Your company’s employee benefit plans can help you attract and retain quality employees.
There’s a battle going on out there. But it may be a different kind of battle than you read about in newspaper headlines. The battle I’m referring to is how employers today are increasingly in competition with one another to attract and retain a quality workforce. Let’s face it, the data shows more people are working today than at any point in recent history. Unemployment levels are at some of the lowest levels seen in decades. Generally speaking, business and economic activity have been humming along at a brisk pace. There’s a lot of good news, however, it can also mean that finding and retaining quality employees for your organization can be a challenge. Why is it so difficult? Either they are happily employed at a competitor or there’s the possibility that there may be some among your current staff that is looking for greener pastures elsewhere. It’s no surprise that many employers are reporting that one of their top priorities today is retaining top talent, and there’s certainly a very good reason for it.
One key reason is cost. A statistic from the Center for American Progress suggests that the cost of turnover can be up to 21% of an employee’s annual salary. There are certainly more reasons why employers are focusing on retention and employee engagement but one thing is for sure. Employers are increasingly being intentional in their efforts to attract, retain, and engage their staff.
For companies trying to differentiate themselves and really stand-out as that employer of choice, there needs to be a strategy as to how to stand above the rest in today’s talent tug-of-war. One of the weapons at your disposal is to develop a benefits strategy that can help you become the employer-of-choice. In today’s modern workforce, a one-size-fits-all solution is not the answer. The modern workforce is made up of individuals who span multiple generations and have very different needs, preferences, and expectations. Employees today want choices in their benefits. Employers who understand and are willing to tailor a unique mix of benefits, programs, and products to their employee population are well on the way to developing that culture of being an employer of choice.
As you can imagine, one of the last things an employer wants to experience today is to have an employee give a two-week notice and state that their decision to leave was due to the great benefits being offered at their new employer. Business leaders and HR professionals are busier than ever but there is no time like the present to begin building a benefits strategy that is unique to your organization and is designed to make you the employer of choice. Need help with some ideas or just getting started? Talk with one of our team of experienced employee benefits consultants today.