Why should your employees stay or new employees join you? What benefits do you have for your employees? Are they the traditional ones such as health care, retirement savings and professional development opportunities? Or are they non-traditional ones like free Starbuck’s coffee in the coffee bar or a free membership at a local fitness center? Regardless of what benefits you offer, the traditional ones are still the ones being used to attract and retain employees.
In a Strategic Benefits Survey conducted by SHRM (2014), it was revealed that, overall, employers are still using traditional benefits to recruit both highly skilled employees and those at all levels of an organization. Health care was the most leveraged benefit for recruiting both categories. Due to the latest ACA (Affordable Care Act), health insurance as an attractor has lost a little luster but is still a benefit potential and existing employees are attracted to.
However, the picture slightly changed when SHRM’s researchers looked at retention strategies. Benefits faring at the top the list were healthcare, retirement savings and leave benefits, respectfully, that were used to retain employees at all levels of organizations. For those employee who were highly skilled, again healthcare appeared at the top of the list, but this time closely trailing behind was leave benefits and flexible work-life arrangements.
Those who are tasked with Benefits Administration are not only responsible for the welfare of the employee, but are also responsible for safeguarding the financial well-being of the company.
Smarter HR Solutions specialists are constantly researching the market for new options for benefit programs that are a good fit for employees that will not place undue pressure on the company – some options are low cost or no cost to the employer.
If you have any questions on how we can support you and your company, call us today at Office: (281) 245-3370 or Direct (281) 245-3373. We would love to connect with you!
Look for more of our “Did YOU Know” HR tidbits featured on YouTube beginning in May 2015!
Nicole Bellow, Sr. HR Consultant