Benefits & Perks that work at helping attract and retain top talent

According to recent studies, the cost of replacing an employee can be as much as two times their salary. Organizations are struggling to find employees and the need to attract and retain top talent remains an important challenge for organizations across the country. Keeping current employees engaged and helping new talent see value in your organization requires offering an array of benefits and perks that are beyond the norm.

The pandemic has created a shift in today’s job market. Employees are constantly approached and solicited for new positions, sometimes in a field completely different from their current employment. The need to offer flexibility and build a more complete employee benefits infrastructure that is employee centric has become integral in competing for talent (let alone retaining your key employees).

But what kind of benefits should you provide to stay competitive? What are employees buzzing about in the marketplace? We’ve got you covered – below is a list of the benefits and perks that work at attracting and retaining top talent.

An employee benefits plan is the staple of any employment offer. Covering most medical expenses, including medications and diagnostics, dental expenses and even income replacement benefits in the event of sickness or accident.

In the wake of a global pandemic, prospective employees closely examine your employee benefits plan and look for key features that fit best with their situation.

From our experience, building an employee wellness component into the benefits plan can help an organization stand out from the competition. Wellness programs have grown in popularity, as employees are lacking the resources to focus on their health. Learn more about how you can shift your mindset to promote employee wellness

There’s no surprise that salary plays a significant factor for any employee, however, Healthcare Spending Accounts remain another more tax-efficient (outside of Quebec) option that will attract top talent. By allocating a certain amount of funds in an HCSA, employees can submit claims for eligible medical expenses to be reimbursed until the account reaches zero or is no longer available.

Similar to the traditional Healthcare Spending Account, an employer can allocate funds to a Lifestyle Spending Account or Wellness Account. The employee can then submit claims for eligible health-related items or expenses (as determined by the employer). Examples of eligible LSA or WC expenses are childcare expenses, bus passes, gym membership, gym equipment, etc.

Telemedicine and Employee Assistance Programs have become the central pillar of employee wellness. These low-cost initiatives can help reshape the way your benefits are perceived by employees.

Learn more about the value of adding an Employee Assistance Program to your organization

A more complete benefits package might just be the differentiator you need to keep existing and prospective employees from moving to your competitor.

Many companies have adopted remote working policies for their staff, giving employees a little more autonomy in their day-to-day. Employees gained back their work-life balance and creating a work culture that accommodates individual rhythms is a great way to establish yourself as an employer of choice.

The pandemic has had drastic effects on mental health, and more and more companies are paying attention to employee wellness. From discount health club memberships to onsite yoga classes, organizations are starting to put focus on wellness programs to help reduce stress at work.

A potential benefit you may want to offer is something that will help the employee’s career trajectory. Training, seminars, and conferences can boost motivation and help employees become more effective at their jobs. Professional growth is a major consideration for many employees when seeking employment. Tuition reimbursement programs or other career training options can help your employees with this process.

Employees need to enjoy their work environment. With employees spending most of their time at work, employers are trying to shake things up with a different approach to the traditional office space. Brewery fridges, pool tables, ping pong tables, gaming rooms, Zen rooms, and catered lunches rank among some of the top office perks.

When it comes to employee benefits and perks, there are no limits to how creative you can get. Employees remain a central pillar in any organization and making sure you have the right benefits in place is crucial to a happy and productive workforce.