HRA Administration Company, Clarity Benefit Solutions, Explains Why Good Benefits Are More Attractive Than Higher Salaries for Attracting Top Talent
HRA administration company, Clarity Benefit Solutions, explains why good benefits are more attractive than higher salaries for attracting top talent.
Thanks to technology, those who are job hunting can have the information they need to discuss compensation packages with potential employers during interviews with just a few clicks of the mouse. Then, the interviewee can arrive at the interview armed with knowledge such as their financial worth, how many candidates he or she is up against, and what the competition is offering. Companies need to be aware of this, especially how their salaries compare within the market.
To attract and retain top talent, companies need to ensure they are current with both benefits offerings as well as salary. Otherwise, they are at risk of losing exceptional talent. Offering a top-notch benefits plan is key to employee retention. Studies show that benefits are top of mind when potential employees are choosing an employer. Companies should take steps to ensure that their benefit packages are appealing, and industry standards.
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Companies should also consider taking a personalized approach to benefits. Potential employees are looking to forge a personal connection with their prospective employers. Therefore, it is important that brand image is prevalent throughout the interview and recruitment process. Employers should actively showcase how their company stands apart from their competition. They should also remember it takes more than collecting a paycheck to retain employees. A positive company culture will keep employees happy, and less likely to leave.
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Forward thinking employers will strongly consider adding benefits that are appealing to younger, fresher talent. Wellness initiatives show that employers are invested in their employees’ emotional and physical well-being. Examples of wellness programs include gym memberships, exercise classes, dietary/nutrition strategies, stress management, and mental health support programs. A flexible work schedule will also be appealing. Top talent wants their productivity to be measured as what they are contributing to the company, rather than the time they put in sitting at a desk. Financial wellness programs will also help employees with tasks ranging from debt management and budgeting to saving for a house. Student loan assistance is also a big draw.
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SOURCE Clarity Benefit Solutions