5 Things to Think About Before Adding Outside-of-the-Box Benefits
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:
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).
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).