High-Impact Talent Attraction and Development Strategies
As a leader, you need a team of employees that you can rely to get results while you concentrate on other aspects of the business. The process of finding and keeping loyal and good talent is becoming increasingly difficult due to a very competitive marketplace. To address this problem, you need to consider the kind of benefits that you offer your employees.
Compensation vs. Benefits
Even though you might mean well for your employees, do not confuse the aspect of compensation with benefits. Compensation refers to the monetary amount that you offer employees’ for services they provide to the business. These include salaries and wages.
Benefits are the additional treats and perks that you offer the employees in addition to their compensation. Common benefits businesses extend to employees include retirement plans, discounts on products, paid days off, and low carb meals among others.
Your business should be competitive in terms of both compensation and benefits so that you can attract and retain the best talent in the market. In that respect, you should consider some of the following leading benefits proven to be effective in employee recruitment and retention in many businesses:
Health Care Benefits
This is one of the leading reasons why employees will join and remain in your organization. Health care benefits generally include all forms of insurance cover plans that your business offer employees. The plans can include:
Group health insurance; whereby your business offers employees’ health insurance. Your business should purchase one or several health insurance plans and then allow your employees to select the one they would like to become members.
Heal care reimbursement; whereby your business offers employees an allowance to cover for health. This can include things like gift cards and stipends.
In fact, studies by Glassdoor and Metlife rank health care benefits as the leading reasons why most employees join and remain in an organization.
Retirement Benefits
If you want your workers to work for you satisfactorily and for a long time you should offer them an attractive retirement benefits plans. No employee likes to work for an organization that will not reward them well when their productive life nears.
As an employee, you can offer your workers the 401(k) retirement plans. Under this arrangement, the employees contribute a certain percentage of their wages and the employer contributes an equal or greater amount to the plan.
You can also offer your employees pensions along with or separate from the 401(k) plans.
Workplace Flexibility
Many employers do not take the aspect of workplace flexibility into account when developing incentives to attract and retain employees. What you do not realize is that many employees value flexibility at their place of work.
Some of the things you can do to facilitate workplace flexibility for the employees include offering them:
- time off either with or without pay in case they experience unforeseen events
- flexible pay and schedules
- healthy food options available, such as low carb meals delivered
- and time off to recover in the event of illnesses among others.
What about other benefits?
The benefits that you can offer employee to facilitate the recruitment and selection processes are numerous. However, medical benefits, workplace flexibility, and retirement benefits top the list.
The three notwithstanding, you can include the following benefits plans in the scheme that you offer your employees to make working for you more appealing:
- tuition reimbursement
- wellness program
- life insurance
- family leave
- performance bonus, and
- learning opportunities among others.
Every time you think of the cost of a benefit plan offered to your employees, also think of the money and time the business will save in terms of recruiting and training new employees.