How company benefits can improve your recruitment
Now is the time to put great talent in your organization first, as the Great Resignation is here. Due to the sheer number of job openings combined with a lower unemployment rate, great talent are taking part in the Great Resignation of 2021/22. The pandemic has forced employees to make tough decisions around their careers. Understanding how company benefits can improve your recruitment will help companies maximize attracting the best talent during this unique time.
How company benefits can imporove your recruitment
What are company benefits?
Company sponsored employee benefit packages offer customized solutions for employees and their family members to improve their quality of life by subsidizing health and wellness expenses in a tax efficient way. Employee benefits are a non-wage compensation provided to employees in addition to their normal earnings. These types of benefits may include group insurance (e.g., health, dental, vision, life, disability), and retirement benefits. Private company sponsored employee benefits are designed to supplement an employee’s provincial healthcare coverage, helping to minimize out of pocket health care expenses effectively improving total compensation for the employee.
How important are company benefits to prospective employees?
Employee benefits can have a significant impact on long term employee engagement and retention. According to Glass Door, employees and job seekers surveyed shared that some of the top factors they looked for in job ads were:
- Salaries (67%)
- Benefits (63%)
Furthermore, survey respondents also shared that nearly half (48%) of job seekers are driven to apply for a job posting because of the company’s perks and benefits, while 46% are driven to apply based on high salaries. In today’s world employees want to work for businesses that value work-life balance which has resulted in an increased need for company’s to offer benefits to help offset living expenses, improve quality of life, and keep employees and their families healthy. Promoting healthy lifestyles and reducing illness is essential to having healthy and productive employees, as well it has a direct impact on reducing absenteeism and workplace injuries. Providing a comprehensive benefits package to employees is essential to reducing employee turnover, improving employee engagement, and attracting top talent to your organization.
Create a competitive offering beyond pay
Since employee benefits for the most part is tax deductible to the company, they are a great way for employers to provide both tangible and intangible value to your employee group as part of their total compensation package. Each company and group of employees is different, and therefore a customized solution or approach is the best way to ensure your company benefits are offering value to your employees through the various stages of their career and family life. A licensed employee benefit specialist can help you find the right product fit at the right price for your company’s unique needs.
The best employee benefits
The best employee benefits are customized for your unique group of employees to ensure you are offering coverage that relates to the needs of your employee group and their families. For instance, if you have an older aged group with older children, their coverage needs would be different than a younger group with younger families. The best employee benefits also take a holistic approach by supporting employees and their families with mental, physical, emotional, and financial health.
For example, a great benefits package may include:
- Wage loss replacement insurance
- Affordable health insurance and reduced prescription drug costs
- Mental health services
- Dental coverage
- Life insurance
- Health spending accounts (HSA)
- Wellness spending accounts (WSA).
Are you ready to find a great employee benefit package?
Need help with customizing your employee benefits? The licensed employee benefits specialists at Prizm Financial Inc. can help you find the best employee benefit package for your unique group of employees.