There’s no doubt job candidates look at salary when deciding whether to take a position, but that’s not all they consider. They also consider health and retirement plan benefits, job culture, flexible scheduling and other perks. The more robust those offerings are, the likelier you are to recruit and keep top talent.
So, what should your business offer employees? Here are some of the benefits that top candidates consider:
- Reliable health insurance: Nearly 160 million Americans under the age of 65 receive employer-sponsored coverage—in fact, it’s something many employees expect as part of their benefits packages. That’s why it’s crucial for companies to go with a trusted advisor that offers robust health care options, like Blue Cross Blue Shield of Michigan and Blue Care Network. Blue Cross gives employers all the tools they need to help their employees make the most of their plans, including tailored plan designs, a virtual well-being coordinator and downloadable toolkits through our Engage portal.
- Floating holidays: Allowing employees to take paid time off when their culture or religion doesn’t align with federal holiday observances is a perk that can set your business apart from its competition. You can improve your chances of recruiting top talent from diverse backgrounds by being flexible with holiday schedules.
- Paid time off to volunteer: Studies have found that a company’s support for social causes is an important factor when accepting a job offer, especially for millennials. People value engaging with causes that matter to them but making time to volunteer can be difficult with a full-time job. Giving employees the opportunity to volunteer on company time demonstrates your organization’s commitment to social responsibility and giving back to the communities where you do business.
- Retirement and tuition assistance benefits: Retirement contribution matching, tuition reimbursement and student loan assistance can help reduce employees’ stress and reassure them you care for their future. As 74 percent of employers currently match employees’ retirement plan contributions, and 92 percent offer a variation of tuition assistance, businesses understand that offering these benefits is a move that promotes financial well-being.
- Work from home: Currently, 7 million people in the U.S. work from home at least half of the time. This can be especially helpful for people who need some flexibility in their schedules, such as working parents or those who act as caregivers for older family members. And the benefits go both ways: Your company can save over $11,000 per year on costs related to computers, phones, electricity and other office necessities when they allow employees to work from home.
- Options for additional coverage: The more benefits, the better. In addition to traditional coverage, companies should consider offering specialty benefits such as life insurance, critical illness coverage, and more. These benefits will help you take the extra step to secure promising talent.
- Professional development: Employee participation in professional development activities has several benefits, including high satisfaction and retention, skill enhancement, and increased morale. Blue Cross understands the value of these opportunities, having created Employee Resource Networks (ERN) to educate and unite employees based on common interests and diverse points of view. Employers can show their investment in teams by covering industry event costs or membership fees to professional organizations.
Want to see more on how Blue Cross gives a completive edge to employers? Check out these articles:
- Blue Cross® Virtual Well-Being Introduction and Overview
- Specialty Coverage: A Vital Aspect of Comprehensive Benefits Coverage
- Blue Cross Blue Shield of Michigan Offers Diabetes Management and Prevention Programs to Self-Funded Employer Groups
- It’s Clear to See: Offering Dental and Vision Insurance is Good for Business
Photo Credit: Christina Morillo