With unemployment at record lows in the United States and no apparent end in sight to the longest bull market in history, one downside for businesses is finding and keeping good people.
Which is where the pressure is on business owners and leaders to attract top talent – and keep the people they already have – not just with a great headline salary number but with a well-thought-out package of benefits and incentives. Nearly a quarter of employees receive no extras from their employers at all, making them prime candidates to move on suddenly when a better deal is on the table.
Surveys show more than 90 percent of employees rate their benefits package as a vital part of their job satisfaction and is a proven way of reducing staff turnover sharply. If you are wondering how your business can afford to offer benefits, ask yourself if it can afford to not – recruiting and training new staff is a highly expensive and fraught process with a high miss rate, as well as causing disruption to other employees and your customers.
But what should a good benefits package feature? One interesting aspect is to consider the makeup of your workforce – different generations have different priorities. For example, the Millennials and their successors put much more value on flexible working and paid time off than the Baby Boomers and Generation Xers, who prioritize healthcare and retirement.
Your firm may well need to consider a bespoke solution and work with experts, utilizing your own census data carefully. That said, healthcare is still the number one concern across generations, followed by a 401(k) retirement account with employers matching contributions, then paid time off and flexible working.
Other benefits prized by employees include the ability to work remotely, have student loans forgiven or tuition paid, and the ability to improve their skill set through training. The best incentives to offer are benefits that are not available to private individuals but only through groups such as a company workforce.
And some benefits need not have to be paid for by the employer – employees can be happy to pay for them via payroll deduction if they can get something they could not get another way. Classic examples include cheap rates for life insurance for themselves and family members, and short and long term disability benefits.
Putting together a top-quality benefits package is a big commitment – but an essential investment in your firm’s most important asset – its workforce. But you do not have to do this alone – here at Noble-Davis Consulting we have experts in the benefits field and we are excited to help you help your workers.
Call us today on 440 498 8408 to see for yourself how looking after your staff with a good benefits package is also helping yourself and your firm for the future.