As a business owner in Indiana, you probably already know that finding, recruiting, and retaining great employees can be hard work! Indeed, it’s a competitive employment market, and with unemployment rates low, employees have many options when it comes to securing a great job. As such, finding ways to make your business more competitive is important. One option for attracting potential employees is to design and implement a robust employee benefit program. Here’s what you should know about how an employee benefit program can help businesses attract potential employees—
Why Employee Benefits Are Important
The first thing that you should understand is why employee benefits are so important. Employee benefits matter because employees want benefits. Data shows that companies that use benefits as a tool for recruiting report higher overall company performance. What’s more, about 60 percent of people say that benefits are a major consideration when deciding whether to get a job. And if that’s not enough, consider that 80 percent of employees say that they would choose additional benefits over a pay raise.
What Types of Benefits Do Employees Want?
Once you understand the importance of employee benefits, the next thing to learn is the type of benefits that your employees may be looking for. Types of benefits that many employees report desiring include:
- Health insurance
- Vacation days/paid time off
- Performance bonus
- Pack sick leave
- Paid family leave
- Retirement benefits
- Disability insurance
If you’re not sure what benefits your employees want or aren’t sure if they align with the above, it’s important to conduct a little research. By simply asking employees what they want, you can learn a lot about what will make them feel valued and what perks (like a free gym membership) are less important than foundational benefits (like healthcare).
Create a Customized Benefit Package
If you know what your employees want, the next step is creating a customized benefit package that works with your budget and meets your employees’ needs. This is where a professional team comes in. At Harvest Financial Planning, LLC, we can help your business to create a benefit package that checks all of the boxes. Once your employee benefit program is in place, all you have to do next is educate your employees and promote your plan to increase recruitment and retention!
Call Harvest Financial Planning, LLC Today
To learn more about employee benefit programs and how creating a strong employee benefit program can help your business to attract potential employees, call us directly today. We look forward to working with you and your business.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.
This material was prepared for Harvest Financial Planning’s financial advisor use.