4 Tips to Differentiate Your Benefits Package
With unemployment at its lowest rate in 17 years, the race for talent is on. To stand out from the competition, forward-thinking employers are doing more than offering benefit programs that meet employees’ needs; they’re creating innovative packages that attract top talent and boost retention rates. Consider these four strategies to enhance your benefits package:
Make Employee Well-Being a Priority: Employers are beginning to roll out initiatives that foster employee well-being in and out of the office. Many are looking beyond physical wellness and identifying ways to improve and support employee mental and financial well-being. Consider developing a menu of wellness options and allowing employees to choose which benefits work best for them – whether it is gym membership, financial counseling, art classes, or even certificates for a spa retreat. Only 40 percent of employers prioritize well-being initiatives within their overall benefits strategy, creating an opportunity for organizations to develop an approach that will help them stand out to prospective employees.
Personalize the Benefits: Employees’ needs vary based on their age and employers should take note. It’s important to segment benefits, and the communication of these benefits, based on stages of life. Younger employees are often most interested in buying a home while older employees are looking to maximize retirement savings. The employee’s stage of life should assist in identifying the kinds of benefits that are most desired. Offering benefits that support these goals – such as financial planning or asset evaluation – is of great value to these employees. Identifying each segment of your population and tailoring benefits accordingly will prolong their engagement with your company.
Align Corporate Values with Benefits: Your benefits should reflect your overall business strategy, corporate presence and basic core values. A consistent message should be communicated so that employees understand your organization’s mission and values. If your company has an international presence, the benefits should reflect a multinational strategy. If different regions within a country are represented, then attention should be focused on regional nuances. A company that stays true to its core beliefs gains a loyal employee following. A recent study by Thomson Online Benefits found that almost half of employees agree that their company’s benefits offerings highly impact their loyalty to their organization.
Use Data: The data generated from your benefits program can help you figure out which approaches are working. Data can be used to determine whether employees are engaging with your program and which benefits are the most attractive. This information can be used to extend and adapt your benefits plan to offer more valuable and personalized benefits. You can also calculate whether you’re getting a return on your investment – information that will be useful when seeking approval to renew various benefit offerings.