7 Benefit Considerations for Attracting Talent
It should come as no surprise that recruiting and retaining talent is a hot topic for most employers these days. Offering the right mix of benefits is more important than ever, so it’s imperative you’re offering what today’s workforce is looking for. Along with benchmarking studies and talking to a knowledgeable broker, it’s important to keep in mind what prospective employees are considering when weighing job opportunities:
- Can your employees work remotely? How often?
- Do you allow flex time?
- How do your plans and costs stack up against industry standards?
- Is there an employer HSA contribution? If so, what is it?
- How long is the waiting period before your organization’s benefits kick in?
- Will you cover the cost of COBRA for a new employee?
- Can services be transferred to your plan if a prospective employee is mid-treatment under another dental or vision carrier?
4. Life Insurance
- Does a new employee have the ability to ‘port’ or convert their current coverage?
- What’s the amount of life insurance being offered?
5. Time Off
- Do you offer one bucket of PTO or is it divided into vacation, sick and personal days?
- What’s the accrual process and how long before employees can use it?
- Can they go into a negative balance, if needed?
6. 401k Match/Vesting
- Do you contribute to your employees’ 401k? if so, how long before they’re vested and when does the vesting occur?
- Do you offer bonus opportunities? If so, when is it paid out?
- Do you prorate it if they start mid-year?
While this might not be every detail prospective employees are considering when thinking about their benefits, it’s a good start. Along with making sure you’re up to industry standards, conduct regular pulse checks and surveys to ensure your employees are satisfied with their current benefits, as this could be a good indicator of what prospective employees would be looking for as well.
If you need help structuring your benefits plan to recruit and retain talent, contact a member of the ‘A’ Team.
- Total Cost of Employee Benefits Calculator
- Seinfeld and Your Employee Benefits
- Employee Engagement Q&A: Part 1
- A Little Less Complicated
ABOUT THE AUTHOR