Attract and Retain Top Talent — 5 Tips
Looking to attract and retain top talent but find it difficult competing with “deep pocket” companies offering more robust benefit programs? Well, look no further — voluntary benefits are here to save the day.
Traditionally, when you think of a benefit program you think of insurance products like life or disability insurance. But this is where things have gotten completely different. In today’s marketplace a voluntary benefits program could be a consumer products purchasing program or a dependent care spending account linked to a debit card or even group legal.
As more and more voluntary benefits are being created to meet the diverse needs of our population, the opportunities to improve your benefit package are endless. And they’re usually 100% paid for by the employee.
But before you sign on you’ll need to be responsive to your own workforce. As a first step I suggest that you ask them what they find missing in their current benefit package. Chances are they’re aware of what other companies offer, so this can be an opportunity to gather some competitive intelligence.
As you look to differentiate you company from competitors, you’re going to need to be innovative and selective in your response. Here are 5 tips to help you along:
- Generally, company offered voluntary benefits are less costly than what an individual can find on their own. And often times, even if they are available to an individual, they can be quite different in design.
- Voluntary benefits can be payroll deducted. This is a big help when it comes to funding the program and managing budgets.
- Some benefits like dental, critical illness or vision can be paid for on a pre-tax basis. Score another win.
- Various insurance products when purchased on an individual basis require underwriting, but if purchased through an employer they may require little or no underwriting.
- Since employees pay the full cost, they can pick and choose what they feel is appropriate for themselves. The flexibility this affords adds value and understanding to your offerings.
So, with a little research on your part and no cost to the company, you may find that extra benefit you offer “that’s a little different ” can make a difference in your appeal when it comes to recruiting and retaining talent.
Try it, you may just find that you like the results and your employees may simply love it! But please be cautious and keep it fresh and new as these products are evolving into something completely different almost daily.
HR Expertise On Demand
If you’re a small or emerging business and would like some expert guidance to attract and retain top talent or simply to review your current benefit package, we’re here for you. Visit PeoplePro and click LIVE Chat to schedule your call —we’re ready to help so you can focus on your business.
Written by Mercer PeoplePro Pension & Savings specialist, Nancy Lazgin.