By Lynda Zugec
How to Offer an Attractive
Benefits Package without
A
2015 Issue 3 |
THE
SCORE
42
s indicated by the Society for
Human Resource Management (SHRM) in their 2015
Employee Benefits Research
Report, “Employer's benefits
continue to be an important
part of the employee value
proposition. With salary
growth remaining slow,
employers need to both
ensure their benefits
are keeping up with
those being offered
by other companies;
and that the value of those
benefits are being communicated effectively.”
The same report indicated that “within the last 12 months, the majority of organizations have offered the same amount (58 percent) of employersponsored benefits or have increased (35 percent) the number
of benefits offered. Of the hundreds of types of benefits that
organizations provide to their employees, health care remains the
driver for how those benefits plans are composed, particularly as
employers continue to weigh the various effects of the Affordable
Care Act (ACA). However, many are changing the composition of
those plans — in some cases relying more heavily on a preventive
approach that can reduce health care expenses — and shifting a
greater burden of costs onto employees as well.”
As a result,“patterns in health care spending directly affect
the types of other benefits that organizations offer. And in
an environment with limited compensation growth in most
sectors of the U.S. economy, a competitive benefits package
can make the difference in attracting top talent to an organization. Research has shown that many job seekers frequently
place greater importance on health care coverage, flexible work
Breaking
the Bank
schedules and other benefits rather than
on their base salaries. Benefits plans
should be viewed by HR professionals as a vital tool in their
retention and recruitment
strategies.”
So, where does one
begin? Here are three ways to
better understand the benefits
you should offer:
1. Review benefit
survey findings from
reputable sources
Typically, the best way
to understand the marketplace is to review benefit
survey findings from
reputable sources to obtain an understanding of how to remain
competitive in the marketplace, retain your staff, become an
“Employer of Choice,”and stay updated on current trends. For
example, the 2015 SHRM survey suggests the following:
• Prepare for more changes associated with the Affordable
Care Act.
• Consider career development benefits as a means of
retaining and attracting top talent.
• Be flexible and consider the needs of employees at all levels.
• Make employees aware of the benefits they have.
• Continuously obtain feedback on the ef