Whether your company is at its beginning stages, or an established business, the goal is, and will always be, growth; growing your sales, your brand, and most importantly, your people. Attracting top-tier talent is a challenge, especially in today’s job market where 33% of workers hold at least a bachelor’s degree, up from 24% just a decade ago1. With increased competition and education levels in the job market, workers are expecting to be compensated at a much higher rate than in previous years. But what if your company cannot pay prime salary rates?
Well, it turns out you are in luck. According to a 2019 study conducted by Metlife, 30% of employees would take less salary for better benefits.2
So, what can you do to help retain and attract top talent to your company? While there are plenty of things you can do to achieve that result, the most important thing you can do is offer an attractive, comprehensive, and unique benefits package.
Does your company offer its’ employees health, vision, and dental coverage? While that is a great start, there are many other benefits, called supplemental, or voluntary benefits, that you can offer your employees at little-to-no cost to the employer. Some of those benefits include:
- Disability Insurance
- Life Insurance
- Cancer Insurance
- Hospital Indemnity
- Accident Insurance
There are also some non-insurance related benefits that you can leverage to help “sweeten the pot” of your benefits offerings. These include remote work options, student loan repayment, benefits to assist with aging parents, benefits for individuals that have a predisposition to cancer, or even something as simple as Pet Insurance.
So, what can you do with this information? The first step would be to sit down with your HR team and determine whether your benefits package is conducive for growth. Are you offering the same benefits as your competitors? Are you offering less? Asking yourself these tough questions is the first step toward developing a comprehensive benefits package and employee retention strategy!