How to Design an Employee Benefits Program to Attract Top Talent
May 25, 2023
May 25, 2023
In such a competitive hiring market, companies face numerous challenges in attracting and retaining top talent. One of the critical aspects that significantly influence an employee’s decision to join or stay with a company is the benefits package offered. However, deciding which benefits to provide can be a complex and overwhelming task for many organizations.
That’s why when it comes to employee benefits, we take the reins, addressing your challenges head-on and setting the highest employee well-being standards. When you partner with CRB, you can offload the burden of benefits provision, allowing you to focus on your core business while we handle all aspects of employee benefits management.
Let’s explore some of the most attractive employee benefits that make candidates eager to work for companies.
Comprehensive health insurance coverage, including medical, dental, and vision, is a fundamental component of an attractive benefits package. Candidates prioritize access to quality healthcare services for themselves and their families. Additionally, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) provide employees with a tax-advantaged way to save for medical expenses—and allow your health benefits package to stand out.
Including short and long-term disability coverage is also essential. These insurance options give employees peace of mind knowing they are protected financially in the event of an illness or injury that prevents them from working. Providing robust health insurance coverage—though it’s the bare minimum—is a great way to attract new hires and protect your team members.
Schedule flexibility and the option to work remotely have become increasingly important to candidates. Flexible work arrangements allow employees to balance their personal and professional lives more effectively.
Consider the business case. When your employees have more time to recharge, your company reaps the benefits. Well-rested managers are productive an extra four hours and get six hours of additional focus time in a forty-hour work week. At the same time, the people who work under them are nearly two times as likely to meet their performance goals and deadlines.
Today, only 27% of employees report their jobs provide a high degree of flexibility, and less than two-thirds of employees agree their employer provides the flexibility necessary to manage both work and life. Here lies a tremendous opportunity for your company to attract these unhappy, tired workers.
Whether it’s accommodating family commitments, avoiding commuting stress, or improving work-life balance, the ability to work flexibly resonates strongly with candidates seeking a healthy integration of their work and personal lives. Provide employees the flexibility, and you’ll have a satisfied team ready to stick around for the long haul.
A mere 6% of employers offer unlimited PTO. Which is ironic considering 77% of employees across all generations, ethnicities, and genders list this benefit as a must-have.
Extending a substantial amount of vacation, personal, and sick leave allows employees to recharge, rejuvenate, and maintain a healthy work-life balance. If you want to demonstrate your commitment to supporting employees’ personal lives and overall happiness, make sure they have time for doctors’ appointments and vacation.
A robust retirement benefits package is a key factor in attracting and retaining top talent—especially when they’re navigating inflation and economic uncertainty. Candidates seek employers who offer 401(k) plans with matching contributions, helping them build a secure financial future. Additionally, educational resources and retirement planning support show an employer’s commitment to helping employees achieve their long-term financial goals.
And let’s be real—with 93% of employees viewing retirement planning assistance as a priority when choosing where to work, making improvements to your retirement benefits is a no-brainer.
Investing in employee wellness programs—such as gym memberships, fitness classes, and mental health support—demonstrates a commitment to the holistic health of employees.
Candidates are increasingly prioritizing their physical and mental health, and companies that provide wellness programs create an environment that fosters a healthy work-life balance, reduces stress, and boosts productivity.
In the U.S., both parents work in 65% of households with children—which means the rising cost of childcare is an issue many working parents face. In California for example, infant care for one child takes up 24.9% of a median family’s income. To put this in perspective, the U.S. Department of Health and Human Services (HHS) labels childcare as “affordable” if it costs no more than 7% of a family’s income. By this standard, only 6.9% of California families can afford infant care—just imagine what that cost looks like for families with multiple children.
Offering childcare assistance, such as on-site daycare facilities, subsidies, or flexible spending accounts for childcare expenses, greatly appeals to candidates with children. Providing support and resources to help employees balance their professional and parental responsibilities isn’t just a compelling benefit for working families. It also presents you as an employer that values the well-being of your team members outside of work.
Candidates are eager to join organizations that invest in their professional growth and development. In fact, companies that offer formal coaching programs, for example, report benefits such as improved leadership and management skills, employee performance, job satisfaction, and employee engagement.
Providing opportunities for training, mentorship programs, tuition reimbursement, and career advancement support demonstrates a commitment to employees’ career progression. Companies that prioritize professional development create a learning culture and attract ambitious candidates looking to expand their skills and knowledge.
Incorporating these attractive employee perks into your organization’s benefits package will undoubtedly make your workplace more appealing to candidates. However, managing and administering such a comprehensive range of benefits can be overwhelming.
That’s where we come in. By partnering with CRB, you can ensure your team receives access to industry-leading benefits without the administrative burden. We handle the complexities behind the scenes, so you can focus on running a thriving business.
Whether you’re a company looking to attract the brightest minds in your industry or a candidate looking for a career change, we are here to help. We can fill your short/long term opportunities or a direct hire need.