The Secret to Recruiting Great Talent in 2023: Employee Benefits

Are you trying to recruit the best employees for your company? In today’s hiring market, the competition and demand is higher than ever. When the competition is so high, it’s tempting to try to hire the first person who shows skill, but it’s usually better in the long run to hire the most qualified employee for the job.

But, how do you make sure to recruit the best employee? Studies by Gallup reveal that the majority of workers are searching for jobs with strong employee benefits, sometimes even beyond salary.

In this article, we’ll highlight some key things to consider when building your strategy on recruiting employees. We will also suggest specific benefits that will help you recruit the best talent.

THE VALUES ARE CHANGING IN THE WORKPLACE

When it comes to recruiting high-caliber employees, many employers have focused on offering impressive salaries in the past. However, recent studies have shown that this strategy is starting to shift. Many job seekers prioritize strong employee benefits as much as, or even more than, salary.

Why are benefits becoming more prioritized over salary? There are many reasons why companies continue to offer impressive benefit packages.

One of the most common reasons is to increase job satisfaction among the employees. While high compensation is still a major factor, benefits programs can give employees the opportunity to have security for health, save money for future goals, and create more space to enjoy their own personal interests. When these things happen, life and job satisfaction increases, which leads to an increase in workplace morale, engagement, productivity and overall retention.

TOP EMPLOYEE BENEFITS EMPLOYEES LOOK FOR

Some employee benefits matter more to job seekers than others. The benefits job seekers desire can change over time depending on the environment, the employees’ needs, and societal trends affecting employees’ lifestyles.

Listed below are some of the most desired employee benefit services that you should consider.

1. HEALTH, VISION AND DENTAL EMPLOYEE BENEFITS

While different generations sometimes prioritize different benefits, a robust health insurance plan is viewed across the board as one of the most important components in any employee benefits package.

Offering a comprehensive health insurance plan is essential to any employee benefits package. Good health insurance gives employees security when expected and unexpected medical expenses arise.

2. PAID TIME OFF

Paid time off is a highly valued benefit because it helps create a healthy work/life balance for employees. Whether it’s paid time off for vacation, sickness, bereavement, or ideally all of the above, it shows a value in an employee’s life beyond the type of work skill they can offer to their business.

Paid time off also helps fight against employee burnout, which supports overall job satisfaction, engagement and productivity.

3. FLEXIBLE AND REMOTE WORK

Since the Covid-19 pandemic, flexible and remote work lifestyles have become more normal within the workplace. This change of work environments have shown employers and businesses that employees can still be highly productive and effective with remote and flexible work schedules.

When workplaces are able to offer flexible and remote work for their employees, it once again improves the job satisfaction of their workers. Many employees appreciate not having to commute every day to their jobs. Flexible and remote work even helps benefit the company because their talent pool increases, their office space costs decrease, and their global access widens.

4. RETIREMENT PLANS AND FINANCIAL EMPLOYEE BENEFITS

Workers seek strong retirement plans and financial benefits because they want a financial game plan and security for their long-term dreams and goals. The economy is constantly changing, and if there’s one thing people desire, it’s the ability to feel financially secure for the long run.

When workplaces offer strong retirement plans, they’re valuing and prioritizing the life of the employee. Retirement programs show job seekers that the employer cares about their long-term goals and quality of life as they age.

If you want to differentiate your employee benefits package further, you can add additional benefits like fitness programs, pet insurance, or a gourmet cafeteria. Childcare benefits are often a top priority for job seekers with young children. However, most employees will prioritize the benefits we listed above.

ASK YOURSELF: IS YOUR ORGANIZATION PROMOTING A WORKPLACE WHERE EMPLOYEES WANT TO BE?

In order to recruit and retain high quality employees, organizations need to make sure they create a workplace that supports the right work values. Competitive compensation will always be at the top of every employee’s mind, but it is important to recognize that it’s not the only value prioritized in the hiring process.

If you want to recruit the best talent, consider adding these benefits to your employee’s benefit package:

• Strong health, dental and vision services
• Paid Time Off
• Remote/Flexible Work Schedules
• Retirement Plans and Financial Benefits

INTERESTED IN REEVALUATING OR REVAMPING YOUR CURRENT EMPLOYEE BENEFITS PROGRAM?

If you feel like your organization might need to reevaluate your current employee benefits package, an experienced consultant may be able to assist you. They can help with setting up benefits that will attract and retain high quality talent.

To get started on building an impressive benefit package today, connect with an LG consultant to see how we can partner with you to ensure the success of your organization.