The pandemic career shift heard round the world, also known as the Great Resignation, has forced employers to consider the best methods for attracting and retaining top talent.
Company leaders are spending a lot of money (typically, an additional 30% more than wages), time and energy designing reward programs and benefit packages to ensure their employees are happy and healthy.
There are many innovative solutions on the market to help employers leverage employee benefits to recruit and retain talent. But, the options are endless and almost too vast—making it difficult to know the best way to make an impact.
Here are a few guiding principles I share with employers to serve as the foundation for a robust total rewards program.
Get the Fundamentals Right.
Every great place to work needs fair pay, a safe environment and positive morale. A thriving culture only helps make the fundamentals a reality.
Don’t Skimp on the Essentials.
To be competitive you’ll need a “defensive” benefits package. This includes, at a minimum, medical, dental, vision, life and disability coverages. Employees still rely on their employer for these coverages. Don’t underestimate the damage it can do to your employees if these benefits are not quality options.
There is Value in Offering the Extras.
What is your organization doing to stand out from others? Here is a list of stand out benefits we see making a difference for our clients.
- Profit Sharing
- 401(k) Match
- Voluntary Coverage Options
- Student Loan Assistance
- Financial Planning and/or Financial Wellbeing Support
- Medicare & Social Security Education
- Addiction and Mental Health Support
- Enhanced Family Planning
Delight Your Employees with Perks.
If you want to truly win over your employees and create raving fans please, add a few perks!
- Discounts on Company Products
- Flexible Work Schedules
- Paid Time Off for Volunteering
- Sabbaticals for Upper Management
- Prepared Meals
- Back-up Childcare
- Gym Memberships
- Theme Boxes to Welcome a Birth or New Hire
- Free Coffee
- Uber/Lyft Rides
- Dry Cleaning
Put a Bow on It!
Don’t make your benefits package confusing or hard to access. Technology is available to put the power of perks/benefits in digestible, app-like formats that won’t break your budget. These products can also help you measure which benefits and perks your employees value most and allow you to better focus your effort and budget dollars.
Creating an attractive but sustainable package is an ever-changing process. If you have questions about how to maximize your total rewards while containing associated costs, contact a HORAN benefits specialist to discuss the latest trends and options that will best fit your needs.