Recruiting and retaining top talent is increasingly challenging for many companies, especially if raising pay rates isn’t an option. Fortunately, other types of compensation can also make you a more appealing employer. However, you need to make sure the benefits you offer not only help your company stand out but also provide real value to each of your employees.
In some cases, deciding what to offer is difficult, but it does get easier if you use the right strategy. If you want to make sure you’re bringing the right benefits to the table, here are some tips that can help.
Speak with Your Employees Directly
If you want to find out what your employees want, your best option is to ask them directly. Employee surveys, focus groups, and town halls are all potential ways to learn more about what they need and value. One-on-one meetings might also prove useful, particularly if workers know they can speak freely about their preferences without any risk.
The goal here is to learn as much as possible about what your employees value. By doing so, you can identify the best places for investment, ensuring you’re offering enticing benefits designed with their actual needs in mind.
Analyze Benefit Usage
Knowing which benefits are currently being used can give you insights into areas you may want to shore up. If employees are tapping a particular resource, try to learn more about the value it’s providing. That can give you clues for potential augmentation.
Plus, finding out why certain benefits aren’t being utilized can be enlightening. You may discover issues with the offerings that need correction or learn that the perk isn’t providing sufficient value. With the latter, you could consider whether redirecting those funds elsewhere could be worthwhile, allowing you to optimize your benefits spending while improving value.
Consider Your Employee Demographics
Different benefits often appeal more to some age groups than others. For example, young employees may appreciate financial wellness coaching and tuition assistance along with traditional offerings like medical and retirement. Older employees may enjoy family-oriented benefits more, along with retirement preparedness coaches.
Take a moment to consider the makeup of your workforce. Factor in their ages, family statuses, and backgrounds, as that will give you some insights regarding the potential value benefits provide.
Offer the Right to Choose
Since some benefits will only provide a portion of your workforce with value, consider using that to your advantage. Create a benefits selection process that allows employees to choose between options that only target specific workers, with an annual update option being available to ensure they can adjust their selections as time passes. That allows you to offer personalization, ensuring that everyone gets equitable value from their benefits.
Contact GoSource Today!
Ultimately, all of the options above can help you make your benefits package as appealing as possible. If you’d like to learn more, the team at GoSource wants to hear from you. Contact us to speak with one of our knowledgeable staff members today.
