When it comes to employee benefits, do you really know what your employees want and need? Many business owners believe they know what they need to have in place to bring in key talent, but they may be mistaken. Most employees want to be appreciated and they want to know they are working for the best company possible. If you have not taken the time to update the employee benefits package you offer, now may be the time to do so.
Before you do, take a closer look at what employees think about benefits, what they want and what they need from you.
1. Do you know what the most important things are for job seekers?
First, consider what is most important to the job seeker when he or she applies for or accepts a position within a company. Most important is their salary and compensation. They also want, in second in terms of priority, the opportunity to grow in their career. They want a good work-life balance, an easy commute and a company culture they can get behind.
2. What do millennials look for specifically?
If you are aiming to attract millennial workers, you'll want to change the focus on what's important a bit. These individuals value growth opportunities at the highest level, followed by retirement benefits and work culture. That insurance and benefits package is important.
3. Boredom is a big program
When considering your benefits packages and offerings, don't overlook the day-to-day work environment. In an Inc.com survey, it was found that 64 percent of millennials would rather take a job earning $40,000 a year over one that offers $100,000 if the second position was boring.
4. They will leave
If you are not focusing on the benefits and offerings you can provide to your employees already in place, and only focusing on those you hire, you could be missing out. More than 46 percent of millennials left their job because of a lack of growth.
5. Employee benefits should be modernized
Finally, take into consideration the last time you updated your employee benefits offerings. Are you still offering the same insurance package, for example, that you did five or 10 years ago? Have you taken the time to think about more modern offerings, such as flexible time off or the ability to work from home?
Businesses looking to attract and keep talent need a quality benefits package. Don't overlook the importance of this.
How well do you know your staff? Call Sweet & Baker Insurance Brokers at (415) 512-2100 for more information on San Francisco employee benefits.