Submitted by Assurance
The staffing industry is battling a widespread challenge when it comes to employee recruiting and retention. As unemployment rates decrease (nearing record lows) and job seekers have multiple options for employment, the competition for top talent is higher than ever. In today’s scarce labor market, staffing companies are trying to attract talent away from competitors while also retaining the best and brightest.
There’s the obvious method of offering higher pay, but outside of that, what else can your staffing company do to gain an edge over the competition? Sometimes, it’s how you package and promote your benefits plan. A Glassdoor Confidence Survey found 80% of candidates choose having additional benefits over a pay raise.
How to Put Money in Your Employees’ Pockets
Creating a benefits package that allows for customization is essential. Seasoned, full-time professionals are likely going to have different needs than part-time or temporary employees. Identifying what employees and job candidates want in terms of benefits can be accomplished by using credible industry data and simply listening and communicating. From there, provide employees with several different voluntary benefit options.
Voluntary benefit offerings like accident insurance, hospital indemnity, legal services, short-term disability and other individual coverages can put money in your employees’ pockets when the unexpected occurs. That money can be used towards the deductible or as cash to cover other related expenses, so your employees can focus on recovery instead of their finances and get back to work sooner.
Best of all, voluntary benefits are often little to no cost to the employer. With a few options that employees can personalize, your plan looks richer and can be better positioned during the recruitment process to internal and temporary employees alike.
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