In today’s job market, it’s never been more important to offer benefits that matter
National Employee Benefits Day 2018
We have noticed an evolution taking place in employee benefits where the traditional benefits package is no longer enough to entice a hopeful candidate to join your team. As unemployment rates hover around 4.1%, employers in almost all industries are struggling to find the right people to fill their open positions, and those particularly savvy employers recognize that a standard benefits package has become expected in this highly competitive landscape. As a part of their overall experience, job seekers are placing a high value on a variety of the traditional offerings such as medical coverage, PTO, and retirement & savings plans, and it’s critical for employers to excel in these programs, but also find a way to deliver an exceptional employee experience. The key is not to just offer more “stuff” but to offer benefits that matter to employees.
Employers today recognize the value of utilizing expert consultants to ensure that they’re offering best-in-class programs that fit employee needs while still managing cost and staying compliant with government regulations. It’s no easy task, but certainly worth the effort & investment when it means recruiting and retaining top talent. These complex needs are pushing broker partners to raise the bar for their services. Rather than offering transactional brokerage services to clients, it’s becoming critical that insurance brokers take a truly consultative approach in helping their clients create a unique and appealing benefits package along with a stellar employee experience.
So, what are employers doing to stand out amongst their competitors? One tactic is to ask employees what they value as part of their work experience. Capturing feedback from employees and using those insights to drive the benefits strategy is key. While there is some value in using industry benchmarks to understand what competitors are doing, some employers are seeing even more value in catering to their own internal population. By doing so, they’re defining a unique Employee Value Proposition that will not only keep their current employees happy but will also draw the right type of candidate to their organization in the future.
So why focus on offering benefits that matter?
- Competitive edge in recruiting
- Employee satisfaction
- Reduced turnover
- Improved productivity & attendance
- Improved employee loyalty