The right employee can help your business grow and thrive, but how can you make sure you’re offering the right mix of benefits to attract new employees? Our human resources experts shared the essential and nice-to-have benefits that will help set your company apart.
There are a handful of benefits that potential employees consider essential, including health, dental, and vision insurance. While many employers may offer these benefits, you can differentiate in the rates that you offer to employees and the coverage of their plan.
PRO TIP: Your employees may be at different stages of life, from just starting out on their own, to needing to provide insurance for dependents. Make sure that the plans you’re offering provide options that cover the life stages of your employees.
Increasingly, retirement plans, such as a 401(k), are also expected. Consider what you are willing to match in retirement contributions. Companies typically offer a roughly 3 percent match, so offering a slightly higher option may help with recruitment.
When was the last time you considered your employee retirement plan? Learn more about the signs it’s due for an upgrade.
Employees are also looking for employers who offer generous vacation or paid time off policies. At some companies, the amount of vacation time depends on how long an employee has worked at that establishment. According to the Bureau of Labor Statistics, the average amount of paid time off after one year of service is 10 paid days.
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Paid family leave is increasingly gaining attention, especially in Massachusetts, where beginning in 2021, a new law will establish a system to offer paid family and medical leave.
“Five years ago, paid family leave was not something recruits were looking for or asking about because no one was really offering it. In the last couple of years, potential employees more frequently ask about family leave policies during the hiring process,” said Lauren Mahoney, vice president of benefits, compensation and employee relations at Rockland Trust.
Like any other benefit, employers can gain some points with recruits by offering above and beyond what they are required to offer, either in time or percentage of pay provided during this leave.
There are a number of other benefits that can set you apart from other businesses. One perk to consider is child care reimbursement, or even an in-house daycare in your building. For some of your employees, the cost of child care may be the deciding factor regarding if they return to work after starting a family. Maybe some of your employees have fur babies. If that’s the case, consider offering pet insurance, which can help them manage costly vet bills.
There are a number of perks that you can offer that also benefit your business. A wellness program, for instance, keeps your employees and their families healthy. It also helps reduce medical costs, and therefore your insurance premiums.
Another example is paid time off to volunteer at causes that matter most to your employees. This is a win-win because your employees feel supported in helping a cause that matters to them and it benefits your community. As an added bonus, your company may build good will with potential customers by engaging with your community.
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Work-life balance is a huge buzzword today. While for some this means a generous vacation policy, others look for flexible hours, such as the ability to come early and leave early, or work from home arrangements. These options are en vogue, but the ability to offer this benefit depends on the type of business. A retail store, for instance, is restrained in offering a work from home benefit. If you can offer these types of benefits, your organization may see improved morale, lower absenteeism, and even reduced turnover.
At Rockland Trust, we truly believe that each relationship matters, and have been named a top place to work by the Boston Globe for ten consecutive years a best place to work by the Human Rights Campaign for three consecutive years. We work hard to believe in our employees and offer benefits such as child care reimbursement, a wellness program, and our Rising Star career development program.
Just like you, we are a business that recruits, trains and employs New Englanders. We understand what you’re going through and would love to help your business meet its financial goals. Our Learning Center features more content to help keep your business on track financially.
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