11 Tips From HR Experts towards Attractive Employee Benefits Package

11 Tips From HR Experts towards Attractive Employee Benefits Package

Source: https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/08/13/creating-an-attractive-employee-benefits-package-11-tips-from-hr-experts/#78ff3b1e5f4c

If a business wants the best talent the industry has to offer, it must provide a competitive benefits package. In the past, a company might have been able to get away with a massive paycheck, but today’s workers are savvier when it comes to choosing a place of employment. Instead of looking at the flat pay rate, they weigh their options based on the perks the company offers them.

The most skilled and specialized employees within a sector know how much they’re worth to a company. Thus, a business needs to show it is also aware of an employee’s worth and reward them accordingly. Below, 11 associates of Forbes Human Resources Council look at what a business should consider when preparing an employee benefits package to attract the right talent.

Photos of featured members
Members share their advice for creating an appealing employee benefits program. PHOTOS COURTESY OF THE INDIVIDUAL MEMBERS.

1. Understand Your Demographic

What is your demographic, aka who is your audience? A competitive benefits package is not a one-size-fits-all and largely depends on the age range of your company. For example, younger workforces will be strongly enticed by competitive financial wellness packages and single health and medical benefits. A more mature workforce might prioritize family benefits. – Natalie Rast, Y7 Studio

2. Start With Focus Groups And Surveys

Start with focus groups and employee surveys. Recognize the desired benefits have shifted this year. Perhaps your employees would prefer flexible paid time off, or mental health resources like the Calm or Headspace app, or perhaps a robust mentorship program. The package may include 15 mindful minutes between meetings as opposed to back-to-backs. Whatever you do, it needs to reflect the needs of your unique team. – Cat Graham, Cheer Partners

3. Ask What Benefits Are Actually Used

Ask for feedback and see what benefits are actually being utilized. We can spend a lot of time coming up with something we think is great, only to find out it isn’t what employees want. We can be reluctant to ask sometimes as companies worry that the requests will be unreasonable. By asking, we get the desired result much quicker. – Karla Reffold, BeecherMadden

4. Aim To Provide Value To All Employees

Design a benefits program that contains the value for all employees, not just some. When the organization spends money on something relevant to only a portion of employees, such as vision care, they question the investment. Offering a more personalized plan, experience, and insights on a modern technology platform will deliver huge value to the employees and their families. – Jennifer Bouyoukos, Entertainment One

5. Offer Employee Ownership Opportunities

I’m a fan of full-spectrum employee ownership. Regardless of the talent level, just about everyone reacts well to this offering for one reason or another. At the end of the day, you’re getting a more engaged and inspired overall team with this employee benefit. – Bryan Passman, Hunter + Esquire

6. Provide Remote Work Benefits

This is talent retention as remote work opens more options. Remote work benefits include upgraded technology and funds to pay for faster Wi-Fi. As employers see employees as adults, offer upgraded vacation policies. Provide increased benefits for childcare for virtual programs/support for working parents, time off for social justice and passion projects, specific monetary investment in development annually. – Cher Murphy, Ph.Creative

7. Add Inclusion And Equity Efforts

Include your inclusion and equity efforts in your benefits package! If you believe in this, you will attract candidates who do, too, and it would be extremely enticing to work for an organization that values inclusion and equity so much that it promotes it as a benefit. What gets measured and publicized gets done, so what a great way to hold yourself accountable, too! – Lotus Buckner, NCH

8. Consider Soft Benefits

Employers need to consider soft benefits, such as work flexibility, work-from-home office allowances, with a particular focus on a strong culture to stand out from their peers. With employees working from home, certain benefits have fallen to the wayside, like free lunches and office snacks, so it’s important that employers promote a strong culture of collaboration and inclusivity. – Polina Wilson, Unruly ®

9. Offer Free Healthcare

Something that our company does differently than most companies is that we offer free healthcare to our employees. While this may seem old-fashioned or cost-prohibitive to some companies, employees really appreciate the benefit when they need it. In some cases, it has been the one significant difference between our company and other offers the employee received. – Frank Molinaro, Security First Insurance Company Inc

10. Let Employees Choose

Wanting a choice is a human trait. It makes us feel powerful and in control. Consider giving your employees a choice each year which voluntary benefit offering they would like to add. The majority wins, and that benefit is added to the open enrollment line-up. Letting your new hires know that you consider employees’ opinions gives them a peek inside your amazing culture! – Sherrie Suski, Tricon American Homes

11. Conduct A Cost/Benefit Analysis

When trying to create an attractive benefits package, employers should conduct a cost-benefit analysis to understand what benefits are being utilized. It is also important to know if your employees understand how to maximize their benefits. Employee education, focus groups and surveys can help an organization understand what is important to their employees for an attractive benefits package. – Sherry Martin, Colorado Department of Human Services (CDHS)