Essential Components of a Balanced Benefits Package

May 8, 2018

Though salary is key in job offers, we often remind our clients how important a competitive benefits package is to attracting and retaining employees. With rising health care costs and an increased focus on work-life balance, job seekers are taking a look at the full package before making a career move, especially when they have benefits, 401(k) contributions and bonuses with their current employer. So, what exactly does a balanced benefits package look like?

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Salary
The traditional focal point of any balanced benefits package is the base salary. To attract key talent, you need to offer a competitive wage. Most candidates are less likely to make a career move if it means their wage will decrease.

However, if you cannot afford to offer candidates a higher salary, there are other avenues of offering an attractive and competitive benefits package.

You should also include information about overtime, commission and bonus opportunities. Doing so sets clear expectations and lets candidates know you value high performing, results-driven team members.

Insurance
Insurance plans can be key selling points for potential hires. A competitive insurance plan includes options like:

  • Health Insurance
  • Health Savings Accounts
  • Life Insurance
  • Short-Term Disability
  • Long-Term Disability
  • Dental Insurance
  • Vision Insurance

If your company offers a competitive, well-rounded benefits package, candidates will have more than just salary to consider when making career decisions.

PTO
Work-life balance has become increasingly important to many candidates, especially millennials. Offering time off for vacation, sick days, holidays and bereavement can attract candidates that value flexible employers. Top employers are now offering 3 weeks PTO upfront in addition to holidays.Another way to attract this type of candidate is by offering flex time and remote work options.

Retirement
Do not underestimate the appeal of including retirement benefits in your benefits package. For example, 401k plans and employer retirement matches are significant to candidates of any generation. Simple IRA plans are growing in popularity, too.

Employee Customization
According to MetLife, 72% of employees indicate having the ability to customize benefits packages would increase loyalty to employers. If you are willing to allow employees and potential hires to offer input on the benefits your company offers, you’ll likely build a sense of trust and loyalty while honing your benefits package to attract top talent.

Other allowances such as parking, phone and professional development training are important to consider in designing the package.

Creating a competitive, balanced benefits package can be a difficult process. The experts at The Overture Group have the experience and market knowledge to help you make tough compensation decisions. Contact us today for expert Compensation Consulting at any level.


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