- Posted by Chris Elvidge
- On May 10, 2018
If you work in the Human Resources field right now, you have been working in an environment where finding and keeping good top talent is a challenge! Unemployment is at a 15 + year low, and it is critical to use benefits offerings to keep your employees engaged and lure in top talent to your organization.
Companies are realizing the importance of tying their benefits to their ‘talent’ strategy. Employees want to feel that their employer understands what they need in their life at every stage, so offering benefits that appeal to a cross generational workforce is vital. Millennials may value student debt loan repayment, where Generation Xers may prefer coverage and help with fertility treatment payments, and baby boomers may want to just focus on health benefits for managing chronic conditions. To each his own, and all employees need to see benefits as part of their total compensation.
This year, some new novelty benefits have emerged, however they are not widespread. Instead of offering retention bonuses, some employers are now using non-interest-bearing loans that can go toward housing down payments as a retention tool. Employers might offer a $15,000 loan, which is decremented every year the employee remains with the company. Other companies offer genetic testing benefits as a wellness initiative, and identity theft protection amid the numerous ‘now common’ personal data breaches. The latest growing trend being discussed is student loan assistance benefits. Student loan debt repayment assistance is a huge topic for millennials strapped with student loan debt. It’s one of the leading financial wellness opportunities for attracting and retaining top talent.
Financial wellness has become a pressing issue for employees, which translates to a concern from employers. One-third of employees say financial issues are a distraction at work. Personal financing planning is an appealing voluntary benefit that can serve across all generations.
Implementing some of these creative and customized voluntary benefits can help set your company apart from competitors in the future and assist in building a diverse and loyal workforce.
Our job is to help you understand what benefits are missing from the basket and help pick the right policies for you and your employees so they’re affordable. Don’t underestimate the influence of benefits when it comes to attracting and retaining talent. Benefits can provide an extra boost needed to not only get top talent through the door, but keep them there!