Enhanced Benefits Being Offered?
(This came to me anonymously from an HR VP of a mid-sized company. - Steve)
We are struggling to find candidates to both consider and join our company. We know this is happening everywhere.
I wanted to see if your company has looked at improving benefits for existing employees to help with retention and also to attract potential new employees. We know people are doing this, but I'd love to hear specific examples to look at and possibly pursue at our company.
I appreciate any feedback people have in this arena. Thanks.
In the past couple of years, we have:
Started subsidizing dental 50% - formerly a employee paid elective benefit;
Went to a safe harbor 401(k) plan, which vests all employer matches immediately, and the match is 100% of the first 3% of pay and 50% for the next 2%; in other words, if you put in 5% the company will put in 4%
Added employer paid LTD insurance;
Adding tuition benefit for both college and professional certifications
We are a 86 employee mfg employer in Northern Michigan
Steve I definitely think employers need to be thinking about the strength of their Employee Value Proposition (Employer Value Proposition) that focuses on the mental, physical, emotional and financial wellbeing of employees. Having a unique EVP will help employers to stand out in a crowded and noisy labor market, giving them a competitive advantage. When we look at the investment we are already making in our people how can we improve, articulate and reimagine this new "partnership" model.
There are some areas of benefits that for years have been cookie cutter and I can't speak for every provider but we have some new unique ways to help Enhance currently existing benefits packages with some additional services that are customized for each employee and we have representation in all 50 states and Canada. Best of all the program can be tailored to fit any companies budget. Happy to speak 1 on 1 with anyone (513)468-1300. Also if there is enough interest we could put on another Why Benefits and Wellness Workshop for Managers to help provide information for leadership teams to discuss.