If you’re a business owner or hiring manager, chances are you have struggled with the tight labor market. Jobs have gone unfilled, and help wanted signs continue to hang on the doors across many industries. And, according to Upwork, with 41.8% of employees continuing to work remotely, it’s no secret the human resource landscape looks much different than it did before the COVID-19 pandemic.
Adding to the hiring woes is what is being called the “Great Resignation.” A record 4 million people quit their jobs in April 2021 alone, according to the Labor Department. There’s clearly a need for businesses to hire and retain the talent they need.
In the race to attract and keep employees, how can companies stay competitive? Beyond wage increases, there are several options to consider.
Make Healthcare Coverage a Priority
According to research from Glassdoor, workers value benefit offerings so much that four out of five employees said they would actually choose additional or enhanced plans over a pay raise. That speaks volumes about the desire and need for healthcare coverage. Simply put, coverage such as health insurance, dental, vision, life, and retirement plans make an impact on employee recruitment and retention.
The Glassdoor study gathered data from roughly 500,000 reviews to reveal the coverages that most satisfy workers, and employer-provided health insurance has by far the greatest effect on workforce satisfaction.
Offer Customized and Unique Benefits
Some of the most desirable companies are those that offer options that can be customized to meet individual needs and lifestyles. Voluntary insurance that provides financial support after an injury or illness, for example, provides the security many job seekers want.
Beyond health insurance benefits, dental and vision insurance, and 401(k) programs, many of the most competitive employers are rolling out telemedicine and virtual care. Other unique benefits to consider are pet insurance, rental car discounts, and even home and car insurance. Making these choices available as opt-in benefits will go a long way to keeping employees satisfied.
Make Benefits Enrollment Easier
Keeping technology up to date applies to the human resource side of your business too. Using the right technology makes open enrollment more efficient, while also keeping employees engaged and prepared. The best tools include digital guides, educational videos, reminders, and educational messages. Using the right HR management tools can go a long way in keeping remote employees connected and information flowing seamlessly. Self-serve portals offer easy access to help employees track their hours, change their withholding status, receive mandatory training, and view and print their paystubs. These portals simplify HR tasks for employees and owners alike.
Personal consultations where employees can ask questions and fully understand which benefits match their individual needs, will ensure greater confidence and satisfaction with benefits choices.
It’s easy to see that benefits are a necessity and not just a nicety in today’s employment world. Often though, finding health insurance for small and medium-sized companies is a struggle. That’s why businesses trust a professional employer organization (PEO) like Harbor America. We make it easy to take care of your workers with affordable employee benefit packages that will attract and retain top talent.
At Harbor America, we have licensed benefits administrators that can find and offer solutions for medical, dental, vision, life insurance, 401 (k), telehealth, employee assistance programs (EAPs), as well as personal home and auto insurance. Harbor America has an experienced team of benefit experts who constantly look for and review the best options on the market. They also negotiate with insurance carriers and other providers to obtain the best rates possible. Contact Harbor America to get started.