Gone are the days when people stood in line for jobs. Unemployment is at record lows and this is good news for anyone newly entering the workforce or those who are in the middle of a career change. For employers, this means finding new ways to attract the best and brightest candidates for job openings.
TYGES knows firsthand what it takes to run a business. That’s why they are presenting these tips to employers on the kind of benefits that show how much value you place on the individuals in your employ. And too, they want employees to know what to expect in today’s job market.
Required Benefits
All employers, regardless of size, are required by federal and state requirements to make payroll deductions for their employees for Social Security and Federal Income Taxes. Employers who have 50 or more employees are required to offer medical insurance under the Affordable Care Act, as well as unpaid leave for jury duty. Under the Family Medical Leave Act, they are required to hold a worker’s job, unpaid, for up to 12 weeks during a 12-month period.
Today’s job seekers are expecting a lot more than those Federal and State mandated benefits, though. They understand the competition that exists for skilled employees and they can be more choosey when deciding where they’ll go.
Benefits to Attract and Retain
Any employer who wants to attract today’s job seekers offers paid time off. It is the one benefit almost universally expected by those entering today’s job market. The U.S. Bureau of Labor Statistics explains that paid sick time, personal days off, and vacation time are almost the bare minimum of benefits offered over the past couple of decades.
Meratas notes that one of the smartest benefits an employer can offer is tuition reimbursement or assistance. It’s a very attractive benefit for the highly motivated, which is always a desirable trait to look for in prospective employees. But it also increases their value to you as a company by having a more educated worker who can eventually take on more responsibility or bring new ideas to any situation. Because online classes allow employees to earn a business degree while still working full or part-time jobs, there’s little need for them to schedule any time off from work, though some employers are offering a few hours a week for completing classes and/or assignments.
Another win/win job benefit can be wellness incentive programs. Many companies are improving the health of their employees by offering some of the following:
- Health Saving Accounts, a tax-advantaged saving account plan that pays for certain medical expenses
- Incentive programs for behaviors such as quitting smoking or lowering weight and cholesterol to healthy numbers.
- Paid gym membership or a subsidy for classes in yoga, tai-chi, and pilates.
- Bringing in health-smart cooking instructors for bi-weekly or monthly lectures
- Onsite child daycare is not only a highly sought-after benefit by highly skilled job seekers, it reduces the number of days off employees must take due to child care causes. If not an on-sight daycare, some employers are helping to subsidize all or a portion of their employees’ daycare provider costs.
- Mental health counseling, if not provided under the existing plan
- Dental and vision coverage
- A dining area with healthy meal and snack options that are either free or offered at a low cost.
With the continued growth of jobs and job seekers comes the need for employers to offer more incentives to attract the highest caliber talent from a national, and now growing international field of candidates. The expense of offering these can be small when weighed against the cost of dealing with a revolving door of workers looking for the kind of benefits competitors are offering. If salary is king in the world of employee recruitment, the benefits are his coequal queen and should be treated as such when a company is putting together a hiring package.
The executive and professional search firm TYGES meets clients’ needs in manufacturing recruiting and behavioral health recruiting by providing a placement process that is not only efficient but also enjoyable. Contact us today for more info! (757) 345-2494
Written by: ROB WOODS
“I’m a dad living in Philadelphia. I enjoy DIY projects almost as much as raising my two children. I’m also the co-creator of Fix It Dads, which offers tips for home improvement projects.”
