We are hearing more and more the challenge many employers are facing to find qualified applicants to fill open positions. While salary is still very important to job seekers, having a robust benefits package can actually enhance your ability to attract and retain top talent.
“While finding the right amount and level of talent to achieve business goals is the most important business objective for 21% of employers — according to Aflac’s WorkForces Report, a survey on benefit trends — attracting and retaining talent is not always easy, especially in today’s tight labor market. Businesses face fierce competition for top talent. While salary is still an important factor, offering a comprehensive benefits package that appeals to a wide range of workers is another area where employers can have a competitive edge” according to Employee Benefit Advisor.
As a result, the importance of employee benefits when it comes to finding qualified talent is increasing and as companies are taking a second look at their hiring strategies for the remainder of 2019 and beyond. Below are three key things to remember as companies work to build an informed, loyal workforce.
Understand Changing Workforce Expectations
The values of millennials and Generation Z are significantly impacting and redefining how companies attract and retain talent. With differing expectations than older generations, they are focused on short-term financial priorities like repaying student loans and building up an emergency fund, so they don’t typically consider traditional insurance and retirement benefits as differentiators.
By offering benefits that address their health holistically, including physical, mental and financial well-being, employers can have an immediate and positive impact in differentiating themselves from the competition.
One-Size Does Not Fit All
While every individual is unique, employers need to offer benefit options that can be customized to meet individual needs and lifestyles. Offering different types of voluntary insurance is one way to achieve this. Voluntary products can help provide financial support in the face of injury or illness, providing the added financial protection and security many are looking for.
Leverage Technology during Benefits Enrollment
Technology is having a major impact on the way healthcare is offered, purchased and delivered, meaning not only creating a more efficient enrollment experience, but also utilizing technology to improve employee engagement and preparedness for open enrollment. Examples include: digital guides, short educational videos, reminders and educational messages.
Furthermore, personal consultations where employees can ask questions and fully understand which benefits match their individual needs, will ensure greater confidence and satisfaction with benefits choices.
Read the full article from Employee Benefit Advisor: https://www.employeebenefitadviser.com/opinion/strategies-to-help-clients-attract-and-retain-top-talent