The numbers are in and 2021 is unquestionably one of the most difficult times on record for finding and retaining employees. Covid-19 has changed the world in myriad ways and as a business owner, you’ve likely already seen the effects of the pandemic on your business in a variety of ways, from your bottom line to the lack of willing participants in the hiring pool.
With staggeringly low numbers of potential employees entering the workforce and a highly competitive hiring game, you’ve got to set your business above the rest with an attractive offer. It’s clear that the economic times are tough and it can be hard to offer top-dollar wages, so you’ll have to think outside of your usual big-salary offer approach! Wondering how to attract the best job candidates? There is a lot you can do in terms of benefits to attract talented employees who will stick around for the long haul. If you want to entice and retain great talent, EASI HR experts share 5 of the most popular employee benefits that will help!
Although each industry differs in what most entices employees and encourages them to stick around, there are some commonalities seen in popular benefits packages. These are the best benefits to offer employees that will help your business stand out from your competition.
1.Leave Benefits and Flexible Schedule
The ability to take time away from work is a major concern for employees and the COVID-19 pandemic has caused many new caregiving responsibilities. Now, more than ever, flexibility in scheduling becomes crucial, allowing employees to choose their flex schedule is a fantastic way to attract talented employees and retain the staff you already have. You can also provide a more alluring benefits package by increasing the number of paid leave days (PLL), vacation days, and sick time, or allowing for faster accrual of paid time off.
Health insurance has been consistently ranked among the most desired benefits by employees in recent surveys. Why? Because it’s expensive! Medical care costs can’t be covered without excellent insurance from employers like yourself. As the COVID-19 pandemic continues, having good health coverage is more important than ever. This provides an opportunity for you to gain top talent by offering extended healthcare benefits. This may even be better than adding other ancillary benefits that employees don’t need or want. This coverage puts employers who offer generous healthcare plans squarely ahead of those who do not.
Financial security is always important, however, it becomes more prevalent when someone reaches their last few years before retiring. This feeling multiplies exponentially if they are currently experiencing financial struggles due to COVID-19, which also affects younger employees today. Your investment in a solid retirement benefits plan may offer some much-needed comfort during this difficult time–that sense of stability that comes from knowing their time and effort will be rewarded with a secure future. A 401(k) matching program or a customized retirement benefits plan can be just what is needed to demonstrate your commitment to your employees, who will in turn be loyal to you.
In light of the stress and difficulty that has resulted from the pandemic, it has become crucial to create a culture of wellness in the workplace. Studies show that when employees feel like their employer cares about them as individuals, they are more productive and less likely to leave. Offering different types of wellness benefits will help your company retain top talent while also improving the health of its workforce at large. For example, some of the possible perks can be mental health counseling, gym memberships, or snacks that help with healthy eating habits. Some employees thrive on learning and honing their craft, so professional development is another benefit you can offer that simultaneously aids staff and your business. It is important to recognize your employees as unique individuals and provide them with personalized care benefits!
One of the quickest and most effective ways to boost morale, keep employees satisfied, and increase productivity is recognition of the hard work they do. Of course, a financial incentive is usually the best method but there are a variety of innovative ways to attract employees and demonstrate your appreciation for their hard work – a vacation, gym membership, extra PTO, gift cards… The options really are limitless and can even be tailored to the specific task and the individual.
If you’re looking to attract the best talent in a highly competitive hiring game, it can be difficult if your business isn’t able to offer what other companies are. However, there are still ways that will make your company stand out from the rest. Employ these benefits tips from EASI and call us today to develop a customized benefits package to offer your employees. You’ll get the right candidates on your team and enjoy high employee retention that will help your business grow and succeed!
