When you realize your company needs more help, you have to decide how to attract and retain the best talent for your team. Many job seekers are looking at more than just the salary offered when choosing between two companies. In addition to looking at the company culture or for flexibility with scheduling, potential employees always scope out the benefits package.
Know the Needs and Goals of Prospective Employees
To be a top-ranked employer, your benefits plan should address the unique situations of your workforce. You may have older employees raising families or young Millennials just looking for basic health coverage. Whatever benefits you choose has an impact on their health and lifestyle, ultimately impacting their work performance.
Know Your Responsibilities
As an employer, your benefit plan needs to be competitive, but it also needs to be in compliance with state or federal regulations. There are differences between mandatory vs voluntary benefits, and knowing what those responsibilities are can help you craft an appropriate package. Several health care coverages are required, as well as unemployment, social security, workers’ comp, and Family Medical Leave Act coverage. Voluntary inclusions would be retirement investments, wellness incentives, tuition reimbursement, or paid time off.
Since a majority of job seekers prefer a strong benefits package over a fair starting wage, building up a comprehensive plan of both mandatory and voluntary coverage needs will attract a lot of attention. These investments create a happier, healthier company culture.