Did you know that employee benefits can help you win the talent war? It is becoming increasingly difficult to recruit and retain top talent in the workplace. Younger generations of employees in particular are less likely to stay with a company long-term and they carefully evaluate potential employers before accepting a job.
Employers need to think strategically about how to be competitive in their approach to recruitment. A solid employee benefits plan can be an important ingredient in the recipe to attract and retain the best employees. Read on to discover why benefits matter when it comes to winning the talent war.
1. Prospective Employees Ask About Employee Benefits in Saskatchewan
Having an employee benefits plan at a minimum is a key part of criteria that prospective employees consider when they evaluate potential employers. It’s no longer just a question of what the compensation package looks like – top talent will typically ask for details on a company’s employee benefits plan. They are educated on what benefits plans should include and may even have an idea of what can set a plan apart from others.
Basics like health and dental are a given, along with life insurance and disability insurance. You should assume that a prospective employee will expect your company to have a benefits plan and that they are keenly aware of what makes it appealing and competitive.
2. Costs and Reimbursement Matter
Beyond the question of whether you have employee benefits in Saskatchewan, is what the bottom line would be for an employee if they work for your company. The cost and impact of coverage on their wallet are important considerations and you can be sure they will compare numbers between prospective employer benefits plans.
Top talent will want to understand what co-insurance levels are in the health and dental plan and how much of the benefits costs the employer chooses to pay for. Reimbursement is especially relevant – if a benefits plan reimburses 80-100% of dental or prescriptions, it can really stand out.
3. Key Differentiators in employee benefit plans in Saskatchewan
A unique benefits plan that offers more to a prospective employee than the basics is extremely valuable. If your employee benefits plan in Saskatchewan goes above and beyond, it will give you a competitive edge as you attempt to recruit top talent. For example, many benefits plans do not include coverage for critical illness, and this could be a great differentiator when prospective employees compare plans. A Healthcare Spending Account is also very appealing because it gives employees the flexibility to cover expenses that go beyond the insurance plan for things like vision care, glasses, and orthodontics.
Prospective employees are also going to be interested in how their family and dependents can leverage the benefits plan. Employee Assistance Programs (EAPs) have been shown to have great value as well, given that the services are available not only to the employee but all family members.
Workforce talent have the basic assumption that any company they consider working for will offer an attractive employee benefits plan in Saskatchewan. A competitive plan should have key differentiators to help it stand out, while always keeping the employee’s bottom line in mind.
Looking to better understand how you can use benefits to win the talent war? Contact us to discuss best practices.