In a highly competitive job market, how can you maximize your job offerings to prospective employees while remaining on a budget? From a hiring standpoint, employee benefits can be a dealmaker or dealbreaker when attracting top talent. In fact, 77% of employees view benefits as part of their overall package. The same employees state that total compensation is vital when determining whether to switch jobs or stick with their current employer.
With respect to attracting and retaining top talent in a job market steeped in competition, compensation packages are nothing short of magical. In this blog post, we cover the importance of employee benefits, types of benefits, and how you can leverage Platinum Group’s isolved Benefit Enrollment technology to offer employees a seamless online benefit enrollment experience.
Why Employee Benefits Matter
When it comes to attracting the best talent, an irresistible benefits package can tip the balance in your favor. Existing and potential employees will evaluate the total package before deciding where their allegiances rest. Here are some of the top reasons why employee benefits matter:
- Promoting employee retention in a competitive job market
- Attracting top high-quality candidates for vacant job positions
- Increasing employee loyalty
- Improving employee satisfaction and boosting morale
- Supporting employee mental health and wellbeing, leading to reduced absenteeism
The importance of employee benefits cannot be overlooked. Did you know that most of your top-tier employees will start looking for greener pastures within the first year of employment if they are not satisfied with their benefits? An attractive compensation package can make employees feel valued and rewarded for their hard work.
As remote working becomes the norm for many organizations worldwide, location constraints will not be a significant factor when job hunting, making it very easy for your best employees to seek better opportunities. To remain competitive in the fierce battle for top talent, you must update your benefits package to align with the needs of current and future employees.
Types of Benefits You Can Offer
Here are top employee benefits you can offer to convince top-tier candidates to work for your company:
- Flexible working hours. Many employees prefer working for employers with flexible hours. For example, you can allow them to work from 9-4 or 10-6.
- Remote working options. You can introduce a hybrid working style, allowing your employees to work remotely for a part of their working week.
- Flexible annual leave. You can set yourself apart from your competition by providing an irresistible, flexible annual leave package.
- Training and development. Introducing training and development opportunities will help you attract ambitious candidates and benefit you from a more knowledgeable workforce.
- Retirement plans. Retirement plans such as pensions enable employees to financially plan for retirement and include employer contribution.
- Bonuses. You can offer employees performance rewards, lucrative positions, discounts, and special perks such as food and snack provisions.
- Competitive healthcare options. Offering proper physical and mental health coverage, introducing wellness programs, and gym membership can prove your dedication to employee wellbeing.
- Reproductive care. Providing maternal and menopausal support is a great way to ensure that your organization’s benefits are well-rounded.
Best Practices for Your Employee Benefits Package
Providing the right benefits can help you find and keep talented employees and promote a positive work environment in your organization. Here are several things to remember when designing your employee benefits package:
- Ensure the benefits you offer are the ones your employees will use. You can analyze your current usage trends to clearly understand which benefits are used regularly and which are overlooked.
- Offer personalized benefits. Providing benefits that meet the unique needs of your employees will make them more likely to use them. Carry out surveys, focus groups, and one-on-one interviews to understand what your employees want.
- Stick to your budget. While offering employee benefits is paramount, it’s crucial to keep the expenses within budget for long-term business sustainability. Providing benefits that are too expensive can strain your business financially, impacting your ability to offer other perks and make salary increments.
- Educate your employees on the available benefits, including new benefits you may consider adding to the package. For example, you can hold benefit fairs or video conferences where employees can learn about all the company benefits and how to use them.
- Understand the law. Staying compliant with local, state, and federal regulations is a non-negotiable part of designing your employee benefits package. Ensure you are offering all the benefits legally required in your state according to the size and nature of your business. Abiding by all legal requirements helps you avoid expensive penalties and legal issues.
- Offer flexibility and customization. Providing customizable benefits can make your benefits package stand out. A one-size-fits-all approach does not work in the current diverse workplace. Allow your employees to select the benefits that best meet their individual needs and preferences.
Isolved’s Benefit Enrollment and Administration
Platinum Group’s isolved Benefit Enrolment technology is designed to simplify and automate the employee benefits enrolment process, making it easy for employers and employees to manage the available benefits options. Key features of isolved Benefit Enrollment technology include:
- Tracking status using dashboard and reports
- Integration with ACA tracking and 1094/1095 reports
- Supports differed comp plans
- Comprehensive benefit enrollment administration
- Generation of automated deductions for payroll
- Benefit rates table
- Customizable benefits enrollment welcome
- COBRA/HIPPA Administration
- Benefits cost analysis
About Platinum Group
Platinum Group is a human capital management firm that strives to improve your HR processes and employee experience. At Platinum Group, we believe that your most valuable resources are your people and your time. Our HR, Accounting, and Payroll solutions simplify your workflow so you can focus on running a successful company.
Your top talent deserves seamless access to their benefits using a system that’s easy to understand and navigate. Platinum Group’s isolved Benefit Enrollment software can help you automate and transform your most important HR operations. For additional information about Platinum Group or to schedule a demo of isolved, head over to our website today.