All HR professionals can tell you that employee benefits play an important role in recruiting and retaining employees. Even if your overall compensation package doesn’t match that of your competitors, an attractive benefits package can give you a leg up on the competition and limit turnover at your company. Learn more about selecting the right benefits to help you retain top talent.
Meet your employees needs
When you are going through the benefits selection process, do you talk to your employees about what their needs or the benefits that are most important to them? With 40 percent of employees saying that having a wide selection of benefits would make them feel more loyal to their employer, it may be time to start that conversation.
Health care benefits
Health insurance is the cornerstone of any comprehensive employee benefits package, preferred by the majority of people who work. In a recent Harvard Business Review poll, better health, dental, and vision insurance topped the list of most desired benefits, with 88% of respondents saying that they would give this benefit “some consideration” or “heavy consideration” when choosing a job.
If you can only afford to offer one employee benefit, health insurance for your employees and their families is your best bet. Often available from your health insurance carrier, dental insurance plans are designed to cover the costs of preventative and emergency procedures for your employees. Vision insurance is often an optional addition to your health policy and helps cover the costs of regular vision exams and a percentage of the cost of corrective lenses.
Offering health insurance to your employees is the best way to demonstrate that you are committed to their well-being. In return, your employees will be loyal and productive in the workplace, without worry or fear about how to pay for medical necessities.
PTO and work-life benefits
Second to health insurance, many employees find the value of paid time off and work-life benefits to be of the greatest value. Vacation time, flexible work hours, and work-from-home options can give you an edge over companies that offer higher salaries but fewer benefits. As one of the largest segments of the workplace, parents place the greatest importance on work-life balance benefits, even over health insurance.
Paid time off is widely considered a very important aspect of job satisfaction. Vacation improved talent management outcomes including morale, wellness, retention, productivity, and performance. Sick time also encourages employees to stay home when they’re ill, preventing the spread of illness in the workplace and creating widespread absenteeism. Many employers offer differing types of paid time off: holidays, vacation days, sick days, personal days, and bereavement leave.
Paid time off, flexible work hours and work-from-home options give employees great work-life balance. By creating a more casual, flexible workplace culture, you can demonstrate to your employees that you are as concerned about the health of their personal life as you are about their work life.
Retirement savings benefits
By offering a 401k plan as part of your benefits package, you can stand out among your competitors. This additional benefit can go a long way in building loyalty and retaining your employees. Employees are typically less willing to give up jobs that offer great benefits, and a recent report found that nearly 40 percent of workers have reported that they would leave their current job for one that offers a 401k plan. Additionally, 401k plans are one of the top 5 benefits employees value more than a raise. Still on the fence about offering a 401k plan? Remember, it is likely to cost you more to recruit, hire, and train a new employee than it will to match 401k plan contributions.
Sheakley’s benefits experts are here to help
As a professional employment organization, Sheakley is able to utilize the collective bargaining power of the 50,000 employees we represent to negotiate Fortune 500 level benefits for small and mid-size companies. The costs associated with offering health insurance, dental and vision benefits, life insurance, and retirement benefits are prohibitive for many small and mid-business owners, but Sheakley can make them affordable for your company. With a growing number of employees viewing healthcare benefits as standard, the importance of providing these coverages is becoming increasingly more important in retaining top talent. By entering into a PEO co-employment arrangement with Sheakley, you can provide your employees with affordable, high quality benefits.
Schedule your free consultation with a Sheakley PEO professional today. For more in-depth information about PEOs, download our What is a PEO e-book today. Stay up-to-date on all things Sheakley by subscribing to our blog and following us on social media. Join in the discussion by commenting below.