Base pay goes a long way to finding and retaining quality employees. However, many employees are willing to work for a slightly smaller salary for the right set of benefits. Employers cannot afford high employee turnover rates. While health insurance will always be the top benefit, there are multiple other low-cost benefits employers can use to retain their workforce.
- Health insurance. Employees want better medical, dental, and vision insurance. One study found almost 90% of respondents would give superior benefits some consideration when looking for a new job.
- Work-life balance. Employees want more vacation time and paid time off. However, they are also interested in work from home options and flexible work hours. These types of benefits can sway employees to take a lower paying job for its greater benefits. Consider offering flexible start times or incorporating the option to work from home one to two days per week. This does not cost employers money, but it does earn employee loyalty.
- Student loan forgiveness and tuition assistance. It should not surprise employers that more and more employees want help paying back student loans or financing their degree. The current generation entering the workforce has more college debt than previous generations, but they are earning the same salary as their less indebted peers. While this may seem expensive at first glance, it does not have to be. Consider offering to pay $100 a month toward existing student loans. This comes out to $1200 per year. This is often a much easier sum to manage than offering an increased salary to compete with other businesses.
Employers who keep losing talented candidates or existing employees to competitors may need to reevaluate their current benefits package. If rival companies are not proposing exorbitant salaries to lure away workers, they are likely offering them better benefits. To learn more about how benefits can help your business stay competitive, contact the experts at Chelten Consulting.