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What Benefits Should I Offer to Attract Top Talent?

November 8, 2021

What Benefits Should I Offer to Attract Top Talent?

The ongoing war for talent is nothing new. But pandemic-induced labor challenges have exacerbated the issue for employers, many of whom can’t find workers to fill openings and fuel their growth.

The pandemic fundamentally changed what it takes to find and keep employees. Add in the effects of the ongoing Great Resignation, with a soaring number of people quitting their jobs, and businesses must reevaluate their approach to recruitment.

Benefits to Balance Work and Life

Although competitive pay, health insurance and PTO/vacation remain a critical trifecta, the ongoing labor shortage has forced businesses to get creative with the kinds of benefits they offer to attract — and retain — talent. Many have started offering college tuition benefits, expanded paid leave and lower healthcare costs.

But, ultimately, what it takes to lure and keep employees is to offer them a suite of benefits that help them better balance work and life.

Let’s explore some benefits that can improve work-life balance for employees and help your business win the war for talent:

Flexibility: With the rise of remote working and other pandemic-fueled changes, employees want more flexibility with where, how and when they work. Granted, this will look different from business to business and industry to industry. But flexibility can include everything from offering remote or hybrid work models to non-traditional shifts to allow for appointments, errands, elder or childcare and kids’ school events. Flexibility also encompasses not scheduling the same employees to close and open back-to-back, to allow them more time to rest between shifts.

Financial Well-Being: The pandemic only compounded employees’ existing financial stresses. A recent PriceWaterhouse survey found 72% of Millennials and 68% of Gen Z are experiencing more financial stress because of the pandemic. Employees often are living paycheck to paycheck, trying to pay bills, mortgage/rent, medical bills, groceries and more. Businesses should consider providing practical tools and services that offer discounts, low- or no-fee financial services, financial literacy and additional earning opportunities to support their employees’ financial well-being.

Emotional & Mental Well-Being: The pandemic has brought mental health awareness to the forefront as more workers experience stress, anxiety and depression. Employers must offer benefits to support mental health. These can include expanded access to mental health providers via telehealth and virtual settings, as well as apps and services focused on meditation, improved sleep, relaxation and stress reduction. Additionally, adding “mental health” days to PTO offerings or sick leave policies can demonstrate a commitment to emotional and mental well-being.

Family Care Benefits: Another pandemic change has seen more employees taking on additional care responsibilities, either for children, parents or both. The Harvard Business School recently reported that 73% of U.S. employees are caring for a child, parent or friend. Such responsibilities can negatively impact work performance, productivity and retention.

• Growth Opportunities: Give both new and existing employees ample opportunities to grow professionally and develop new skills beyond their present role. This can take shape in countless ways, whether through some sort of tuition reimbursement program, mentorship or career training options.

If you need to reevaluate your benefits, the experienced team at Lovitt & Touché can work with your business to create a competitive and cost-effective suite of employee benefits that will attract job candidates and keep existing employees satisfied. Learn more about our employee benefits offerings.