4
Simple Ways to Attract the Right Employees with the Right Benefits
by Mike Nacke
A recent survey conducted by the National Association of Manufacturers revealed that one third of manufacturing companies in the United States have good jobs going unfilled due to a lack of qualified applicants. This should come as no surprise as the Bureau of Labor and Statistics has reported similar trends affecting virtually every industry in the nation. As the labor shortage looms, here are 4 ways that guarantee you attract top talent with your employee benefits.
Benchmark the Competition
Benchmarking your competitor’s employee benefits should be your first objective. Strategic positioning of your benefits in the competitive landscape should help retain your key talent, attract employees from your competitors, and ensure a maximum return on investment.
While this may sound like a huge task, benchmarking data can be found through national employee benefits associations such as the United Benefit Advisors. They survey over 9,600 employers around the nation, comparing employee benefits packages and costs from every industry.
Survey Your Employees
A robust benefits package often leads to happy employees at the expense of company profits. But with a little research, it’s possible to have the best of both worlds. An employee survey is an easy way to collect the information needed to balance what employees want with what you can afford. Perform this with an internet survey tool and you could collect results from thousands of surveys in a short amount of time.
The scope of your employee benefits survey should
reflect your workforce and your goals, but at a minimum make sure you
collect information about employee’s likes and dislikes with the
current package. Our firm has designed surveys from 10 questions to 150
with varying success based on the
incentives offered to complete the survey.
Institute a Wellness Program
National statistics show that employers save 3 dollars for every 1 dollar they invest in a wellness program. Additionally, a NASA study shows that employees who participate in an exercise program average a 12.5% increase in productivity. Healthy employees are happy and productive employees and instituting a wellness program is a key to accomplishing this.
A recent case study of a law firm in West Virginia
revealed a 36 percent increase in attendance during the first year of
instituting a wellness program. This means that if you don’t have
a wellness program, you should get one started today, especially if your
company has over 100 employees and your medical insurance claims experience
is examined every year to determine your premium rates. A well
designed and communicated wellness program can impact every corner of
your company.
Get Creative
Too many companies think employee benefits ends with insurance. But your total benefits package should include a wide variety of both traditional and non-traditional vehicles for offering employee benefits.
Things like dry cleaning pickup and gym discounts can be negotiated by an employer and offered for free to employees. Offering direct deposit or company products at a discount are also examples of inexpensive employee benefits. More expensive benefits might include on-site child care or on-site medical care.
Don’t limit yourself to thinking about employee benefits within the confines of insurance products alone. Just remember that the goal of an employee benefits package should be to improve employee moral, increase employee retention and attraction, and make your employees feel glad they work for you.
