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

Roosters Case Study

Roosters Case Study

Learn how Paycor’s unified HR platform helped Roosters overcome their toughest HR challenges. From recruiting top talent and onboarding new hires to stress free ACA and tax compliance, managers can now focus on what really matters – running their restaurant.

To Avoid an HR and Payroll Implementation Nightmare, Ask ONE Question

To Avoid an HR and Payroll Implementation Nightmare, Ask ONE Question

HR and payroll technology affect every aspect of your business, so if your current provider isn’t meeting your needs, your entire organization suffers. And yet so many business leaders settle for mediocre HCM because they’re (legitimately) afraid of implementing a new system. The good news: you can avoid an implementation nightmare by asking one simple question: Is My HCM Partner Collaborative? How can you tell if you’re working with a collaborative HCM company? It’s easy. Ask yourself: Do they talk more than they listen? If so, they probably aren’t taking the time to understand the particulars of your business, which is the root cause of most implementation nightmares. Related Article: 5 Questions to Ask Before Implementing a New...

5 Benefits of Online Payroll Systems

5 Benefits of Online Payroll Systems

There’s no denying we live in a digital world. We pay for fast food with our phone and use Venmo to repay a friend for concert tickets. Digital transactions are everywhere—including the workplace as more companies move to online payroll systems. Many businesses conduct their payroll process in-house in the form of full-fledged payroll departments or small business owners attempting to do it on their own. But there are a number of advantages to switching to an online payroll service. Take a look at some of the benefits your company or small business could reap by moving to online payroll. Online Payroll is More Affordable Do the math. How many hours does your accounting department or HR professionals spend preparing to run payroll and...

Rise Above the Status Quo: An Executive Summary

Rise Above the Status Quo: An Executive Summary

Our Biggest and Best Web Summit Yet! More than 18,000 people registered for Paycor’s two-day online Rise Web Summit, held in February, where industry experts offered advice on all things HR, from employee engagement to hot button compliance issues. If you didn’t get a chance to watch the webinars live, feel free to watch them on-demand. In the meantime, here’s a quick overview of each session and some of the key takeaways. The Future of HR Now more than ever, executives depend on the unique insights HR can bring to the table. However, there is a problem. Many HR leaders just aren’t thinking big enough. Our keynote speaker, DisruptHR’s Jennifer McClure, outlined four key strategies HR leaders can use to push past their comfort zones and...