The war for talent is on! In many industries employers now find themselves competing for top talent in the candidate pool. Where you may have had tens or even hundreds of applicants for an open position, you may now find yourself competing with other companies to land that one ideal employee.
In a world where casual Fridays, pet friendly workplaces and an endless supply of employer perks can be found just about everywhere, how will your company stand out? Many employers are now using employee benefits as a recruitment and/or employee retention tool.
What can you add to your employee benefits arsenal to help your company attract and retain top talent?
Attracting The Right Employees
While prospective employees may apply to your company because they appreciate what you are doing and your corporate culture, they also want to provide for themselves and their families. Competitive pay is important, but in a job market where prospects have their pick, the right benefits can seal the deal.
What benefits do other companies in your industry provide? What are prospective employees looking for? How can your company use this information to attract the right employees?
An experienced benefits advisor should perform an analysis of current market trends to determine options that will work for your company. They will then work with you to design a benefits package that will have prospective employees lining up to apply.
Retaining Your Employees
A study by the Center for American Progress found that the cost to hire and train new employees is between 10% and 30% of an employee’s annual salary. Workplace culture and policies can contribute to higher turnover, but benefits also play a part.
Are your benefits competitive enough to retain your current employees? What changes can you make to your current benefits package to retain your valued employees? Is there a difference between the concerns of Millennials, Gen X and Boomers?
Benefits Done Right can recommend or provide the tools needed to help determine what your employees want and need. From basic health insurance to wellness services, our advisors will help you determine what it takes to keep your employees healthy and happy.
At What Cost?
BDR understands budgetary concerns, and that sometimes the right benefits for recruitment and retention may seem out of reach. Depending on group size, there are options available to control costs while still providing the right benefits package to address what is important to you.
Call today to find out how BDR can help!
Good news! You may be eligible for a subsidy through Covered California, the state of California's Health Benefit Exchange. Navigating Covered California can be tricky and time-consuming, and we're here to help if you need it.
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