Winning the War for Talent... with Benefits
Posted on August 25, 2017
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.