We’ve all been thrilled to see low unemployment rates, as a sign of a positive and growing economy. However, a competitive hiring environment definitely encourages business owners to consider their compensation and benefits packages more closely. We’re seeing that workers know they can be a bit more choosy with regard to employment, and weigh several offers before opting for the work situation that best fits their lifestyle and preferences.
So, what does that mean for employee benefits? After pay, health insurance and other benefit offerings fall at the top of most prospective employees’ priority lists. Employers who want to be competitive are revamping their benefits packages to match up with changing demands of the workforce.
Keep an eye on the competition. To attract the most skilled applicants (and retain current employees), wise employers are keeping an eye on competing companies. Just as pay must fall in line with labor market demands, benefits packages, too, are a serious consideration for most workers. Knowing what other companies are offering can be an invaluable tool.
Consider a “buffet” of benefits. One of the biggest trends today is “customizable” benefits menus, that allow employees to select the options that best suit them. With regard to health insurance and wellness benefits, the following are growing in popularity:
- A choice of health insurance tiers, with varying deductibles and premiums
- Health savings plans, to help manage high deductibles and other out-of-pocket expenses
- A choice of physicians and/or treatment centers
- Flexible hours/locations for work
- Family leave
- Life and disability insurance
- Pet insurance
- Gym memberships or onsite fitness centers
- Wearable device allowances
- Employee discounts to local businesses and attractions
- Identity theft protection
- Employee financial planning services
- …and more
Open the lines of communication. If you really want to know what your current and prospective employees want, simply ask! When workers feel that their opinions are considered, and their ideas receive serious consideration and follow-up, they know that they are valued members of a team.
For more information on constructing a well-rounded, competitive employee benefits package, give us a call. We can help you identify the options available to you, and design a package that will help you attract and retain the most highly skilled workers.