Employers and human resources professionals must adopt employee benefits strategies that resonate with their workforce. Many workplaces have a disconnect between the way HR personnel perceive benefits and how employees experience them. Employee benefits play a pivotal role in attracting and retaining top talent, and studies indicate that many job seekers consider benefits a crucial factor in job acceptance. By tapping into employee preferences and sentiments, employers provide desirable benefits and position themselves to support overall employee well-being.
Strategies to retain top talent
1) Ask – Dig deeper with thoughtful surveys
Move beyond generic surveys and pose specific, open-ended questions to employees, encouraging deeper insights into preferred benefits. Your goal should be to identify the reasons behind satisfaction or dissatisfaction.
2) Listen – Understand employee needs
Listening is vital to identifying discrepancies between employer perceptions and employee sentiments. Realizing that employees may express emotions and opinions differently, employers should look beyond data points and pay attention to nuanced feedback.
3) Act – Address core employee needs
Having gathered insights, employers will need to balance feasibility and costs with employee requests. Benefits advisors can help navigate costs and options, weighing the impact of potential changes on employees. It’s about aligning benefit offerings with the core needs identified through the feedback process.
4) Repeat – Continuous improvement
Crafting an employee-centric benefit plan is an ongoing process. Workforces evolve, and so do their needs. A recommended cycle is every six months, allowing employers to stay attuned to employee sentiments and adapt benefits accordingly.
Essential Benefits to Consider
While these strategies form the foundation, understanding the types of benefits that hold the most significance for employees is equally vital.
Health Benefits
- Traditional group health insurance
- Health reimbursement arrangements (HRAs)
- Health and wellness fringe benefits
Retirement Benefits
- 401(k) plans
- Defined benefits plans
Remote Work
- Full-time or hybrid remote work options
- Remote work stipends for internet and phone expenses
Education and Professional Development
- Tuition reimbursement programs
- Paid job training
- Knowledge-sharing webinars
- Technology stipends
Family Benefits
- Fertility benefits
- Adoption assistance
- Childcare support
- Eldercare
- Meal allowances
- Pet insurance
Additional Considerations
- Paid Time Off (PTO)
- Flexible schedules
- Employee Assistance Programs (EAPs)
- Commuter benefits
- Reward and recognition programs
A comprehensive employee benefits plan goes beyond monetary incentives. Employers must consider the diverse needs of their workforce and adapt continuously. CanopyNation’s team of expert benefits advisors can serve as invaluable guides in this process, helping you navigate the complex landscape of employee benefits to attract and retain top talent. Contact our office at 901-805-2860 or your CanopyNation representative directly today!