As the competition for talent heats up, so does the race for superior compensation and benefits. While compensation is critical, many sophisticated candidates realize the value of a strong benefits package. Salary and compensation will be negotiated by savvy candidates but sometime the thought is that benefits “are what they are” and cannot be altered. A poor presentation by a hiring manager of your benefits package could cost your business the talented player it seeks. It is also key that recruiters involved in your competitive search for talent are up to speed with how you want benefits packaged and presented. A “competitive package” is likely no longer a good enough statement. You will need to coach key contacts in how to position your employee benefits.
HR Magazine recently published an infographic that covered many of the significant new findings regarding benefits being offered by employers. The source of their data was the Society of Human Resource Management’s 2017 Employee Benefits Survey. Some key finds to note:
- 32% of employers improved overall benefits to employees in 2017
- 24% improved wellness benefits
- 14% boosted flexible working benefits
Under flexible working benefits, top items were listed as casual dress, telecommuting, and flextime. Other improved employee benefits listed by the survey results included leave, retirement savings and planning, career and professional development and health-related benefits. It was noted that as many as 34% of employers now offer benefits to part-time employees, up from 24% just 3 years ago. A major surge in standing-height desks has also occurred. In 2013, only about 13% of employers made standing-height desks available and now that percentage has increased to 44%. Also captured by the survey was an 11% increase in a telemedicine offering by employers. Some of this is likely driven by insurers, but whatever the source of the offering, employees are likely to benefit in the long-term.
If you are a recruiter, you need to have a conversation with your clients. Are your employee benefits keeping pace? Candidate benefits can translate to the attraction and retention of superior talent. Time to get in the benefits race!