employee satisfaction. Organizations willing to invest more in their benefits packages often experience happier, healthier, and more engaged workforces, which directly translates to increased productivity and improved profitability.
When employees have more healthcare options at their disposal, for example, they’re less inclined to avoid getting preemptive care from their local doctor. For organizations, this translates into lower healthcare costs, fewer sick days used, and a more present and focused team.
Effective Strategies that Can Improve Your Benefits Packages
Organizations can employ a handful of strategies to improve the perceived value of their benefits offerings. Here are some practical steps you can take:
1. Differentiate your current benefits offerings.
Modern employees are looking for more than just the traditional benefits options that most businesses have used over the years—health, dental, and vision, to name a few. While these standard benefit offerings still have a lot of practical value for employees, many organizations now focus on providing even more value to their employees by incorporating other high-value elements.
Here are some ideas you could explore:
- Offer unlimited paid time off (PTO). Even though it may sound counterintuitive, unlimited paid time off (PTO) actually can be a win-win for employees and their employers. Studies have shown that employers who work for companies that provide unlimited PTO take less time off on average than organizations that maintain traditional capped PTO policies. The key element is trusting employees and supporting a culture that values optimal work-life balance.
- Incorporate more flexible hours. Modern workforces are much more flexible than they used to be. Embracing a remote-first or hybrid working model for employees can provide the business with better access to wider talent pools while also playing a crucial role in improving employee satisfaction across the board. Businesses can allow employees to establish their own hours or work from home a few days a week, which also can help create a more engaged and productive team.
- Introduce employee wellness programs. Investing in your employees’ well-being pays off in various ways. Whether offering subsidized gym memberships or providing access to specific mental health resources, developing and maintaining a wellness program shows you care about your employees’ health and long-term happiness in the organization.
- Establish a form of tuition reimbursement. Providing tuition reimbursement or other benefits aimed at supporting an employee’s professional growth can be a powerful way to attract top talent and encourage them to stay with the company for the long term.
2. Communicate all benefits and their advantages.
Besides being used for discussing essential benefits such as health, life, and retirement plans, the hiring process is the perfect time to share distinctive perks that differentiate your company from others.
Take this time to paint a picture of how these perks are benefiting your employees’ lives. Share specific examples of how your unique offerings are making a difference and contributing to creating a happier and more motivated workforce. These concrete examples not only attract top talent but also demonstrate your commitment to going the extra mile for your people.
3. Focus on employees’ future.
Attracting top talent is just one piece of the puzzle—you also need to make sure they’ll stay with the company long-term. Highlighting benefits that support your employees’ future helps to establish more loyalty and can significantly improve retention rates.
Showcase benefits with a long-term focus, such as:
- Supporting retirement planning. Retirement plans are a major draw for employees, second only to healthcare benefits. Most employees still consider retirement benefits when evaluating job offers.
- Providing maternity and parental leave. Maternity and paternity leave policies are another popular benefit option for job applicants, making them essential offerings for forward-thinking employers. While maternity leave is ordinary, generous paternity leave can set you apart in the competition for young talent planning to start families.
- Putting in place fair severance policies. Discussing severance packages during the hiring process might seem unusual, but it reassures employees in case of future layoffs or downsizing. Though most employers offer severance, putting the terms in writing demonstrates a commitment to openness and fairness.
Bring in More Talent with a Comprehensive Benefits Offering
While a competitive salary is crucial for attracting top-tier candidates, employee benefits can be the deciding factor between multiple job offers.
For many professionals, a comprehensive benefits package outweighs a slightly higher salary. To secure and retain the best talent, establish and highlight a unique set of benefits demonstrating your commitment to supporting your employees’ well-being and future career goals.
