Are you offering the right benefits to attract great talent to your business? In order to attract top talent you have to offer more than a good hourly rate or salary. You must also offer the right benefits. In this article, we’ll take a look at the nine benefits to attract top talent to your business.
1. Comprehensive Health Insurance
While most companies offer basic health insurance, if you want to attract top talent, you need to offer comprehensive insurance that includes vision, dental, mental health and telemedicine along with an HSA or FSA spending accounts. By offering health insurance that goes above and beyond, you’re helping your employees maintain their health by ensuring they can afford to go to the doctor.
2. Commuting Benefits
In today’s remote and flexible work environment where an increasing number of employees can do their jobs from home or from any location, you need to consider adding commuting benefits and breakfast and lunch stipends for employees who absolutely must commute to the office, store or your physical location. The average employee who travels to work wastes an hour of their day or about 27 minutes each way.
Now, this doesn’t take into account the time it takes employees to put on their professional attire and make themselves presentable for an in-person environment or the costs associated with maintaining and paying for a vehicle so that they can commute to work.
As an employer, it’s important to show employees that you value their time. For employees who must show up at a physical location, consider adding commuting benefits, like breakfast and lunch stipends and per-mile gas and maintenance compensation.
3. Family Benefits
Make employees who have families or are thinking about starting a family feel welcome by providing paid family leave that goes above and beyond the federal FMLA. Consider adding paid maternity and paternity leave as well as adoption assistance. If you want to go above and beyond, consider adding a daycare stipend to ensure that your employees with families have affordable and reliable childcare.
4. Universal Paid Time Off
Remember to give your employees the time off they need to rest and recharge and handle brief illnesses. Your paid time off should include personal time, sick time and vacation time. Many companies are currently utilizing a new type of PTO called unlimited PTO where employees can take any number of days per year with certain limitations.
5. Pet Insurance
Estimates suggest that up to 66 percent of US households own pets, and the average cost of a vet visit with no extenuating circumstances is $61. Help your pet-loving employees afford veterinary care for their furry friend by offering pet insurance at discounted rates.
6. Remote and Flexible Work
Many employees, especially those who are highly qualified and experienced, are looking for roles that allow them to work remotely and flexibly. These employees may find the distractions in the office to be counterproductive, and they do want the option to take their breaks and do something that’s important to them, like walk their dog, start a load of laundry, or take a quick walk around their block.
For employees who value work-life balance, remote and flexible work is the answer, and this may just be the most important benefit you provide your current and future employees. This is because up to 48 percent of job seekers are looking for jobs with the option to work remotely.
7. Retirement Plans and Pensions
In order to attract top talent, consider offering 401ks with employer matching as well as a pension plan for employees who stay with the company for a certain number of years. You could even consider giving employees a certain number of stocks for each year they are employed.
8. Student Loan Assistance and Repayment
Show your employees that you value the time and money they spent on their educations by offering student loan assistance and repayment services. This type of benefit can help your employees pay off their student loans faster, which allows them to start saving for retirement earlier or make major purchases, like buying a house.
9. Wellness Benefits
You can help employees lower their stress and increase their productivity by offering wellness benefits. This could include partnering with a local fitness studio for discounted classes or having a gym and fitness studio onsite that your employees can use. You could also invest in standing desks and treadmills to help keep your employees active during the day. Additional wellness benefits include offering mental health days, stress management activities and classes, and offering healthy snacks and drinks to your employees while they work.
Managing Benefits to Attract Top Talent with Help from Workforce PayHub
When it comes to attracting top talent to your business, you need more than a generous pay package. You also need to consider the types of employee benefits you’re offering in order to attract and retain that top talent. By offering competitive compensation along with comprehensive health insurance, retirement plans, unlimited PTO, family benefits, and flexible working arrangements, you can attract highly educated and experienced employees who will help you increase your business’ productivity and profitability.
If you need help managing your employee benefits, consider utilizing the services at Workforce PayHub. We offer carrier feeds for employee enrollment, benefits enrollment, and eligibility tracking. Not to mention we can also help you with your payroll and human resources tasks.
To learn more about our benefits, HR and payroll services, contact us today.
