Many employers are struggling to remain competitive when hiring new employees. Many are adjusting salaries to contend with rival companies, offering modern benefits such as pet insurance, and focusing on employee wellness to stay ahead. However, some benefits will always appeal to prospective and current employees. Affordable health insurance will always top the list of necessary benefits, but dental is another benefit with broad appeal.
Why is Dental Insurance Important?
Almost all employees feel dental insurance is necessary regardless of age. While many companies are trying to balance benefits to suit the needs of multiple age groups, dental insurance is a benefit that bridges generational divides. This has big implications for all businesses, small businesses included.
In fact, small businesses stand the most to gain by adding dental insurance to their benefits package. Many employers erroneously assume that younger employees do not value dental insurance as much as older employees, but this is not the case. Many small businesses with less than 10 employees neglect dental, and it may cost them talented candidates if their competitors provide it.
Below are additional reasons employers should consider adding dental coverage to their benefits package.
- Preventative care improves morale and reduces absences related to preventable conditions.
- Employees want nicer looking teeth. Employees appreciate dental plans that include whitening, orthodontia, and other dental procedures.
- Dental insurance can contribute to employee wellness programs. Employee wellness programs help employees maintain good health; this can include good oral health as well.
Employers should reevaluate their benefits package from time to time to ensure it meets employees’ expectations. If a company’s benefit offerings are lacking or falling behind the competition, they may start to experience retention and hiring problems. To learn more about using benefits as part of an effective hiring strategy, contact Chelten Consulting.
There are standard benefits most employers offer: healthcare, dental, vision, and retirement planning options. In fact, retirement and healthcare benefits contribute overwhelmingly to employee loyalty. However, these benefits are expected. It is the unconventional, and therefore infrequently offered, benefits that make a company stand out from its competition. Below are some benefits many employers overlook, but employees value.
Investing in employees’ continued education is a mutual benefit. Further developing an employee’s skill set can help the company grow. Businesses of all sizes can offer continuing education benefits. Large corporations can offer full-tuition coverage for eligible degrees through pre-determined universities. These companies usually require that the employee earn a minimum GPA to qualify for tuition coverage. Small businesses may not be able to afford tuition coverage, but they can offer their employees flextime. This will allow the employee to attend classes and perform their job at times that better suit their schedule.
With more and more millennials joining the workforce, companies are starting to invest in benefit options that appeal to this generation. For example, millennials have a well-developed social consciousness and often volunteer to make a difference in their community. Offering time off for volunteering purposes can give businesses an edge over other companies that do not.
Commuting to and from work is a hidden expense for many employees. Gas, parking passes, and wear and tear on personal vehicles add up over time. Individuals that take public transportation do not have it much better as they have to pay a bus, cab, or metro fare as well. These expenses add up quickly, which is why employees always appreciate when their company provides commuter benefits.
As the job market continues to grow in competitiveness, employers need to distinguish themselves from their competition. Offering these progressive benefits can improve employee retention and entice new talent. Contact Chelten Consulting for more benefits strategies to improve your competitive hiring practices.
As the economy recovers and improves, the unemployment rate continues to decline. This means potential employees are being more judicious when it comes to accepting job offers. A competitive salary is no longer enough to attract and retain talent. Employers need to revamp their benefits package if they want to maintain their workforce.
The Cost of Employee Turnover
Losing an employee is more than reduced personnel. The loss affects morale and overall productivity as well—both of which can cut into the company’s profits. Reports show that employee turnover costs the company slightly more than 1/5 of that employee’s annual salary. This includes a loss in efficiency plus the time and cost of hiring and training a new employee.
For an employee making $100,000, this equates to slightly more than a $20,000 loss. That is enough to bring start-ups to the verge of collapse and hinder small to mid-size businesses. Large corporations with employees earning significant salaries face an even bigger financial loss. While they are often robust enough to withstand the financial setback, too many turnovers can become a liability.
Innovative Benefits to Attract and Retain Employees
The obvious solution is to prevent employee turnover whenever possible. However, this can be a difficult task to achieve. One way to put your business above the competition is with a healthy benefits package featuring unique options. An example that is rising in popularity is pet insurance. This may seem like a frivolous expense but consider the facts. About 65 percent of households own a pet. These pets get sick just like humans, except the owner must pay their pet’s medical bills out of pocket. Pet insurance helps pay for these medical bills including preventative care.
Offering unconventional benefits can give your company a competitive edge over those that do not. Optional packages like pet insurance may seem odd, but they are gaining ground in the workplace. One investigative report found that 68 percent of surveyed employers offered pet insurance. Employees are comparing benefits packages, so now is the time to distinguish your benefits from the competition. To learn more about incorporating benefits into your hiring strategy, contact the experts at Chelten Consulting.
To secure the best candidate for an open position, employers need to engage in competitive hiring practices. Researching the competition for salary ranges or checking salary averages by city is a good start. Having a well-developed job description can help streamline the hiring process as well, but employers can do more. Employee benefits have become one of the most significant factors amongst job seekers. Yet not all employers utilize their benefits to their full potential. Even if a competitor is offering a top dollar salary you cannot quite match, you still have an opportunity to entice the candidate.
In small businesses and large corporations alike, your benefits model speaks volumes about your company’s culture. If you have incredible benefits and the competition does not, a slight gap between salaries will not tip the scales in their favor. Benefits are not limited to health and dental either. If your company does not require business casual attire, allows employees to work from home certain days of the week, or provides a daily breakfast bar, these are all benefits to include to promote a happy and healthy workplace that can attract a diverse and talented candidate pool.
Any perk that makes your company stand out from the competition is an incentive that you should make plain on the job listing. Not only will this pull in more qualified applicants, it will save the company time while searching for the right fit. By providing a competitive salary, a solid job description, and a progressive benefits list, you can ensure a superior list of candidates who are excited about the employment opportunity. To learn more about innovative benefits solutions to improve your hiring practices, contact us.