Most job seekers begin their search with an idea of their personal dream job. From location and compensation to job title and company culture, everything is carefully considered.
Just as employers seek the most talented employees they can find, candidates want to locate their best possible opportunities, and what a job candidate hears about your company matters more than you might think. The 2015 LinkedIn Talent Trends report for the U.S. and Canada shows that 65 percent of candidates turn to friends and colleagues for company recommendations and referrals. Online job boards ranked second with 62 percent, and 61 percent of candidates seek info via social professional networks.
That’s why it’s so important to be a company worth talking about. When your greatest asset is the people you employ, it pays to invest in the things those employees prioritize. Health insurance is no longer optional; it’s an essential benefit for employees of all ages and walks of life.
Typical expectations of an employee benefits package include:
401(k) or other retirement savings plan
More than just the basics
If you’re able to offer the basics, then strive to exceed expectations by offering long-term and short-term disability, Healthcare Reimbursement Arrangements (HRAs), Flexible Spending Accounts (FSAs), and volume-discount employee purchasing programs. Even more creatively, offer a flexible work schedule, a holiday savings club, telecommuting options, Volunteer Time Off (VTO), and a casual dress code when appropriate.
When your existing team members are happy with the company culture and the benefits package offered, they’ll happily spread the word about your company as a “best place to work,” and refer their connections for any job openings.
You don’t have to do it all yourself
Working with a Professional Employer Organization (PEO) can give your company access to a comprehensive benefits package, without the headaches of researching and shopping for benefits with vendors, brokers or online exchanges. In addition, a PEO may be able to offer richer plans otherwise not available to some small businesses.
Contact the author directly at email@example.com. This is the twelfth post in our 30 Days of HR Outsourcing series. Visit us each day in November for information on HR, payroll, benefits, workers’ comp and risk management topics, or subscribe to be notified instantly when a new post is published.
Photo copyright: Sylvain Robin