It’s no secret that an impressive benefits plan can help attract and retain top talent. However, many companies make the mistake of focusing on trendy perks like ping pong tables and free lunch because they assume that’s what their employees want. Instead, companies should take the time to choose meaningful benefits based on the needs of their employees.
So where do you start? Ask your employees directly which benefits are most important to them. Company-wide surveys are a great way to gather this information and discover the top trends and topics within your organization.
For example, if a large number of your employees are millennials, chances are many of them are struggling with student loan debt. By offering a student loan assistance program, employers pay a flat, designated dollar amount towards their employees’ student loans on a monthly basis (usually about $50-$250 per month). These programs are growing in popularity and have been shown to significantly reduce turnover which reduces costs for hiring, training and onboarding.
Another popular way to tailor benefits to your employees is by offering a suite of voluntary benefits. Allowing employees to self-select which voluntary benefits are right for their current situation offers them personalization and flexibility. When these benefits are positioned correctly, they provide additional protection and peace of mind for employees.
With so many benefits to choose from, it’s easy to become overwhelmed. It’s important for employers to focus on the ones that mean the most to their employees, which will look different for every organization. Being strategic about your benefit offerings can lead to improved work culture, reduced turnover rates, and more top talent coming through the door.
To learn more about creating a benefits plan tailored to your employees, contact an MMA advisor today.
