Equal vs. Fair: One Benefit Package Doesn’t Fit All
You’ll reap the rewards when you treat employees as individuals
As an employer, you know that you have to do certain things to attract the best talent. It used to be that as long as the salary you offered was competitive (or blew the competition away), you’d have no problem bringing people on. And while money certainly still plays a big role, it’s not the be-all, end-all of recruiting anymore. These days, workers expect a lot from an employer, including a compatible company culture, a good work environment, and – perhaps most importantly – the right benefits.
The question then becomes: What are the right benefits? The answer depends on whom you’re hiring. Companies can – and often still do – offer each of their employees the same benefit package, but this isn’t necessarily the right move anymore. Not everyone is the same or has the same needs.
For example, if you hire someone right out of college and another person who’s been in the workforce for a couple of decades, chances are they will want entirely different things out of their benefits, and it’s up to you to give it to them. So, how do you do it? Use this as your guide:
Health insurance
Customization is key when it comes to health insurance. This means you have to find carriers that will allow you to tailor their options to meet the needs of your staff. While basic medical and dental coverage are important, that doesn’t mean you should stop there. The more perks you can offer – such as a wellness program or a range of plan options – the more attractive you’ll be to potential candidates.
401(k) plans
401(k) plans are pretty much standard nowadays, but there are ways of making them more of an enticement. First, you should match your employees’ contributions up to a certain percentage. But to go even further, think about offering your team members a chance to get investment advice from a professional. This could come in the form of lunchtime sessions or one-on-one meeting, either in person or online.
Development
If you want folks to stick around, you need to give them a chance (and encourage them) to grow and get better at what they do. You can do this by paying for continual education, training, professional memberships, or other growth opportunities that relate to their job. When you provide this benefit, you’ll let your employees know that you care about their personal improvement, and at the same time you’ll be gaining an even more valuable member of your team.
Flexibility
We are gradually shifting away from a Monday through Friday, 9 to 5 workforce. Companies need to be more flexible with their schedules if they want to attract good people, particularly millennials. This may mean requiring that people be in the office at certain times and days, but then letting them work from home the rest of the time. You might also allow people to work four 10-hour days so they can snag a three-day weekend.
Everyone is different, and treating all workers the same can cause you to lose good people – so keep compatibility in mind when designing your benefits packages. And if you want to make sure you’ll only offer them to the best candidates, contact Capital Markets Placement. We can connect you with the top talent you’re looking for. Call us at 212.342.7430 or fill out our online form to get started.
