There’s lots of talk out there about the latest trends in compensation, which benefits you should add, how you can save money and how your benefits measure up. But what about what’s going to get you
the highest return on your investment? The secret to making the most of your company’s benefits package may be right in front of you, not to mention that it might not cost you an extra penny.
Here are five tips for getting a great return on your compensation package investment:
1. Market your benefits to potential employees.
I don’t know how many times I’ve seen recruiters at career fairs going on and on about the company’s background or a specific job opening and never even touting their benefits package. Your company spends a lot on those benefits, so if you have a benefit that stands out or is brag worthy, shout it from the roof tops.
I’ll never forget a job I had years ago where the benefits came as a pleasant surprise. I accepted the position and then found out that I would receive three weeks of vacation and three weeks of sick leave every year, right off the bat! That right there is a selling point, but it was never even mentioned. Part of your job as a recruiter is to sell your company to potential candidates. As any good salesperson can tell you, you lead with a hook, or what will grab your candidate’s attention. Your benefits package could be your hook.
2. Advertise your benefits to current employees.
Just like many companies are missing out on marketing their benefits to candidates, some could also do a better job of advertising benefits to current employees. Sure, this group has already committed to you, but remember that they are the equivalent of a free agent in football. Most don’t sign contracts and can leave at any time they want. Beyond that, high employee morale is vital to the success of your organization.
So do your employees see the value of the benefits you provide? Conveying this can be as simple as being strategic in your messaging to employees during the onboarding process, or as extensive as full-blown campaign. A happy medium might be to hold a workshop for employees about how to choose the right health care plan where you talk about the benefits of each.
3. Invest in the small things that matter.
Just as your parents and your economics professor taught you, use your money wisely. If you feel like your compensation package is lacking, start small. Instead of immediately investing six figures, talk with employees and find out what they would make their workweek better. You may find that small things like a coffee service that comes in once a week to make specialty drinks or maybe even an after work happy hour could improve morale without spending big bucks. It’s not about being cheap, it’s about finding what will be a smart investment while also making employees happy.
4. Help employees help you.
Remember when Jerry Maguire said “help me help you”? Well you can use your benefits package to help employees help you. The easier you make their lives, the more happy and productive they will be. Many companies already offer services like child care, health clinics, fitness centers and even hotels right on their campuses. Keep in mind that these benefits shouldn’t be used to pressure employees to be work-a-holics but should take pressure off the struggle for work/life balance.
Have you ever headed to the store to buy a large item, whether was furniture, a car or a house, and spent the entire day listening to a sales person pitch tons of features that are irrelevant to your needs? For instance, your family of three is car shopping and the sales person says “The great thing about this car is that it seats seven, so you’ll have plenty of room.” and you’re thinking, well yes, that’s true, we’d have plenty of room, should we need to pick up four hitchhikers.
The same principle is true when you’re using your benefits to attract candidates. If you’re recruiting recent graduates, offer benefits they can appreciate, such as company events, and if you’re looking for seasoned professionals, you may want to focus on retirement offerings. Consider your company’s projected talent needs and tailor your benefits package to attract the candidates you want.
Is your company making the most of its benefits package? Do you excel in one of the
five areas above? Tell us below.
Are you sure you’re paying the right amount to attract and retain quality employees?
What are the consequences to your business if you lose your most valuable recruits or employees?