Winning the War for Talent... with Benefits
Winning the War for Talent... with Benefits

Winning the War for Talent... with Benefits

Hiring managers in practically every industry are concerned about the lack of available talent and understandably so. In July, the unemployment rate dropped to 4.3 percent, the lowest it’s been in nearly two decades. With this glut in available candidates, it’s no wonder that recruiting has become even more of a cutthroat industry.

When your clients make the investment to hire top talent it’s essential that they keep them happy because replacing an employee is not only expensive, but also, in this ultra-tight employment market, very hard to do. A great salary is a significant reason people join a company and stick around, but increasingly, a solid benefits package is running a very close second when it comes to attracting new candidates.

Traditional Benefits Don’t Cut It Anymore

Prospective employees have an expectation that your clients’ companies will provide the standard package of health, dental, vision and life insurance; it’s pretty much a given these days. But increasingly, non-traditional benefits are becoming extremely attractive to new hires, and it’s important to understand the differences in the types of benefits that appeal to the generational make-up of today’s workplace.

When it comes to generational differences, Gen Xers and Baby Boomers appreciate the importance of a traditional benefits plan, but that’s not always so for Millennials. The average Millennial employee tends to appreciate an entirely different package. According to a PwC study, the three benefits Millennials value most are training and development (22%), flexible time off (19%), and cash bonuses (14%). Healthcare came in at a low 8%. However, changing workforce demographics and increased diversity have highlighted the importance of providing other non-traditional benefits such as permitting everyday casual attire. You don’t necessarily need to recommend that your clients invest in foosball tables, Friday happy hours or allow dogs in the office, but some changes can be made to help attract top talent.

Flexible Work Schedules

Employers who permit flexible work schedules and/ or telecommuting often see a decrease in employee turnover. Some of the most common factors affecting employee resignations involve work/life balance. Employers who successfully implement creative work schedules without compromising the operations of their business establish themselves as an employer of choice for candidates who value flexibility and telecommuting when searching for an ideal new job. Remote work or a flexible schedule improve employee engagement and satisfaction.

Family Leave

It’s not just for moms anymore. Millennials who are starting families are placing a greater emphasis on paternity leave because of the role fathers play in raising a child. And, Gen X and Baby Boomers are challenged with caring for aging parents and require family leave to support family members. Encouraging your more progressive clients to shift their focus from maternity leave to family leave can help bring in the best candidates.

Financial Wellness Packages

According to the PwC study, “Employee Financial Wellness Survey 2015,” 20% of workers reported that “issues with personal finances have been a distraction at work,” and 37% said they “spend three hours or more [at work] thinking about or dealing with issues related to their personal finances.” Offering your clients tools to assist with their employees’ financial well-being can be beneficial to your relationship and a helpful method of improving your clients’ rate of new hires as compared to their competitors. Applications that provide interactive credit modeling, online courses, credit counseling, and other solutions can help promote positive financial behaviors.

Helping our partners get the most out of our service so you can enable your clients to keep ahead of the curve is key to your success and ours. In this competitive market, let’s talk about how we can improve your clients’ ability to attract top talent, as well as improve their existing employees’ engagement. Click here to refer a client today.

More to Discover

Case Study: Meeder Investment Management

Case Study: Meeder Investment Management

Adding Paycor Recruiting, Onboarding and Learning Management to their HR process helped Meeder Investment Management save time and increase employee engagement. “I love the ATS (applicant tracking system). It’s so easy to use. All the communication is right there. I can see manager feedback; I can see next steps. And then I click a button and all the [new hire] information seamlessly transfers to payroll. ” - Debbie Harris, HR Manager Prior to Paycor Meeder Investment Management, based in Dublin, Ohio, needed an automated recruiting, onboarding and LMS that integrated with their current system. Previously, they were tracking PTO by hand in Excel, manually entering new hire information and calculating paper timecards. Their LMS often...

Case Study: Buy Sod

Case Study: Buy Sod

Buy Sod Inc. Partners with Paycor to Pay Employees & Maintain Tax Compliance “Because we’re a niche company, our administrators sometimes have trouble uncovering and implementing best practices. But when we partnered with Paycor they brought the expertise and thought leadership to help us overcome tough challenges like the new EEO-1 report. Paycor has the patience, knowledge and resources to help us stay ahead of problems and grow.” - Jennifer Hillard, Director of People and Culture Why Buy Sod Inc. Chose Paycor In 2002, three family businesses came together to create a network of sod farms that operate and distribute around the country. But with ten locations and eighteen different payrolls to process, Buy Sod Inc. struggled to...

Achieve Your People Management Goals

Achieve Your People Management Goals

People management is at the heart of everything you do. But it’s easy to get overwhelmed with the day-to-day tasks necessary to keep your business running. We can help you get out of the weeds.Paycor’s core HR solution for all employee data dramatically reduces admin—you’ll never have to switch platforms, log-in to multiple systems or re-key information. We build HR software for leaders who want to make a difference. For 30 years, we’ve been listening to and partnering with leaders of medium and small business, so we know what they need.We’re here to help you build a great place to work, where people thrive and grow. Let’s get started! Take the People Management Benchmark Quiz

Webinar: Are you Scheduling Like a Pro

Webinar: Are you Scheduling Like a Pro

Our best-in class Scheduling solution coupled with Paycor's expertise and insight will allow you to take your scheduling solution to the next level - increase productivity, track labor costs and engage employees with Paycor Scheduling.Speakers: Rob Whitworth and Lyle WeissingerRob Whitworth is a Principal Product Manager for Paycor's Perform Time solution. He has been with Paycor since 2013 and has been in the time and attendance industry for 17 years.Lyle Weissinger is a Senior Product Marketing Manager for Paycor's time solutions.