Talent is in high demand right now.
Businesses are struggling to find the right combination of salary, benefits, and perks to attract winning candidates. Amazon doubled its base salary cap for corporate employees. Panasonic and Bolt are offering 4-day workweeks. And remote working options? They’re table stakes.
You’ve likely faced this first hand. Positions that used to attract hundreds of resumes from top talent are suddenly coming up empty. But you might be overlooking some tried-and-true recruitment tools: employee benefits.
Continue reading to see how your benefits package can make your company a top employer.
How important are employee benefits, really?
Benefits have gone from a nice perk to a must-have over the last few years. Both candidates and employees are paying more attention to their benefits packages—and are using them as a top deciding factor.
Your benefits package matters more than you think. Nearly 60% of survey respondents feel it’s more critical now that employers offer financial wellness benefits due to the pandemic.
In our inaugural State of Employee Financial Health and Wealth report, we surveyed 1,000 salaried employees in the U.S. A whopping 86% said their company’s benefits were at least somewhat important in deciding to work there.
In another survey, nearly 60% of survey respondents reported that they strongly consider perks and benefits before accepting a job offer. Even more surprisingly, the same survey reported 80% of employees prefer additional benefits over a pay increase. It’s just another reminder of changing employee goals.
How to put employee benefits front and center
With benefits topping many job candidates' wish lists, you can implement strategies to make your company stand out.
1. Offer a wide range
Most employers provide some combination of health insurance, retirement benefits, and vacation time. Investing in those benefits is important, but candidates and employees want to see benefits that match their lifestyle and phase of life. Make sure your current employees feel taken care of with benefits that serve their needs.
Take a look at your benefits package and see what’s missing. Could you add commuter benefits? Improve your physical health incentives? Offer financial planning?
Identify employees' biggest source of stress and see what you can do to help alleviate it.
2. Weed out the superficial benefits
It may seem counterintuitive, but sometimes offering fewer, more valuable benefits is the way to a candidate’s heart. Gone are the days when ping pong tables and beer Fridays attracted talent. (It didn’t take long for employees to figure out that it just meant more time in the office.)
While it’s tempting to add more benefits to your growing list, job candidates see right through bloated offers. They’ll only be impressed by the benefits they find value in and know they’ll use.
Dedicate time to review your benefits package. See what’s being used and what’s not, survey employees to see what could be improved, and cut the rest!
3. Focus on diversity, equity, and inclusion
Include benefits in your compensation package that offer access to programs not traditionally available to people of color. Financial wellness is high on that list. The Federal Reserve reported that Asian, American Indian, Alaska Native, Black, Hispanic, Native Hawaiian, Pacific Islander, and all respondents reporting more than one racial identification have lower wealth than White families.
Many job hunters are looking for employers who prioritize DEI initiatives, so you’ll attract a more talented and diverse set of candidates.
Want to learn how to get DEI right? See how to make financial wellness the heart of your DEI efforts with this free eBook.
4. Make benefits easy to understand
With so many disparate vendors, it’s often hard for candidates to understand the true value of your compensation package. Thirty-five percent of employees don’t fully understand their benefits. And Millennials saw the highest gap, with 54% admitting it. If your employees don’t know what benefits you offer, how will your candidates?
A new benefit coming soon to Origin’s total rewards center can help prospective employees see the full value of their compensation package.
5. Discuss benefits upfront
Other than a brief mention in the job description, many employers wait until the last minute to discuss employee benefits. Instead of waiting until the final interview (or until the official offer) talk about your offerings early and often throughout the recruiting process.
Some employers promote benefits in recruitment ads and on social media. It shows potential candidates that you’re proud of the benefits you offer and gives them a sneak peek of what working with you will look like.
Attract top talent with Origin
We talked about Origin’s total rewards center as a way for you and your employees to easily see the value of your compensation package. But that’s only one facet of our financial platform.
Origin gives your employees access to 1-to-1 financial guidance with a Certified Financial Planner™. We give your employees the financial confidence they crave so they can spend less time stressing about money and more time focused on their work.
Dive deeper into the State of Employee Financial Health and Wealth, and get an action plan to assess your own employees’ needs.