Employee Benefits That Help You Hire Better Employees
If a business owner is having trouble finding good employees, one of the first things Straight Talk HR Solutions looks at is the job offer they’re posting. Not just the hourly rate or annual salary, but the entire package.
What does the employee receive after they accept the job? How much time off do they get? Is health insurance available? Is there a retirement plan? Can they have some flexibility in their schedule? Is there any opportunity for professional growth? And perhaps most importantly, does the overall benefits package give a qualified candidate a reason to choose this company over the next one?
These questions are highly important in this competitive hiring market.
Employers spend significant time recruiting better candidates while overlooking a major part of their employment offering: the benefits package. Sometimes, the problem is it’s not appealing enough. Other times, the benefits are actually reasonable, but the employer doesn’t communicate them effectively during the hiring process.
There’s also a common misconception that a small business has to match the benefits offered by a large corporation to attract good employees. That’s not realistic for most businesses, and it’s not necessarily the best strategy.
You don’t have to offer every benefit available. But you must understand what your employees and prospective employees actually value, determine what your business can sustainably afford, and build a benefits package that makes sense for both. And if you need help with that, the most-reviewed HR consultant Texas businesses trust, Straight Talk HR Solutions, excels in that service.
Every workforce is different, and what attracts a qualified candidate in one industry or position may not have the same impact in another. But in our more than 30 years of experience as an HR consultant in Texas, these benefits are worth considering:
Health Insurance
Many candidates ask about this, particularly those who have families or dependents. For employers, this can be one of the more difficult benefits to manage due to its cost. Health insurance premiums can put pressure on a small business budget, and employers may be hesitant to make changes because they don’t want to increase costs for themselves or their employees.
But when reviewing a benefits package, we recommend considering the full picture. Is the employer paying 50%, 75%, or 100% of the employee’s health insurance premium? Does the employee have to pay the full cost of dependent coverage? What is the deductible? How much is the out-of-pocket maximum? Are prescription benefits included?
The same applies to dental and vision insurance. These benefits may not be as expensive as medical coverage, but they can add value to an overall package.
An employer may also consider contributing to a Health Savings Account (HSA) for employees enrolled in an eligible high-deductible health plan. Flexible Spending Accounts (FSAs) allow employees to set aside pre-tax money for eligible healthcare or dependent care expenses, depending on the plan.
Paid Time-Offs
Candidates want to know how vacation time works, how sick time is handled, whether unused PTO carries over, and whether they can realistically use their PTO when they need it.
Employers should consider offering a combination of paid vacation, sick leave, personal days, and paid company holidays. Or, creating a PTO bank that gives employees flexibility in how they use their available time.
Paid holidays can also be an important part of the benefits package. Depending on the workforce, employers may consider offering paid time off for holidays such as Thanksgiving, Christmas, New Year’s Day, Memorial Day, Independence Day, and Labor Day. You may also provide additional floating holidays that employees can use for personal, cultural, or religious observances.
Flexibility
Not every employer can offer remote work. Not every position can be performed from home, and not every business can accommodate flexible schedules. But employers should not assume that flexibility is an all-or-nothing benefit.
Depending on the position, flexibility could mean allowing employees to adjust their start time, offering predictable schedules, accommodating occasional personal appointments, or giving employees more control over how they manage their workday.
Retirement Benefits
For an experienced candidate, especially someone who’s been in the workforce for several years, a 401(k) or an employer-sponsored retirement plan may be an important part of the decision-making process.
Simply offering it may not be enough. Consider the percentage of your matching contribution and whether you can maintain it as a recurring expense.
From a recruiting standpoint, this benefit is valuable. Candidates who are thinking about their long-term financial future may compare two job offers and realize that the employer with the retirement match is actually offering more total compensation, even if the base salaries are similar.
Family-Related Benefits
Consider offering paid maternity or parental leave, dependent health insurance, flexible scheduling for parents, and additional time off for significant family events.
Employees don’t stop having personal responsibilities when they come to work. If you recognize this and build reasonable policies around major life events, you’ll have an easier time attracting and retaining experienced employees.
Employee Assistance Programs (EAP)
This is access to confidential resources for issues involving mental health, stress, financial concerns, family matters, substance use, legal questions, or other personal challenges. It’s a particularly valuable benefits option for a small business that may not have the resources to provide extensive employee support services internally.
Professional Development
Candidates seeking a long-term career may want to know whether they will have opportunities to learn, develop new skills, earn certifications, take on additional responsibilities, or move into a leadership role.
You can help them secure this by offering reimbursement for professional certifications, paid continuing education, conference attendance, industry memberships, or access to online training platforms.
Not only will this keep you compliant with specialized industry qualifications, but it will also improve the skills of your existing workforce. Just establish clear guidelines around eligibility, reimbursement limits, and what happens if an employee leaves shortly after receiving reimbursement.
Your benefits package should be strategic. As an employment agency in Conroe, TX, we recommend studying your workforce, industry, turnover, and the reasons candidates accept or decline job offers. But if they’re already competitive and you’re still having difficulty attracting qualified candidates, another problem might be how you present your offer.
Straight Talk HR Solutions, a respected HR consultant that Texas businesses trust, can help you with that and more.
Avail our FREE 15-minute consultation to get started. Contact us!