What is the best way I can attract and retain good employees? Has this thought ever crossed your mind? If you are an HR professional or own a business I’m sure this question is fresh on your mind constantly. Well, Glassdoor has conducted a survey and I’m here to share the results with you.
The top 5 things job seekers want to know about a company are:
1. Compensation package – how am I paid?
2. Benefits package – medical, dental, life, disability, PTO, retirement?
3. Company information – background on your company.
4. Why work for you? What makes your company different?
5. Company mission, vision, and values – Where are you going?
Since I have been an Employee Benefits Consultant/Broker for the past 20 years, I’d like to spend a little more time on #2. This actually is the area that can have the most impact on employee satisfaction and is the are you can make changes to without causing too much pain in the company.
What are the most important benefits from an employee’s perspective? What can you offer that will make the most difference? Here are the top 5 according to the Glassdoor survey:
1. Health Insurance – medical, dental, and vision plans
2. Vacation and Paid Time Off.
In reality, you could boil these down to 3 – Health insurance, PTO and Retirement. These 3 area’s mean more to employees than any other benefit or perk. More than Parental Leave, Dependent Care, Stock Options, or Free Food. Getting these “right” can do more for employee satisfaction that anything else you can do.
Now the question is – How do you get these 3 areas right? Well the first thing you need to do is benchmark your offerings with your industry in your area. Know what your competitors are offering and what the employees in your industry value most. For example, in the manufacturing industry Health Plans and 401(k) are the two most important benefits. For the Finance Industry Health Plans, 401(k) and Parental Leave are the most important.
The next thing you need to do is to work with an expert in these fields to find and obtain the plans and offerings that will mean the most to your employees. This usually means working with an insurance broker who has the resources to provide you with what you need. All brokers make commissions on the plans they sell. Is your broker earning his commission by helping you to decide on which plans will have the most impact on your employee satisfaction and helping provide the resources to deliver those things? If not, maybe you need to start looking at other options.
Want to speak to a profession to see what your options are? Feel free to contacts here.