A recent report from the Society for Human Resource Management concludes that what employees want in terms of their compensation and benefits isn’t always the same as what employers assume they want. Numerous other studies reinforce SHRM’s conclusion.
Here are three common benefits-related myths – and the reasons why you can’t craft your benefits strategy based solely on assumptions:
Competitive benefits are too expensive.
Before you dismiss offering better benefits, consider the advantages of doing so. Evaluate short-term costs against these longer-term wins for your organization.
- Attracting better talent: Today’s job marketplace is candidate driven: job seekers generally have their choice of where to work. The right benefit offerings can be the differentiator in their decision.
- Minimizing turnover: Once you land desired candidates, you want to hold onto them and avoid the financial and headaches of high turnover. Your continued commitment to the benefits people most want and need makes people feel stable, secured and valued at work, so they’re less likely to start putting out resumes.
- Maintaining a healthier workforce: Healthy employees miss less work and perform better on the job. Keep this in mind as you consider whether or not to invest in more than just basic benefits. For instance, an employee is more likely to get that cavity filled early on if they have dental coverage – before it progresses into the need for a complicated root canal or other procedure that may take them out of work for several days. Wellness programs, vision plans and related benefits reap similar rewards – ultimately leading to increased productivity and, as word spreads, enhancing your employer brand.
Our younger workers don’t need Cadillac level health insurance.
Don’t assume that because a person is young and healthy, they don’t need such benefits as accident or disability insurance. The Covid-19 pandemic certainly proved otherwise. And even in the best of times, unexpected occurrences can result in a person’s inability to earn a paycheck or experience a significant increase in out-of-pocket expenses. So, offer these safety nets and educate people about why they’re so important.
Wellness programs are nice, but not worth the investment.
Wellness programs are highly effective when it comes to education and preventive care, in terms of both physical and mental health. They help address the root causes of absenteeism – the regular practice of staying away from work without a clearly documented reason – and presenteeism, which occurs when an employee is physically on the job but not fully functioning due to an underlying illness or injury. In many cases, the issue may be stress, which causes a person to mentally check out.
- In one recent study, 81 percent of employees reported having experienced presenteeism, with 40 percent listing stress and anxiety as leading factors.
As you craft your winning benefits plans, as well as your ongoing strategy to stay ahead of the game in today’s competitive talent marketplace, consider a partnership with Accurate Staffing Consultants, Inc. Contact us today to learn more.