How is 2024 looking for your company in terms of hiring and retaining top talent?

As you ponder this critical question, the importance of employee benefits is – or should be – the elephant in the room. Not necessarily in a bad way; in fact, this can be a very positive discussion, as long as you’re positioned for competitive success as the new year rolls around.

Ask yourself these questions to see whether you’re there yet and what changes you may need to implement:

1. Are you meeting today’s essential benefit requirements?

Step One in winning the talent war is ensuring that your basic employee benefits can hold water versus your competitors. This typically includes health insurance, medical and other paid time off, disability insurance and workers’ compensation, and work/life flexibility.

• Wherever remote or hybrid schedules are feasible, support and encourage them. A growing number of employees are placing top priority on these and other flexibility options, many going so far as to leave or refuse to consider working for companies that fall short of offering them.

• Are you offering extra perks that set you apart?

To sweeten the deal on employee recruitment and retention, provide additional perks above and beyond your basic offerings. It all boils down to you offering whatever resonates with candidates and employees and outshines your competition. Some examples include:

• On-site or employer sponsored childcare.
• Mental health resources.
• Gym and other fitness coverage or discounts.
• Retirement plans  – with company matches.
• Tuition assistance and/or debt relief.
• Whole or term life insurance.
• Pet insurance.

• Are you tailoring each benefit package to the candidate or employee?

There is no one-size-fits-all definition of the best possible benefits package. For the recent graduate, tuition debt relief may be a deal breaker, while robust retirement plans may resonate with more seasoned pros. If possible, implement a personalized benefits package that allows people to choose from a menu of offerings versus one standard option. This will not only help you attract and retain desired talent, but also result in a more engaged workforce and ultimately, better business outcomes.

• Are you getting enough – and the right – feedback from your workers?

Regularly assess your benefits offerings by gathering employee feedback. Conduct surveys, with questions and follow-up research centering on:

• Overall satisfaction levels.
• The most popular current benefits.
• Which benefits and perks people want to see you offer.

Also research industry standards and what your competitors are offering. The picture can change quickly, so this needs to be ongoing, not a one-and-done effort.

Just one more question …

Is 2024 the year you connect with a trusted business partner to help you meet all your ongoing employee benefits needs? To help you answer all these questions, turn to KeyHR and speak to one of our experienced representatives today.