Have you ever wondered how CEOs can attract top talent? Well, it's all to do with employee benefits. If you have an attractive benefits package that your employees value, word will spread and prospective applicants will want to work for you.
Most CEOs understand that attracting and retaining the best talent is a top priority. According to one report, 75% of employees will choose to stay with a company with the right benefits. So, why do businesses continue to slash their benefits or not implement an Employee Assistance Programme (EAP)? In part, it might be because of rising costs and a desire to balance the company budget. But, this strategy can backfire and you might end up losing your best people, or being unable to attract new talent.
Let’s take a look at how employee benefits can help to attract top talent and why.
How can employee benefits help to attract and retain top talent?
Employee benefits can help CEOs attract and retain top talent by offering competitive compensation packages as well as other perks, such as health and dental insurance, flexible working or holiday patterns and paid parental leave.
Employee benefits help attract top talent in a few different ways, by:
- Allowing companies to attract the best candidates who value the opportunity to work at an organisation that invests in its employees.
- Encouraging employees to remain with the company after being hired—and even after they've left for another opportunity—because they recognise how much their employer cares about them.
- Providing a competitive edge over other companies in the industry. If you're able to offer more generous benefits than your competitors, you'll be able to attract better candidates and keep them around for longer.
- Giving employees peace of mind when it comes to their health and financial security. They can rest assured knowing their families will be taken care of in case anything happens unexpectedly—which means less stress for everyone involved!
What sort of benefits can you offer?
When it comes down to the type of employee benefits you can offer, there is a wide range. This includes everything from prioritising employees’ wellbeing and financial flexibility to promoting career stability and personal growth.
There are numerous examples of benefits that you can offer to attract new talent, improve your work culture and keep existing employees happy, such as offering:
- Retirement advice and pension plans
- Insurance benefits
- Healthcare and wellness programmes
- Holiday benefits and additional birthday absence
- Pregnancy support, maternity and paternity leave
- Child-care assistance
- Employee discounts and bonuses
- Professional development programmes
- Flexible schedules, hybrid and remote-working patterns.
These benefits not only attract new talent but also help companies retain their best staff and avoid them being poached by other organisations.
Such benefits from companies can also help to lighten the load given by the current rising costs of living and support employers more at times in their life when they need extra help.
What are the most valued benefits you can offer?
Health insurance
According to research, healthcare and dental insurance is one of the top benefits that employees value most. When employees don't have access to dental or medical insurance, they may not be able to get the care or treatment that they need, especially with NHS waiting lists these days. This can lead to higher absenteeism rates, which means less productivity at work. In addition, if an employee has any health concerns or dental issues, they may have trouble paying for their treatment themselves. This may lead to less work productivity in the long run.
When your employees feel secure in their health coverage, they can focus on doing what they do best: working hard and making your company great.
If you want to attract top talent and keep them around for the long haul, consider offering a strong healthcare package as part of your employee benefits package.
Pregnancy, maternity and parental leave
Pregnancy and then maternity is hard, and your employees may be thinking of having children in the future and will be looking to work for companies that have parental leave benefits (and understands the need for them).
New mothers and fathers need time to care for their baby once it comes into the world. This means they can't work as many hours or travel as much—and probably won't be able to do things like lift heavy objects or stand for long periods (or at all).
In addition, if they're breastfeeding, they'll have to pump breast milk every few hours throughout the day and night—which can be difficult if the job requires long stretches of work away from home!
It's also important for new mothers to look after themselves after having a baby. This includes making time to see the dentist for any pregnancy-related tooth problems, seeing an optometrist if their vision changes during pregnancy, and taking care of any other health issues that might develop during this time.
Flexible schedules and remote working opportunities
While many companies may think that offering flexible or remote-working options is not something that will attract top talent, it actually can be a major factor in helping you attract the best people for your company.
Flexible schedules allow employees to work around their other commitments and can help them avoid stress and burnout. Remote working opportunities give employees the freedom to choose where they want to work, which can be especially appealing for younger professionals who value having access to exciting locations around the world.
Professional development programmes
Professional development programmes are among the most valued benefits of the workplace, according to a recent study. They allow employees to earn certifications, expand their skill sets and pursue a personal passion, all while working.
Employee benefits like these can help CEOs attract top talent by showing that they're committed to helping employees grow and succeed.
Holiday benefits
One of the most important things for employees is holiday entitlement. They want to know how much vacation time they'll get when they join your company, and how often they can take it.
Vacation time includes paid time off, paid holidays and sick days, and other forms of paid leave. People want to know that you value them as individuals, so offering paid vacation time sends a clear message that you care about their well-being. Your employee benefits are a huge part of attracting and retaining talent. It's not just about financial incentives, it's about real, actionable lifestyle benefits.
If your current employee benefits package or EAP are damaging either your workforce or your business’ reputation, then it might be time to rethink how to better reward staff to not only retain your best employees but attract new talent.
Remember, in today’s job market, the top talent are looking for employee benefits when they consider what companies to work for. Make sure you have a good package.
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