101: Customized benefits
Last year, recruiting technology company Jobvite surveyed 800 recruiters on hiring: 74% predicted hiring would be more difficult in 2020, and 67% said a lack of skilled, high-quality candidates was the biggest obstacle. Attracting the talent looking for work – no matter how scarce – is more important than ever. Customized benefit packages can give your company a competitive edge in hiring, offering new team members what they really want.
Consider cafeteria-style plans. They give employees a certain amount of money from the employer to choose their benefits, with pre-tax dollars. “For example, a young employee with no health problems might opt to spend his or her cafeteria plan dollars on a minimal health plan. An employee with four family members might choose to spend their cafeteria dollars on a comprehensive health plan,” writes Susan M. Heathfield at TheBalanceCareers.com. Cafeteria-style plans offer more take-home pay and benefits employees truly need.
Offer broader, multi-generational plans, Jeff Oldham of Benefitfocus, at SHRM’s Executive Network, HR People + Strategy blog: “Companies need to offer benefits that meet the needs of today's diverse, multi-generational workforce and bring real value to their lives.” Progressive companies see the advantages of offering employees help paying back student loans, for example.
Weed out the illogical. At USChamber.com, Gary Kushner of Michigan-based Kushner & Co. gave an example of a company needing a benefits overhaul: It offers retirement plans structured on longevity, but the average company tenure is only 4.2 years. “Benefits have to be based on your goals and objectives, who your workforce is and who you want it to be,” he said. He advises questioning if hiring objectives are being met with benefits like accidental death & dismemberment policies. “While not costly, do they attract talent?” he said.
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