Attracting and keeping top talent depends on a lot of things. There isn’t one magic factor that employers can offer that will automatically create a magnetic company. It’s more about creating a mix of valuable elements that together pull in top talent and make amazing leaders want to stay. This concoction can include things like job-stability, salary, culture and, of course, competitive benefits.
But there is a disconnect between what employees want and what they’re getting. According to a recent survey, benefits top the list of attributes that employees value from an employer. Unfortunately according to this same survey, benefits are only ranking 6th in how well employers are providing them. To make matters worse, the attributes that employers are successfully providing (financial health, strong management and good training) are the ones that employees find less valuable.
Break Down
So what does this actually mean?
Employers are doing a better job of providing attributes that employees don’t care as much about in lieu of providing what employees have actually raised their hand and indicated that they value. If this seems off to you, then you’re right.
Perhaps the reason for this is that investing in the less valuable categories costs less than investing in better salary or competitive benefits. But cutting cost on this front now can cost employers more money later when they don’t win the talent they want or lose their employees to competitors who are investing in the right attributes. Employees won’t stick around if you’re underperforming in the areas they value.
Conversely, investing the time, resources and funds to find out what your current and prospective employees value and how you can best provide it will benefit your company in the long run.
The Ultimate Competitive Benefit
Ultimate Health is a supplemental healthcare reimbursement plan designed for a company’s key leaders. When it comes to providing what an employee truly values, it gets the job done. Find out more about this competitive benefit here.