Organizations are experiencing a number of hurdles when it comes to attracting and retaining talent. Offering the right mix of benefits is more important than ever, and it is imperative employers are offering solutions to help employees overcome today’s unexpected challenges. Here are seven benefits prospective employees review when weighing job opportunities:
- Flexibility
- Can your employees work remotely? Does your company’s technology and culture support remote work?
- Do you allow flex time? Can parents adjust their schedules to balance responsibilities of parenthood during the workday?
- Do you offer one bucket of PTO or is it divided into vacation, sick, and personal days?
- What’s the accrual process for time off and how long before employees can use it?
- Can they go into a negative balance, if needed?
- Medical, Dental & Vision
- How do your plans and costs stack up against industry standards?
- Is there an employer HSA contribution? If so, what is it?
- How long is the waiting period before your organization’s benefits kick in?
- Will you cover the cost of COBRA for a new employee?
- Can dental and vision services be transferred to your plan if a prospective employee is mid-treatment under another carrier?
- Life Insurance
- Does a new employee have the ability to ‘port’ or convert their current coverage?
- What’s the amount of life insurance being offered?
- 401k Match/Vesting
- Do you contribute to your employees’ 401k? If so, how long before they’re vested and when does the vesting occur?
- Is there a Roth option?
- Do you offer financial wellness consulting to your employees?
- Voluntary Benefits
- Do you offer customizable voluntary benefits such as accident, hospital, or permanent life coverage?
- Do you think outside the box when it comes to creative benefits like tuition loan repayment plans or pet insurance?
- Wellness
- Do you offer a wellness plan? Is it made available to all employees?
- Do you provide mental health support services to help employees through challenging times?
- Bonuses
- Do you offer bonus opportunities? If so, when is it paid out?
- Do you prorate it if they start mid-year?
While this might not be all the details prospective employees are considering when thinking about their benefits, it’s a good start. Along with making sure you’re up to industry standards, conduct regular pulse checks and surveys to ensure your employees are happy with their current benefits, as this could be a good indicator of what prospective employees would be looking for as well.
If you need help structuring your benefits plan to recruit and retain talent, contact an MMA advisor.
