Attract Top Talent with Full-Scale Benefits Packages
Attracting top talent is a top challenge for most companies across the board, but especially in the technology industry.
It appears that stepping up the benefits game can be an actionable step toward attracting top talent, but what is moving the needle for companies using benefits for recruitment goals? Health, dental and 401(k) programs are the baseline benefits package for most companies. To attract top talent, savvy companies are getting more creative with their benefits offerings.
- Emphasize work/life balance. While we’ve all seen the press regarding companies that offer their employees foosball tables, an open bar and free lunch, it’s been shown that top talent is truly attracted to benefits packages that offer them flexibility, support, and a well-balanced work and life relationship. Especially in the technology industry, where the reputation is of engineers and developers being expected to work long hours and be on call 24/7, the work/life balance portion of your benefits package can have a serious impact. Work/life balance offerings may include the option to work remotely, flexible office hours that allow employees to avoid traffic jams as well as a compressed workweek.
- Loosen up your vacation policy. When Netflix famously announced that it would no longer track its salaried employees’ time off, a trend emerged. Unlimited vacation policies are taking off in popularity, and if you’re competing for top talent, this could be a benefits option your business can’t afford to overlook. Although it may seem daunting, this benefit can keep you competitive as well as create a culture of accountability and ownership.
- Appeal to their personal interests. Today’s workforce is more and more diverse, and a one-size-fits-all approach to the benefits package may not be effective in attracting top talent. Many companies are offering a yearly stipend to support personal interests such as work-related or personal growth courses, marathon entry fees or paid days off to participate in charitable work. Although the stipend may equate to a small portion of your benefits budget, it can go a long way in attracting and retaining loyal employees.
Your benefits package can help support your strategies for attracting the top talent as well as increase your employee retention rates. Many businesses, both small and large, develop a competitive benefits strategy through a partnership with a professional employer organization (PEO).
Oasis, a Paychex Company, one of the country’s largest PEOs, specializes in helping companies offer and administer world-class benefits packages that are proven to attract and retain a high-performing team. We understand the technology industry and can create a benefits offering that fits your unique business.
Explore your options with a free consultation from Oasis today.