The U.S. unemployment rate is at an all-time low, which means employees can afford to be choosy when taking jobs. It also means employers must compete to recruit and retain talented employees. With that level of competition, it’s important to be sure your business is offering innovative employee benefit plans that attract quality candidates.
Employers are increasingly aware that competitive benefits packages can significantly help with employee recruitment and retention. Beyond tangible rewards such as pay, here are the types of benefits you can offer to preserve and enhance your firm’s internal talent pool.
Flexible Work Schedule
A flexible work arrangement allows employees to adjust their schedule and work during non-traditional hours. These arrangements vary by corporation, but can mean being present during a workday’s “core hours,” a four-day workweek, or telecommuting. This benefit is particularly helpful when trying to attract employees with families.
Health Insurance
The high cost of health care makes it the costliest benefit for employers to offer. It is also a strong determining factor in an employee’s choice to stay at your firm or pursue other options.
Retirement Plans
Offering a solid retirement savings strategy for your employees is imperative. A 401(k) plan is most commonly offered to help staff plan for retirement. Under this plan, many companies match a portion of the employee’s contributions, up to a certain percent. Employees definitely find value in this benefit.
Family Leave
Research shows millennial men were more willing to change jobs or give up promotion for family time. So, you may consider extending your maternity leave policy, and offering paid leave to both parents.
Education Reimbursement
Similar to health care, the cost of higher education is rising at an alarmingly fast pace. For young employees who have graduated with student loan debt, and those hoping to continue their education, being offered a stipend for education is very attractive.
Candidates with their pick of professional opportunities are looking at benefits offered before accepting a new position. Designing a uniquely attractive benefits plan will not only continue to appeal to top job candidates but also lower your turnover rate and help you grow.
Once your human resources team has determined the best benefits for your employees, the next step is partnering with an experienced accounting and auditing firm like Boris Benic and Associates to review the plans and identify areas for improvement in spending and management. Give us a call for a thoughtful discussion about your company’s current needs.