You have gone through so many resumes and job applications; conducted countless interviews over the phone and face to face. You think you have the perfect candidate and offer them their starting salary and benefits package. As you sit and watch them look it over, you start to think to yourself, “this is a great offer. Why would they decline it?”
This leads to you thinking of different things. What are employees looking for? Which benefits will keep them happy and make them want to stay with your company for years to come? Should you change something next year? Will they stay onboard or look elsewhere?
You are not alone! Many employers face the challenges of how to invest in their business by investing in their employees.
High performing employees view changes in benefits packages as more important considerations in retention than changes in salaries. A 2016 research report from the Society for Human Resources Management states that 63% of employees view compensation and pay as very important to their job satisfaction, but only 23% are satisfied with their current pay. In addition to this, the same study shows that 60% of employees view their overall benefits package as very important but only 27% are satisfied with their current benefits package. Most employees wouldn’t turn down a raise, but employers can use benefits packages as a way to gain more leverage when looking to retain high performing employees.
What types of benefits are available? When a company is considering offering new or different benefits, or are legally required to offer benefits, there are many to choose from. The basic employee benefits include:
- Life Insurance
- Disability Income Insurance
- Critical Illness
- Long Term Care
How do you decide which benefits are valuable to your employees?
Employee feedback is a great tool to identify any issues with your current benefits package and what they would like to see. Many companies gather this feedback via employee surveys. Once you get the survey data back, make sure to sort responses into common themes to make the analysis easier. Pinpoint the areas of greatest concern to your employees which will give you a good starting point to add or adjust benefits. Be transparent and open with your employees, let them know what you are looking to do with their information as well as what your findings are. Create actionable deadlines to improve benefits and set benchmarks for the future, make sure to follow up with your employees after the fact and refine your findings based on the follow-up.
Where do you go once you have your feedback and do some research? An independent agency such as Gannon Associates Insurance will be the best place to start. We have many carriers we work with, and we will develop the best benefits package for your company that meets your specific needs. In addition to this, when you work with Gannon Associates Insurance, you will receive personalized customer service and the knowledge and expertise of our highly trained and educated staff.
Employees work hard to make your business successful and they deserve benefits that support their health, happiness, and financial security. By gathering feedback, looking at your options, and providing the right benefits to your employees, you can attract and retain the type of employees that will make your business better. Remember, investing in your employees means investing in your business.
Give us a call today at 844-GANNONS to speak with one of our agents and get started!