Accord­ing to the Bureau of Labor and Sta­tis­tics, the North Bay’s unem­ploy­ment rate for the month of Jan­u­ary 2019 was 3.3%. With the unem­ploy­ment rate being so low, employ­ers are now forced to get cre­ative with how they attract and retain employ­ees. As ben­e­fits advi­sors, we get an up-close view as to what makes a company’s staffing goals suc­cess­ful. We see that the employ­ers who are win­ning the tal­ent war use out­side-of-the box ben­e­fits that tar­get the work­force that the employ­er needs. Here are five things that we advise clients to think about before they look to add and use out­side-of-the-box ben­e­fits as a way to attract and retain employees:

SURVEY

It’s impor­tant to engage your work­force and find out what ben­e­fits they would val­ue most before invest­ing in a ben­e­fit that will have lit­tle or no return on invest­ment. We have had sev­er­al dis­cus­sions with employ­ers over the past 18 months where the employ­er thinks of a ben­e­fit that they would val­ue and there­fore assumes the employ­ees will val­ue it too. You won’t if you’re cor­rect until you ask.

WHO ARE YOU TRYING TO ATTRACT?

It’s impor­tant to strate­gi­cal­ly think about the type of employ­ee you are look­ing to hire and retain. Employ­ers often hire to fill a spot with­out think­ing about the type of per­son they need and whether the new hire will fit seam­less­ly into the organization.

WHAT ARE YOUR VALUES

The wants and needs of the work­force are chang­ing. For exam­ple, younger peo­ple tend to see their careers not sole­ly as income, but as a dri­ver of ful­fill­ment and an expres­sion of their val­ues, inter­ests and skills. We like to high­light cor­po­rate val­ues because we have found that to be a main dri­ver for a younger employee’s deci­sion on whether or not to work for a com­pa­ny. Com­pa­ny val­ues are the beliefs upon which a busi­ness and its behav­iors are based. We sug­gest that employ­ers deter­mine and make their val­ues pub­lic. This will help attract employ­ees who align with an employer.

 WHAT ARE YOU TRYING TO ACCOMPLISH AND WHY?

Do you want to cre­ate a bet­ter employ­ee expe­ri­ence and make employ­ees feel more engaged or are you look­ing to attract more tal­ent to your orga­ni­za­tion? Maybe it’s both. Either way, there is no one-size-fits-all solu­tion to this puz­zle. Our sug­ges­tion is to tar­get the demo­graph­ic you are look­ing to attract or retain. Under­stand them and then focus on what brings them value.

ENGAGE EMPLOYEES ON AN INDIVIDUAL LEVEL

By under­stand­ing deep­er moti­va­tions, employ­ers can devel­op strate­gies that bet­ter engage their work­force. Hav­ing a ben­e­fits pro­gram cus­tomized to meet indi­vid­ual employ­ees’ increas­es loy­al­ty to an employ­er (MetLife Ben­e­fit Trends Study).

 

 

ABOUT US

Andrew McNeil and Rosario Avi­la are employ­ee ben­e­fit advi­sors who col­lab­o­rate with their clients as team, using their dif­fer­ent per­spec­tives to deploy one solu­tion. Both have been rec­og­nized nation­al­ly by Employ­ee Ben­e­fit Advi­sor mag­a­zine (Andrew: 2017 Ris­ing Star in Advis­ing. Rosario: 2018 Top Women in Ben­e­fit Advising).