Looking to hire the best employees for a position, but are uncertain on how to get started? Tired of seeing many qualified candidates choose another company over yours, even when the compensation is similar? The problem could be the benefits package you offer. A great benefits package is a great way to make your business stand apart and bring the employees in.
As a business owner, you can choose which benefits to offer any current and potential employees. Think about the items that will entice your employees and make them feel good about working for you. Some things to consider when creating a benefits package include:
Prioritize What Employees Want
Do not pick a benefit to add to the package because it is easy and cost-effective or because another company in your industry uses it. Pick benefits that your employees want the most. Each employee may be different, but some of the top priorities on the list are life insurance, retirement savings plans, vision and dental coverage, and health care.
You can add non-insurance benefits to this too. Good paid time off is very important and flexible working options are always a big hit if you can afford them. Add in some fun perks if you can afford to do so, but these should never be used in place of important benefits like healthcare.
Ask Your Employees
There may be a few benefits in your current package that you are excited about, but your employees do not care for. There may be other benefits your employees would like to see instead. A simple survey of your employees can help gauge what things are important to include in the benefits package.
Try not to overpromise during this step. A good place to start is creating a list of benefits that you know for sure you can deliver on. Make it clear from the beginning that any package you create will focus on their top priorities but may not include everything in the survey. Leave an open space for your employees to add any of their ideas. You may find that they have great benefit ideas that you could easily add in but hadn’t thought of before the survey.
Communicate the Benefits
You took the time to create a great benefits package. Make sure that your employees know all the neat benefits they get. Research shows that up to 80% of employees do not pay attention to the benefits information they receive. Look for ways to engage your employees about the benefits you offer them. And if many still do not seem interested, it may be time to consider changing or adding something to the package to get them more excited.
A great benefits package is one of the most efficient ways to set your business apart from the rest. Many employees are not only looking for a good compensation package, but they also want benefits that can improve their standard of living. Consider what benefits you can offer and put them together into a great package for your employees.