The War For Talent is Entering New Territory

10 13 EB The War For Talent is Entering New Territory - The War For Talent is Entering New Territory

Perks are a hot topic for people in the workforce. It’s true that job security and high income always rank high for importance, benefits are swiftly becoming a deciding factor for many applicants. According to a 2016 study by Glassdoor, of the 2000 people surveyed, a whopping 75% described benefits a top consideration before accepting a position. The same survey revealed managers struggling to recruit top talent, illustrating a need for more-competitive benefits packages.

Accordingly, more companies are starting to include more benefits than before. These may include extra vacation days, childcare, paid volunteer time, or company-paid lunches. Companies are getting creative, creating unprecedented benefits packages for recruiting and retaining talent.

Next Generation Healthcare

The future is happening today. Some top companies are starting to include DNA screenings for detecting genetic and health anomalies early on. These kits cost the average consumer several hundred dollars apiece, illustrating the sheer amount of capital these giants are willing to pay for employee satisfaction. It isn’t hard to imagine the costs for companies with staff in the thousands, only hard to imagine paying it.

Parent Perks

Childcare costs are prohibitively high for many parents trying to enter the workforce. This leads to more parents staying at home, removing their skill and talent from the workforce. Today, companies are courting parents with attractive childcare and schooling benefits. 5th Third Bank employees receive pregnancy concierge services, and the staff at SAS of North Carolina can concentrate knowing children are safe within any of the company-inclusive daycare solutions. Happy employees perform better, and great benefits bring top-talent into the fold.

Health and Wellness Services

Some employers take employee health and wellness to the upper-level. Alliance Healthcare team members receive holistic massages on Mondays. The company estimates spending $3000.00 monthly on this program alone, and it’s money well-spent. Alliance firmly believes this improves employee satisfaction, health, and performance. As an added bonus, employee retention has been linked to massage Mondays.

SHI International General Supervisor Phil Wilhelm says the company spends about $50,000 each year on health programs. These range from Yoga Thursdays to Camp Gladiator Tuesdays. On top of physical fitness and health, these events create and strengthen employee relationships and contribute to a team atmosphere. Lola includes a nutrition program for the staff of 53 employees, inclusive of training and nutrition counseling for staff.

Vacation Spending

Vacation days are great, yet many employees lack the ability to enjoy it. Companies like BaseCamp want employees to have fun, granting each employee $5000.00 in vacation pay each year. Betabrand, using a lottery, grants flyer miles to one staffer every 4-6 weeks for a company-sponsored trip. This is similar to the program at Dialpad where employees vote among each other to award an all-expenses vacation to the winner.

G Adventures gives a complimentary vacation to all permanent employees after completing a year with the company. The company wants staffers familiar with the programs, encouraging travel. Staffers can choose paid-trips up to $2,500, with additional air travel reimbursement up to $600.00.

Continuing Education

For some time, many company benefits packages included student-loan payback programs to help employees overcome college loans. Today, innovative companies are placing a new spin on this concept. Continuing and further education is the new way to attract, retain, and build company talent.

Argentinian software giant Belatrix includes language training for employees and attributes low attrition rates to it – some of the lowest in the technology industry. CreditKarma has courses for and by staff members including valuable coding, negotiation, and management courses for staff. Courses by employees for employees fosters a positive mentor-student environment.

The only limits to engineering benefits are creativity and capital. Top companies recognize the importance of recruiting and keeping top talent. Employees have choices. Stay current and stay competitive with attractive employee benefits.

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Education Benefits Pay Dividends

10 05 EB Education Benefits Pay Dividends - Education Benefits Pay Dividends

Student debt creates challenges for persons in the workforce. Employees saddled by debt may change positions often, looking for better pay. The firms leading the pack incentivize recruitment packages inclusive of loan assistance and student-debt payback programs. Past and present debt assistance helps firms attract and keep top-level staff.

Top companies like Pricewaterhouse Cooper, Starbucks, Walmart, Taco Bell and Geico are pioneers for today’s education benefits. These organizations include attractive loan reimbursement programs for staff. Professional help with accounts, creating payment plans and helping employees overcome debt. Zoe Weintraub with Guild Education says attracting fresh graduates is vital for growth. With college debt removed from the picture, employees can better focus on the job at hand.

Increase Retention

Weintraub says employees feeling catered to are 70% more effective than coworkers. Employees want their debts under control, and the option to pursue more education. Competition is strong for the best graduates, and graduates know it. Technology moves fast, industries across the board change rapidly. Fresh talent helps firms stay current with industry and customer trends. Companies keen on organizing and paying off employee debt have a recruitment advantage.

Happy employees are more likely to remain with the company, reducing turnover. According to Weintraub, the proof for this is in the numbers. Her data supports higher retention levels for employees with employer assistance, with rates as high as 60%. Weintraub has the support of Lance Salman, a lead marketer with Taco Bell claims a 30% increase in employee retention since implementing Taco Bell’s employee benefits program.

Include the Entire Company

Salman said the tactics at Taco Bell included top-down staff integration into the program. Company leaders, supervisors, and junior employees have access to the program. This tactic worked especially well for entry-level employee eager for advancement. Tuition reimbursement helps retain employees while generated educated staff.

With retention covered, companies can focus on generating leads and making sales. Attract and keep the best people with loan payback and tuition assistance programs. Staff with education interests tied into employment have more to gain from long-term retention. Implementing an employee education benefits program is simple and affordable.

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Helping Employees Maximize Benefits

09 13 EB Helping Employees Maximize Benefits - Helping Employees Maximize Benefits

Employees spend a lot of time at the workplace. As an employer, you want them to feel right about their time there. Happiness in the workplace pays dividends. Knowing the current staff wants, needs and concerns can help improve workplace morale and productivity. Each workplace is different. Asking employees key-questions can help gauge employee attitude. To improve the workplace ask employees these five questions:

1. Are they happy?

On a scale of 1-10, how happy is the employee to be with the company? This question can help sound employee attitudes and opinions about the workplace. How employees feel about their environment will impact employee retention and company output. Improve attitudes and improve the bottom line.

2. Is there room for advancement?

Employees who feel as if they cannot grow with a company are more likely to leave. Employee retention is valuable, saving time and money training new staff. Employees with something to work toward are more apt to remain with the company.

3. Are employees feeling acknowledged?

Everyone likes to know they are doing a good job. Recognition and appreciation from peers and management will boost morale and efficiency. Recognizing employee accomplishments will build loyalty and rapport, helping further improve the workplace.

4. If they could change one thing at the company…

As with any question, prepare to receive the answers. Beware: employees may take this opportunity to speak candidly. Poor supervision, unpleasant environment, lacking benefits and other concerns may come to light. It is important to remember employees are merely answering the question. View comments as constructive criticism; a means to improve job satisfaction and productivity.

5. Given 3 words, how would they describe the company?

Limiting employees to 3 words means they must choose their words carefully. This uncovers what employee find most important. With such a small limit on the number of words, employees must be direct in their answer.

Asking these questions will help generate genuine responses. Creating a culture of communication takes time but employers must take the lead. Good communication in the workplace translates to a better work environment, and better business.

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