Becoming an employer of choice can significantly impact your company's bottom line. Employers of choice enjoy high retention rates, significant productivity, lower recruitment costs, and much more.
A successful employer-of-choice strategy involves several important elements, including substantial improvements in compensation and benefits packages. These improvements drive employee satisfaction, loyalty, and retention while turning employees into your brand ambassadors.
Let's look at how competitive compensation and benefits packages can help you become an employer of choice.
Offering Quality Benefits to Become an Employer of Choice
Quality benefits are one of the top reasons why employees consider a company. According to recent surveys, almost 30% of employees believe benefits are just as important as salary.
Since many organizations don't pay enough attention to this essential recruitment element, those who do have an easier time becoming employers of choice.
Some companies mistakenly believe they lack the resources to provide high-quality benefits if they can't pay high salaries. In reality, collaborating with a comprehensive HR outsourcing partner allows small businesses to offer the highest-quality benefits without paying full price for them.
High-quality healthcare and retirement packages coupled with excellent workplace culture and environment can help you outrun the competition that offers higher salaries.
People Often Want More than Just a Salary
While a high salary is a driving force behind successful recruitment, it's hardly the only one. After the COVID-19 pandemic, many employees reevaluated their approach to job search. The overwhelmed, burned-out, and stressed workforce is paying more attention to work-life balance, flexibility, benefits, and perks.
Since high-paying jobs are often stressful and demanding, many professionals are moving away from these roles and trying to find a work environment that suits them. 61% of employees consider work-life balance one of the most important factors when choosing a new job.
By providing quality benefits to your workforce, you give them much more than money. It's an opportunity to feel relaxed about their health and future while gaining more time to spend with their families.
Besides offering standard benefits, employers of choice are considering such perks as:
- Free lunches
- Performance bonuses
- Wellness programs
- Discounts on the company's services
These additional perks have a significant return on investment. While they don't take a serious toll on the budget, they make your company a more appealing place to work. Meanwhile, unlike the salary size, the variety of perks is something employees willingly share with others. That turns them into brand ambassadors, bringing passive job seekers to your doorstep.
Quality Healthcare and Retirement Benefits Encourage Retention
High employee retention is one of the key indicators that your company is becoming an employer of choice. When you provide excellent healthcare and retirement benefits, you are increasing retention rates.
According to a recent survey, 66% of employees wait to review the company's new benefits offering before deciding whether to stay or go. By improving your benefits package, you are giving employees a reason to stay with your organization.
Many employees hold on to high-quality healthcare benefits. They don't want to leave if it means decreasing healthcare options for themselves and their loved ones. For example, a worker from a family expecting a child will likely stay with a company that provides excellent healthcare coverage. If leaving means losing benefits during pregnancy, the employee usually chooses to remain with the company.
They may even be willing to ignore another employer's better salary offer to keep their existing benefits.
Demonstrating Commitment and Care for Staff
Quality benefits packages give employees a reason to stay while demonstrating the employer's care for the staff's health, wellbeing, and satisfaction. That, in turn, creates a healthy workplace environment and supports company culture. As a result, employees become more loyal, engaged, and productive.
Organizations with stellar company culture and a positive work environment will likely become employers of choice. When top talent is looking for a new place of work, they pay significant attention to how comfortable working for the organization will be.
Improving Benefits Packages to Become an Employer of Choice
A successful employer-of-choice strategy focuses on employee satisfaction. One of the key ways to achieve this is to provide quality benefits packages. Unfortunately, smaller companies don't always have sufficient resources to implement excellent benefits, which keeps them behind the competition.
Today, arranging quality benefits for your workforce is possible without exhausting your budget. By partnering with a professional employer organization (PEO), you gain access to top-tier benefits for a fraction of the price they usually cost.
That can help you create better conditions for your employees and take a major step toward becoming an employer of choice.