In our modern day, the job market is competitive for top performers and salary alone is sometimes not enough to win over top performers. Employees are not only looking for the right level of total compensation, but also for a total compensation package with excellent benefits to support not only their paycheck, but also their health, wellness, financial security, and future. For this reason, and many more, employee benefits packages have become one of the most powerful tools for not only recruitment, but also employee retention. Here at The Lambert Agency, we’re able to help employers design benefits programs to keep your team happy, engaged, and loyal to your company.
The Link Between Benefits & Recruitment
Benefits Differentiate You From Competitors
When candidates are comparing and contrasting multiple job offers, an excellent benefits package may be the determining factor for them when considering your company over other companies. The employee benefits package with better health coverage, retirement support, and wellness perks usually wins.
Younger Generations Value Holistic Benefits
Millennials and Gen-Z workers are typically more focused on employee benefits packages over other generations of employees. Health insurance, mental health support services, flexibility in work arrangements, and financial wellness programs all rank very high in Millennial and Gen-Z decision making when it comes to a job.
Benefits Build Trust from Day One
An excellent benefits package will often signal to potential employees that you actually care about your employees’ wellbeing, not just their overall productivity. This sets a great first impression for potential employees who are considering working for your company.
The Role of Benefits in Employee Retention
Improved Job Satisfaction
Employees who truly understand and utilize their employee benefits package will likely feel much more valued by their employer. When your employees feel supported, they’re more engaged and less likely to seek out employment elsewhere.
Reduced Turnover Costs
Replacing an employee may end up costing anywhere from 50% to 200% of their annual salary when you factor in all aspects of the onboarding and retention process. When you choose to invest in employee benefits, you’re able to reduce turnover, and subsequently reduce the significant costs which come with it.
Supports Long-Term Loyalty
Benefits such as retirement plans, health insurance, and employee assistance programs will show employees you’re committed to investing in their future. This support and loyalty to your employees is often reciprocated in the form of extended employee retention and productivity over the course of their employment.
Here at The Lambert Agency, we’ve been able to help many businesses add retention-focused programs such as 401(k) matching, supplemental life insurance, and even financial wellness programs.
The Benefits Employees Value Most
While every company’s workforce is certainly unique, some benefits will always consistently rank as the most attractive:
- Health, Dental, and Vision Insurance
- Retirement Savings Plans (401(k), IULs, etc.)
- Paid Time Off & Flexible Scheduling
- Mental Health & Wellness Programs
- Family Benefits (parental leave, childcare support)
- Voluntary Benefits (accident, critical illness, pet insurance)
How to Maximize the Impact of Your Benefits
- Tailor Benefits to Your Workforce: Survey your employees to learn what matters most to them
- Always Communicate Clearly: Excellent employee benefits only work if employees understand how to actually use them
- Review Employee Benefits Regularly: Needs evolve over time, and so should your employee benefits
Choose the Right Benefits for Your Business to Attract & Retain Top Talent
Providing a great employee benefits package is not just a perk for your employees, it’s a very powerful way to attract the best people to your company and retain them for many years to come. In today’s market, it’s important to invest in a thoughtful employee benefits package to improve your business. Here at The Lambert Agency, we specialize in designing benefits packages which balance cost with overall impact, resulting in true return on investment. Feel free to contact us using the form below and we’ll be sure to respond to your message as soon as possible. We look forward to hearing from you soon.