Solid Benefits Programs Help Employers
As Published in the Pensacola News Journal
Solid Benefits Programs Help Employers Attract and Retain Great Employees
Studies show that most Americans are not as committed to their employer as one would hope. In fact, three-quarters of working Americans are actively or passively in the hunt for new jobs, according to the Society of Human Resource Management. Additionally, employee turnover can be costly since it can cost an employer at least one third of a new hire’s annual wages, according to estimates by the U.S. Department of Labor.
These factors result in employers searching for ways to improve employee retention and recruitment of qualified employees. One important step in this process is to offer comprehensive employee benefit programs that meet a variety of employee needs.
What benefits are most important to today’s workers? To determine what benefits are important for your company to provide, you must consider the types of employees that you employ and plan to hire. Select programs that will closely match their expectations. You can help ensure that you are on target by asking these employees which benefits they would most likely use. Of course, budgetary constraints are an important factor, so you will have to weigh the costs of various programs vs. what you can realistically afford to provide as an employer. Since the rising costs of benefits can be an important issue, you may need to evaluate creative strategies to get the best combination of offerings.
Working with a professional human resources expert can be helpful in determining and providing the best offering for your company. Barbara Drames, Director of Benefits at Oasis Outsourcing, says that “employees at all levels are becoming increasingly savvy about the value of benefits as well as the types of offerings that can be made available to them by an employer. This places added pressure on employers to provide both depth and breadth of coverage.”
Ms. Drames also explained that Oasis Outsourcing customers not only have access to a wide range of benefits comparable to those provided by Fortune 500 companies, but also are able to partner with an organization that helps them manage the rising cost of health care. The company is proud that its largest medical insurance provider has rewarded it year after year for its solid portfolio management practices. Their overall 2005/2006 medical plan increases will again be significantly less than the nation’s average and among the best of its major competitors. Oasis Outsourcing’s size and scope along with excellent portfolio management practices enable the company to minimize health-care cost increases for its clients. Oasis Outsourcing is a professional employer organization (PEO) that provides expert human resources services including benefits management for close to 2,000 small to medium-sized businesses throughout the United States.
Many companies make the claim that “employees are our greatest asset.” Accessing and providing benefits programs that are aligned with the needs of your employees can be the difference between hiring and retaining the best and the brightest job candidates and employees, or not.
