How Your Company Can Use Fortune 500 Benefits Packages to Recruit and Retain Employees
A recent Harvard Business Review study stated that human resource leaders have determined that attractive benefits packages matter more to employees than a high base salary. Fortune 500 companies are the businesses most often recognized not only for their success and name, but for the highly desirable benefits packages their employees receive. However, your company doesn’t have to be listed in the Fortune 500 in order to offer these attractive benefits to your employees.
Offering employees attractive benefits packages has become an integral competitive tool for recruiting and retaining employees for businesses of all sizes. The type of work benefits offered to employees could be the deciding factor for an interviewee who is torn between offers from companies. A successful business will always need top talent, and the best way to ensure that the best of the best accepts your company’s offer is to provide an exemplary benefits package that your competitors aren’t offering.
An attractive, competitive benefits package includes multiple components of health insurance, dental insurance, disability insurance, a retirement plan, and paid time off. There are a variety of medical and retirement plans which businesses can offer employees; however, not all businesses have access to many of the Fortune 500-type benefits packages. That’s when a Professional Employer Organization (PEO) can be an essential tool for business owners. Navigating the type of packages to offer employees can be confusing. Business owners must consider what packages are considered competitive, and without sufficient knowledge and access to what is being offered, they risk falling short when it comes to providing employees with benefits packages that will satisfy their needs. PEO’s have access to a variety of outstanding employee benefits programs, which the average small business owner may not be able to access. Utilizing a PEO alleviates the difficulties of trying to find a benefits package that is not only competitive, but also matches your company’s employee size and budget. Once the main benefits components have been decided, employers must make decisions on what additional package elements to include, such as 401k and stock options, PEO’s can help to decide what additional components are best suited for your company’s needs.
Using a PEO such as StaffMetrix HR allows business owners to offer current and potential employees the top benefits plan prices, which will often save the company more money than the plans they find on their own. Hiring a PEO to assist in creating the appropriate package to offer employees guarantees that owners not only receive the best rates for their package, but it also ensures that they are offering benefits packages which will attract and retain top talent.
It doesn’t matter if you’re an office of two or a warehouse of hundreds; StaffMetrix HR can help you find the benefits package that best fits your business and budget. To get in touch with us, leave a comment below.