In the aftermath of COVID-19, employees are reevaluating their careers and current work situations, and many are deciding to move on to new and better jobs. As a result, companies everywhere are finding it more and more difficult to find, hire, and retain high-quality talent. This trend has led employers to carefully rethink their compensation and bolster their employee benefits packages with a more competitive mix of benefits for employees.
How Can Employers Create Compelling Benefits Packages?
Direct pay is by far the most important and most-desired element of any employee's package, and it should not be neglected when discussing how to create a more compelling offer. However, if your direct compensation is competitive, it is often the indirect perks that are the determining factor for employees choosing between two similar offers of employment.That is why it's important for employers to continually reevaluate and bolster their mix of indirect benefits. There are a number of common benefits, such as health insurance, paid time off, and a retirement plan, that is now considered non-negotiable by many job-seekers. However, this does not mean that employers cannot still customize and improve within these particular benefits. For example, offering lower deductibles, expanded vision, and dental plans, or higher coverage for certain health services is a great way to set your packages apart from the competition.In addition, perks are a great way for employers to meet their workforce's particular needs, lifestyles, and personalities. For example, employees will greatly benefit from an earned wage program that gives them instant access to their earned wages immediately after working a shift.5 Top Categories of Benefits and Perks
There are a wide variety of different benefit categories for employees. Here is a list of our top five categories of packages and perks that companies should offer:- Healthcare
- Financial
- Lifestyle
- Retirement
- Voluntary
