These Are the Top 5 Benefits to Retain Employees
In today’s job market, with unemployment at a candidate-friendly low, you need to be creative in how you attract and retain top talent. This means offering benefits above and beyond the standard health/dental/vision plans and two weeks’ paid vacation per year.
Here are five innovative benefits you may want to consider as you customize the packages you offer, so you don’t lose high-demand candidates to your competition:
Telemedicine allows employees to be in touch with their healthcare providers by phone, email or video chat, from wherever they are at any given time. This benefit is currently provided by 70 percent of employers, according to a recent survey by the Private Exchange Research Council.
- It’s smart business, too. Telemedicine can lower the number of doctor visits needed for routine ailments, which ultimately can reduce absenteeism among your employees.
- If you’re self-insured, you’ll save on utilization costs. In many cases, employees will be able to defer costly ER or physician visits, via telemedicine.
Nationwide, 65 percent of households – or nearly 80 million homes – include at least one pet. You may want to join the ranks of 68 percent of employers in the above-mentioned study who offer pet insurance as an employee benefit.
A legal plan helps ease the stress associated with divorce, buying a home, adopting a child, planning an estate or other basic needs that tend to arise over the course of a person’s lifetime. By offering this benefit, you give your employees access to a network of qualified attorneys to manage these needs.
- Seventy-four percent of employers surveyed now offer legal plan benefits. Most plans have no deductibles, co-pays, waiting periods or claim forms when employees use a participating lawyer.
Identity Theft Protection
Identity theft impacts more than 17 million consumers every year. Offering a plan to protect your employees against this frightening reality is a benefit that may pleasantly surprise them, while enhancing your image as a company that truly cares about and values its workforce.
- Offering an identity theft protection plan can help minimize your employees’ exposure and alert them to any potential misuse of their personal information. And in the unfortunate event that a theft does occur, they’ll have assistance right at their fingertips.
PTO Purchase/Sell Option
Regardless of the details of your benefits packages, two of the best underlying principles should be flexibility and customization. Benefits need to be tailored to individual employees, in order for them to be optimally effective. One of the best ways to achieve this is offering the option to buy and sell paid time off.
- Some workers may crave extra vacation days, while others would just as soon turn those days into extra cash. A buy/sell option lets people set aside pre-tax dollars, through payroll deduction, to purchase additional time off or sell back days they don’t anticipate using.
Partner with Frontline Source Group!
As you fine-tune your wage and benefits strategy to hire and keep the best talent on the market, consider partnering with Frontline Source Group. We’ll work as a natural extension of your in-house hiring team to help ensure the best possible results. Looking for a staffing agency in Dallas, TX? Contact us today to learn more. To find the branch closest to you, click here.