Why You Need to Offer Better Staple Benefits This Year and Not Just Expand Emerging Benefits
Currently, it’s a candidate-driven market In-demand professionals have ample opportunities to explore new positions with different employers, leading to a rise in turnover and recruitment struggles at many companies. Remaining competitive means focusing on recruitment and retention. Since benefits packages play a significant role in both equations, enhancing your offerings can make a difference. However, that doesn’t mean you should focus solely on emerging benefit trends. Instead, boosting the quality of your staples is essential.
If you’re wondering why, here’s what you need to know.
The Benefits Employees Want
When it comes to the benefits that employees actively seek out, staples are usually the most highly sought. Often, health insurance is deemed the most critical. Not only do professionals want access to medical care, but they also want comprehensive, affordable coverage that makes staying healthy easier to manage. Many also want dental and vision insurance, ensuring they can care for their whole selves.
After that, paid time off is one of the most in-demand benefits. It supports greater work-life balance and creates a level of protection against negative financial impacts associated with unexpected absences or planned vacations.
Retirement programs are another option that professionals actively seek out. Along with access to plans, substantial employer matches or similar benefits are critical to the equation. That makes planning for the future less complex and more affordable. For employees looking to get more protection for themselves or their families, other kinds of insurance may be on their benefits radar. Life and accidental death and dismemberment (AD&D) policies are widely sought, as well as healthcare-related supplements.
Without these core benefits, attracting top talent is challenging. Additionally, offering subpar versions of those benefits doesn’t do you any favors. While you may get interest from candidates initially, once they discover that your offerings don’t measure up to the competition, the likelihood that they’ll complete the hiring process or remain in the role if hired decreases significantly. As a result, offering comprehensive, competitive versions is essential, ensuring your benefits package meets or exceeds expectations.
Perks Employees Are After
Along with the core benefits above, certain perks are increasingly viewed as necessities. The two biggest are flexible schedules and telecommuting options. With the pandemic still being part of the equation, professionals want to ensure they can maintain work-life balance. Flexible schedules and remote work programs make that easier to achieve, particularly since the situation surrounding the pandemic is so fluid.
Once you cover those, you can look into other options. Employee discounts or subsidized meals or snacks may be worth exploring. Similarly, paid time off for volunteering or strong parental leave programs may be worth considering.