Beyond Salaries and Bonuses – What Employees Want
Attracting and retaining quality talent is no longer restrained by an ample salary and the opportunity for bonuses. In today’s competitive market for talent and with more candidates earlier in their careers, a competitive market salary is only the starting point. If you want to attract and retain quality talent, you need to offer benefits that stand out from your competitors.
Recent studies have shown that a vast percentage of employees are more attracted by a company’s benefit offerings than they are by the size of the salary. A recent study by Glassdoor found that 57% of candidates indicated that benefits and perks were the top consideration in accepting a position.
Your HR Partner can help you in the development of a cost effective, comprehensive and attractive Total Rewards strategy. We will start by evaluating your current benefit offerings, reviewing your existing vendor contracts, identifying ways to improve how much you are spending on your benefits and, if needed, lead the effort in replacing current insurance carriers.
Once we have ensured that you have strong contracts, the next step is to ensure the design of your various benefit plans are meeting the specific requirements of the business as well as the needs of your employees. We will work with you on plan design, network management, and on-going plan oversite.
Our tailored solutions ensure that your employees understand their benefits package, so they take complete advantage of the offerings. Your HR Partner will develop a comprehensive communication strategy and approach including a reinforcement campaign emphasizing the financial value to your employees.