Attracting Top Performing Talent with Benefits
A key function of Total Compensation Statements is to engage top performing employees. Companies with engaged employees report less absenteeism and less employee turnover. According to a recent survey, 56% of employees feel that their benefits matter and are a key factor in their decision to remain with their current employer. So, how can employers use this valuable asset to attract new employees?
Discuss the entire compensation package with candidates
A compensation package is more than a salary. Other elements to consider are paid time off, savings benefits, work location, flexible schedules and insurance benefits like health insurance. According to a Pew Charitable Trust study, 35% of average hourly earnings goes to non-salary benefits and 23% of that amount goes to health insurance. Recruiters need to understand and discuss all parts of the compensation package being offered with candidates. It’s important that benefits be talked about at the front-end of the process, rather than just sticking it at the back end of a recruiting and hiring process.
Discuss how much the company contributes to the benefits package
By showing candidates (and employees) how much the company contributes to their benefit package, employers help candidates to see the full scope of the compensation they receive. This can assist them to make a better comparison to other offers they are considering. Benefit perks are important to employees. Discussing benefits with candidates opens the door to start conversations and share why your company is a great place to work.
Describe your benefit package in the job description
Using the functionality of your Talent Acquisition software , be sure that your Career Portal includes descriptions of the benefits you offer employees. Applicants will appreciate your transparency and may be attracted to specific benefits you offer that have particular appeal to them.
Tailor non-salary offerings to candidate needs
According to a recent CIO magazine article, employee attraction and retention can be tricky when recruiting from different generational talent pools. Benefits that are attractive to younger, Millennial employees like child care benefits are less important that medical care or supplemental plans for Baby Boomers. If salaries ranges are fixed, flexible benefits can be a tool to attract candidates.
Maximizing your benefit utilization
A Total Compensation Statement will outline benefits employees use and the contribution of the employer. However, they also afford the opportunity to communicate other, perhaps underutilized, benefits that employees can take advantage of, often at no cost to employers. Voluntary plans such as accident insurance, short and long term disability and spouse and dependent life insurance can be attractive options to employees – and employment candidates – without adding an employer contribution. For more ideas see this infographic from thebenefitsguide.com for ideas on how you can maximize the use of your current health plan.
How Net at Work and Sage HRMS Can Help
Benefit Administration
Sage HRMS offers a full featured benefit administration module that allows employers to calculate a wide variety of benefits. Open Enrollment is accomplished using our online Employee Self Service module, making benefit enrollment easy for employees to accomplish at their desk or at home. Benefit enrollments can be directly communicated to the vendors via Benefit Messenger.
Total Compensation Statements
Sage HRMS offers a variety of tools to create powerful Total Compensation Statements for employees. With Crystal Reports for Sage, statements can include graphs and charts to communicate information about employer contributions and benefits offered. Here are some examples:
If you would like more information about creating Total Compensation Statements with Sage HRMS, please contact your Net at Work Account Manager or visit us at www.netatwork.com.
Informational Webinars:
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