How Competitive is Your Employment Benefits Package?

It’s getting tougher for employers to attract quality job candidates when they offer the basic health, dental, and 401k option. Some companies — though they’re still relatively few and far between — are offering benefits packages that job applicants would kill for. Is your employment benefits package enough to attract top talent? Paid, PAID Off-the-Grid […]

It’s getting tougher for employers to attract quality job candidates when they offer the basic health, dental, and 401k option. Some companies — though they’re still relatively few and far between — are offering benefits packages that job applicants would kill for.

Is your employment benefits package enough to attract top talent?

Paid, PAID Off-the-Grid Vacation
Offering two weeks’ paid vacation is so 2000s. Now what’s hot is Paid, PAID vacation, such as what contact management company FullContact offers. Not only does the company pay vacation time (standard), but it also pays a $7,500 annual bonus for employees to take a vacation. The catch? They have to go away on vacation (no staycation) and they have to completely disconnect. No phone. No work email. No work period. If you’re caught posting on Facebook or responding to work emails, no bonus for you.

As a result, FullContact gets hundreds of job applicants, says Kipp Chambers, Marketing Engineer at FullContact.

Going Beyond Traditional Medical and Dental
Every competitive company has to start with good medical and dental insurance coverage, says P.K. Bowman, the Benefits, Compensation and Employee Relations Director at Vocus. It’s what you offer beyond the basics that will draw in the best employees.

Bowman says that Vocus provides a state-of-the-art workout facility with a basketball court, weight lifting equipment, and free yoga and fitness classes for employees.

“At Vocus, our motto is work hard, play hard,” says Bowman, “We have a casual atmosphere with video games, ping pong tables, pool tables and shuffle board that allows employees to take a break, relax, and enjoy themselves.”

Redefining Family Benefits
As the definition of family evolves, due in part to the striking down of the Defense of Marriage Act, as well as the increase in adults who are supporting both aging parents and children, companies will scramble to offer benefits that meet the updated needs of their employees and their families.

Medical consultation company Grand Rounds recently conducted its Employee Benefit Expectations survey, which revealed that 60% of those surveyed who have living parents think it’s important that their own health coverage extend to their parents. It’s clear that the nuclear family is no longer relegated to a husband, wife, and 2.5 children, and employers and insurance companies will have to modify their own definition of family coverage.

Taking note from its own survey, Grand Rounds offers its Extended Family Benefit to clients, providing dependents, partners, parents, and even siblings with the same access to medical experts.

How Do Your Own Benefits Stack Up?
It may seem costly to build a gym for employees or give staff money to go on vacation, and every benefit isn’t for every company. But if you’re trying to attract top talent, consider what you can offer beyond the standard. What are your employees asking for? What would be the best investment of your benefit budget?

Understanding the draw of appealing benefits to qualified employees is the first step in building your own strong workforce.

 

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