The pandemic has changed a lot for many companies, and employers have struggled to recruit high-quality talent ever since. Raising the salary can help, but it’s not always an option. Fortunately, your benefits plans can also set you apart from the competition. Here are some ways to modify your benefits programs to help you recruit new talent and retain your existing employees.
What benefit programs do you currently offer? Are these benefit programs appealing to the 2022 workforce?
The programs you offer may no longer be as valuable to your employees as they once were. For example, if your company implemented remote or flex work hours in 2020 or 2021, your benefits will almost certainly need to change. Replacing a parking and transit benefits program with mental health support or better child care benefits might be exactly the change your employees want to see.
Gather as much information as possible from your peers in your industry and other local businesses. If you learn where successful companies spend their money, you can determine which benefits are most valued.
Investigating the benefits of SHRM is a great place to start. The 2020 survey results show that employers have changed their benefit plan offerings in recent years, likely in response to COVID-19. For example, 78% of employers surveyed said they have increased options for their employees to work remotely and 39% have expanded childcare benefits. You might want to consider doing the same.
But take survey information like this with a grain of salt. The wants and expectations of your employees should drive your benefit plan decisions. Talk to your employees about the perks they value the most and focus your energy there.
Reassess the company’s benefits structure
Another way to meet the needs of each employee is to have a la carte options. Your core benefits (like your health insurance and pension plan) will likely need to be the same for all employees, but you can offer different add-ons that employees can choose from. For example, if you offered a Child Care Flexible Spending Account (FSA), employees with young children can enroll, while employees without children simply cannot participate.
To compile the right types of offers, familiarize yourself with your employee demographics. Average age, income level and family situation can dictate which benefits your employees will enjoy. But don’t just look at the composition of your current employees; track changing employee demographics and take these trends into account.
Improve communications with employees
Staff turnover is expensive, disrupts workflow and can negatively impact morale. One way to help reduce employee turnover is to improve communications with your employees, especially regarding your benefits plan offerings.
You’re probably required to send annual updates to employees about their retirement plan, but how many other times during the year do you contact them? It is possible, if not likely, that many of your workers are unaware of the benefits available to them. Remind your workers of the benefits available to them and help them enroll in these programs if they need help.