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HR Trends and Insights

Looking to enhance your benefits package?

By April 4, 2022No Comments

Attracting and retaining top talent have always been among the most critical priorities for employers. One of the ways employers can do that is by enhancing their benefits packages to make offers more attractive to quality candidates.

While certain essentials, such as offering competitive pay, will always be relevant, you must also frequently research the benefits ambitious workers want their employers to offer. Enhancing your benefits package can ensure your organization remains competitive by appealing to today’s workers.

Don’t underestimate the importance of benefits

According to a recent Glassdoor report, approximately 57 percent of job-seekers consider benefits packages among the most significant factors they consider when deciding whether to accept positions.

The report indicated that about 90 percent of candidates between 18 and 34 feel benefits are more important than pay. With older workers nearing retirement age, it will be increasingly vital for companies to appeal to younger talent.

Here are some tips to help you increase your benefits package for employees.

Don’t forget the basics

Before deciding how you will modify and add to your current benefits package to make the right impression on candidates, remind yourself that adjusting your benefits package doesn’t necessarily have to involve doing away with what has proven attractive to jobseekers in the past. Health insurance (particularly if your benefits package includes dental and vision insurance), retirement plans, and other basics remain essential.

Start updating your current benefits plan by ensuring you’re offering the basics. Once you’re confident in the strength of your existing benefits package, you can begin improving it.

Prioritize wellness

A 2021 study from MetLife reveals that 39 percent of American workers feel their employers do not offer wellness benefits. While this information is disappointing, it also highlights an easy way to enhance your benefits package and distinguish your company from other employers with whom candidates might be interviewing.

Health and wellness benefits may include numerous perks:

  • Access to on-site clinics
  • On-site fitness rooms or discounts for fitness center memberships
  • Free wellness classes
  • Free access to subscription-based wellness apps

A great way to take care of your employees’ wellness needs is with Lifestyle Spending Accounts. Edenred’s Lifestyle Spending Accounts allow employers to pay for health, fitness, and other employee desires like nutritional counseling.

The relationship between someone’s physical health and mental/emotional health has been established. By offering wellness perks in your benefits package, you won’t just help your company attract young and motivated candidates — you’ll also help those workers cope with stress and other difficulties during their tenure at your organization. This will likely result in greater productivity and engagement.

Let employees learn

A 2021 analysis of employee attitudes reveals that ambitious workers wish to have opportunities to “climb the ladder” and earn promotions or take on new responsibilities within a company. The same analysis also reveals that many workers feel their employers fail to offer these opportunities.

It’s no secret that a talented workforce is an asset. Thus, your benefits package should provide workers with access to development and training programs they do not need to pay for. That indicates to your employees that you want them to achieve their professional goals while also equipping them with practical skills that can help them perform even more effectively in their current roles.

Give Employees More Personal Time

According to the Harvard Business Review, for the last 30 years, average working hours for American employees with college educations have been steadily increasing. Some assume that the COVID-19 pandemic, which forced many companies to allow employees to work from home, reduced working hours. Generally, though, this has not been the case. The Harvard Business Review states that early reports indicate that work-from-home arrangements have caused employees to work longer hours than they did pre-pandemic.

There are several reasons this may be so. First, many employees are parents and juggle professional responsibilities with the needs of children. Additionally, since those who work from home do not have commutes, employers may expect them to devote more time to work-related tasks.

The digital revolution blurs the lines between work hours and personal time long before the pandemic. To demonstrate to candidates that your company wants them to have personal lives outside of work, offer benefits that align with this goal. For instance, you could offer mandatory time off.

Everyday benefits like meals and commuting are important too

Whether you have employees working in the office or at home, a meal allowance program like Edenred’s Ticket Restaurant is an excellent benefit for employees. Your business can control how the money is spent, and employees get to eat at restaurants, use food delivery apps, and shop at grocery stores.

With employees coming back to the office, it’s also a great time to research commuter benefits. Employees can spend up to $280 per month tax-free from their paychecks to be used towards mass transit, qualified parking, or rideshares.

If you want to adjust your benefits to attract the very best employees, schedule a meeting with us today.