Like many small business owners, attracting the best and the brightest to work with you is a priority. Building a successful business often means finding top talent to be part of your team. In today’s competitive business environment, how do you attract and recruit these high performers?
You may have heard stories of innovative perks, especially from start-ups and tech companies. Ping pong tables, beer taps and unlimited vacation – nothing seems to be off limits when it comes to pleasing employees. So, should you create a nap room or hire a caterer? Not so fast. Fun perks like these are great, but don’t forget that job seekers still care about protecting themselves and their families from unforeseen health care costs or emergencies.
While group health benefits plans don’t often get the limelight, that’s only because they are table stakes for job seekers. In fact, group health benefits often rank as the most important perk an organization can provide. And it isn’t just health care. Dental care, vision coverage and spending accounts are as important to today’s workforce as ever. According to the 2019 Sanofi Healthcare Survey, 51% of members with Health Spending Accounts are more likely to think higher of their plan, and a Fractl study showed 88% of respondents might take a lower paying job if it had better health, dental and vision insurance. Without offering a competitive benefits plan you may be falling behind in the eyes of prospective employees.
Deciding you want to offer a health benefits plan is one thing. Choosing the right kind of plan may not be as easy. Maybe your workforce is diverse, with employees of all ages and stages in life who have a variety of needs. Or, maybe you’re just starting out and don’t know what your team will look like a year down the road, and what they will need from a benefits plan. This is where flexible benefits plans help you attract and retain employees.
A flexible benefits plan can fit every phase of life. By setting a budget, then allowing employees to choose from a menu of benefits, flexible plans can meet differing needs. This can help you attract everyone from new grads starting families and careers, to established professionals with no kids.
So, don’t get discouraged by the unique perks you may see companies trying. At the end of the day the right benefits plan which supports your employees at every stage of life is a cornerstone in your quest to attract and retain talented employees.