The Importance of Benefits
According to a recent survey, about one-third of all job seekers begin their search to find better pay and benefits. This not only indicates the importance of well-structured benefits when it comes to recruiting top talent, but also when it comes to retaining the talent you already have.
Bethany Holliday, our very own director of human resources, explained that the cost of recruiting and training new employees is almost always more than the cost of paying for benefits. “The last thing you want [employees] to do is walk out the door. It costs a whole lot less to keep people happy than it does to try and find new people.”
First and foremost, employers need to determine what they’re required to offer. For instance, companies with 50 or more employees are generally considered a large employer by the government and therefore are required to comply with two federal labor laws.
- The Affordable Care Act (ACA) requires companies to provide health coverage or face significant penalties.
- The Family and Medical Leave Act (FMLA) requires companies to provide qualified, job-protected, unpaid family and medical leave to their employees.
Zero and Low-Cost Benefits
Not all employee benefits have to be expensive. Many companies overlook low or no cost options that go a long way with employees. A few examples of creative benefits to make your employees feel valued and appreciated include:
Casual Dress Code
Designated jean or casual attire days offer employees the opportunity to work in a more comfortable, relaxed atmosphere.
Career Guidance Services
Offering employees the opportunity to map out their professional goals within the organization not only shows that their talents are valued but encourages them to continually work harder.
Community Outreach Programs
Providing the employees the opportunity to do community service and give back provides a multitude of benefits including:
- Increases employee pride in their organization
- Creates a positive relationship between the company and community
- Encourages interactions between co-workers at every level
Like in any relationship, it’s important to show your employees how much you value them. The more you invest in them, the harder they will work for you.
In the end, companies can benefit and profit from offering benefit packages to their employees, especially as they grow in size. Find out what your employees value & tailor a package that’s attractive to them in order to retain your talent.
Let Us Help You
Do you have questions about employee benefits or employer solutions? Contact us and see how Cornerstone can create unique solutions for you.