Of course, people want to know how much a job pays. Recently, companies such as Google have received lots of attention for their overly generous perks.
What benefits should your organization offer to attract and retain top employees?
Health Insurance
Although this may seem standard, health insurance isn’t guaranteed. The Affordable Care Act only requires large employers to provide coverage to full-time staff or pay a penalty. The law excludes employees who work for small businesses (under 50 full-time staff) as well as part-time workers. Also, the cost and quality of health care varies. Very few companies pay 100% of health insurance premiums; most split the cost with their employees. To save further, many organizations offer high deductible plans and opt out of extras like dental and vision insurance. Unfortunately for both businesses and individuals, health insurance is expensive. In 2016, the average cost was $6,435 for an individual plan and $18,142 for a family plan. If your company can’t provide top–of–the–line coverage, educate your team to maximize what is available. Many people fail to take advantage of included insurance programs such as HSAs, 24-hour nurse lines and fitness discounts.
Flexible Working Arrangements
According to a recent survey of 2,000 U.S. workers, flexible hours ranked as the second most valuable perk after health insurance. Flexible schedules may range from structured to completely open. Some businesses require employees to be at their desks during core hours, from 10 a.m. to 3 p.m. for example, while others allow people to come and go as they please. Additional options may include a compressed workweek (four 10-hour days), telecommuting or remote work. The best part about this benefit is it usually costs employers $0. In fact, remote work can lower overhead costs, and flexible hours often increase productivity. You may need to experiment to discover the best system for your organization and your employees.
Unlimited Vacation Time
Unlimited vacation sounds like a glorious perk. However, this new trend is raising some questions. A 2017 report found employees with unlimited vacation took, on average, 13 days off a year, while those with capped vacation days took, on average, 15 days off. In other words, make sure unlimited vacation truly is a benefit. In a workaholic culture where the CEO never takes a day off, unlimited vacation puts employees at a disadvantage. As with flexible working arrangements, your company’s attitude will be the key to success. First, trust people to do what they need to do. And second, actively encourage your staff to fully use this perk fully. After all, vacations are supposed to allow workers to recharge so they can optimize their performance when they return to the office.
Is Your Organization Trying to Attract Top Employees?
The experts at Halpin Staffing Services can help you find the talent you need. Our recruiters place accountants, HR professionals, marketers, salespeople and administrative support staff throughout southeastern Wisconsin and northeastern Illinois. Learn more about the benefits of partnering with us today!