To attract top-tier talent to your organization, it’s important to keep things in perspective. While most people are on the hunt for employers willing to pay them a fair or competitive salary, this isn’t the only way to attract new interest.
Many potential job candidates are also looking for businesses that are going to recognize the full value that they bring to the table. This means searching for an employer that appears to have the right priorities and shows that their employees mean something to them. This is where having a well-structured benefits offering can help.
By demonstrating your willingness to invest in the financial and physical well-being of your employees and their families, you essentially create a powerful message that can help you attract and retain more qualified talent.
Why Competitive Salaries Are Rarely Enough to Attract Qualified Job Candidates
While salary is a significant factor in attracting qualified candidates, it’s rarely the deciding factor. Today’s job seekers are looking for comprehensive benefits packages that include a range of benefits that support them and their families. Putting this together for your teams can be a powerful differentiator for your company.
Below are some of the main reasons why providing a competitive salary on its own is rarely enough:
Qualified Talent Know Their Worth
The most capable job candidates know that they have valuable skills and experience, and they’re not afraid to look for employers who recognize their worth.
A competitive salary is just the starting point. These individuals are looking for companies that offer more than just a paycheck and want to work for an organization willing to invest in their financial and physical well-being. Benefits like health insurance coverage, retirement plans, or paid time off have become the new prerequisites for attracting and retaining top talent.
Financial Security Isn’t Employees’ Only Concern
While financial security is important, it’s not the only thing that employees are looking for in a benefits package. Many job candidates also want benefits that support their physical and mental health, such as wellness programs, employee assistance programs, or flexible working arrangements.
By offering a variety of benefits that cater to different needs, you can attract a wider range of individuals and encourage them to apply.
First Impressions Are Everything
A well-designed benefits package can make a positive first impression on potential candidates. It shows that you are a company that cares about its employees and is willing to support them in various ways. This can be a major differentiator in a competitive job market.
This can help you have a much larger pool of qualified applicants to choose from and improve your chances of finding the perfect fit for your organization.
How to Create Impactful Benefits Offerings Help With Talent Acquisition
It’s important to remember that while deciding to offer certain benefits to employees can be a great move, this decision in itself doesn’t necessarily mean you’ll be able to target the right talent you’re looking for.
To achieve this, you’ll want to incorporate a few helpful strategies that will make your benefits offerings a much more impactful incentive for potential job candidates. These include:
Research What Competitors Are Offering
Before you design your benefits package, you’ll want to get a better understanding of what other companies in your industry or local area are offering. This is an important first step to make sure that the benefits you’ve put together are competitive enough.
You can start gaining better insights into what your competitors are offering by looking at their websites, job postings, or reviews from employees on online job boards. Pay close attention to the types of benefits or perks they’re providing, and don’t just limit yourself to looking at businesses in your industry.
It’s a good idea to look at a broad range of companies to compare your offerings against. This helps you to make sure you’re benchmarking against multiple organizations that are likely to be searching for job candidates in the same talent pool.
Provide Comprehensive Coverage
To gain more interest for potential job candidates, it’s important to evaluate your offerings and make sure they cover a wide range of needs. Making your benefits packages comprehensive shows employees that you’ve taken the time to try and cover as many of their needs as possible. Below are some of the most sought-after benefit types by employees:
- Medical, Dental, and Vision Insurance: Health insurance coverage, including supplementary options like dental and vision, are common inclusions in many employee benefits packages. Depending on the size of your business, you might want to consider offering different plan types with higher or lower premium costs
- Retirement Plans: Retirement plans, like 401(k)s, help employees save for their future after they leave the workforce. These plans allow employees to contribute a selected amount of their pre-tax earnings to go to a tax-advantaged account. In some cases, employers may elect to match a percentage of these contributions to help incentivize their employees to save for their future.
- Paid Time Off (PTO): Offering generations amounts of PTO, including extra time off for vacation, sick leave, or personal days, can be a great way to show that you respect your employees’ work-life balance and value them taking better care of their mental health.
- Life and Disability Insurance: Life and disability insurance provides financial protection for employees and their families in case of unexpected events. This is a great way to add peace of mind to an employee that their families will be able to have additional financial support in the event of an unlikely tragic incident.
Think About Offering Other Unique Perks
In addition to more common employee benefits, there are some other additional perks you might want to consider offering. These include:
Flexible Working Arrangements
flexible working arrangements, such as allowing employees to work remotely or offering unlimited PTO, can be a major draw for employees who prefer less traditional office environments. Affording this flexibility shows that you trust your employees to manage their time effectively and can be a great way to attract more interest in your company.
Employee Stock Options
Employee stock options give employees the opportunity to purchase company stock at a discounted rate, allowing them to have a deeper sense of ownership when helping the company succeed. This can be a powerful incentive for employees to contribute to the company’s growth and stay with the company long-term.
Mental Health Support Coverage
Recognizing the importance of mental health is crucial for businesses today. Offering various mental health coverage options, including access to counseling services, employee assistance programs, or stress management resources, can be a great way to show potential employees the type of values your business has.
Regularly Evaluate and Improve Your Offerings Over Time
It’s also important to regularly evaluate and update your benefits package over time. This ensures that your benefits remain competitive and relevant to your current employees.
One way to manage this need is by implementing a feedback mechanism where employees can share their thoughts and suggestions regarding the benefits program that’s in place. This valuable input can help you identify any gaps in your offerings or areas where adjustments are needed.
Start Attracting More Qualified Talent to Your Business
Benefits packages can be a great way to get more attention from highly qualified job candidates. By putting together competitive offerings, you’ll demonstrate your commitment to your employees while increasing your potential talent pool.
Author Bio: Frank Mengert
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm (https://getebm.com) a leading provider of employee benefits solutions, Frank has built the business by bridging the gap between insurance and technology-driven solutions for brokers, consultants, carriers, and employers nationwide.
