Key takeaways:

• Do benefits impact recruitment? When candidates are looking for their next employer, they often care about benefits and work-life balance more than salary.
• Top benefits for attracting better talent:
  1. 401(k) with match
  2. Medical insurance with a high employer contribution rate
  3. Student loan assistance

Employers are struggling to retain talent in today’s tense job market. Over the last year, millions of Americans have voluntarily left their jobs. Reasons vary, but companies are trying to stay competitive by ramping up their offerings with higher salaries and better benefits.

Benefits packages play a big role in an employer’s recruiting success. Candidates want to see that the perks they care about most are offered by the companies they’re pursuing. When there are excess open jobs on the market, it’s more important than ever for employers to prioritize these concerns.

Here is an overview of how benefits impact your recruiting strategies and the top three benefits that will help you attract better talent.

According to a Glassdoor survey, the top factor that drives candidates to apply to a role is attractive benefits and perks, with 48% of respondents citing it as important.

Another study from the American Institute of CPAs found that employees prefer benefits over a higher salary – 80% would choose a job with benefits over the same job that offered 30% more salary with no benefits.

This shows that while salary is of course important in a candidate’s willingness to accept a job, benefits can play a bigger role in helping them manage their work-life balance. Benefits like health insurance with high contribution rates and retirement savings assistance are the perks employees need to stay satisfied and productive at work.

The pandemic forced millions to start working from home and the shift created new priorities for both individuals and businesses. These factors need to be considered when coming up with the right recruitment strategy for your company. They will help you leverage desirable benefits and balance out better perks with what you can’t currently pay or offer.

It is helpful to know what candidates are looking for in the current job landscape. Traditional medical insurance and retirement offerings are still must-haves for top talent.

However, on top of those offerings, here are some of the top perks that will help you recruit better talent:

1. 401(k) with match

Saving for retirement is a top priority for today’s employees. Offering a retirement plan is an important benefit, but offering an employer match is even better. Each month, workers can divert part of their paychecks to their 401(k)s, and companies match a certain percentage.

According to a Robert Half survey, over half of respondents said that retirement plan savings was a most-desired benefit.

2. Medical insurance with high employer contribution rate

Health insurance is a must-have benefit for employees to consider working at a company and staying there long term. But, employers can take it further by deciding to opt for a high employer contribution rate to improve employee benefits.

Taking on some of the cost burden helps workers afford better insurance plans, and can show them you prioritize their well-being above all. It is especially helpful since deductibles and out-of-pocket maximums can be extremely high. This kind of assistance from an employer is what will keep people in their jobs, and will set you apart from other employers.

3. Student loan assistance

According to NerdWallet data, the average U.S. household that has student debt owes $57,520. And, census data shows that one in eight Americans, or forty-three million people, have student loan debt.

It can be extremely hard for workers to get out from under student loan debt and they may feel like they’ll be paying it off forever. Thus, an enticing perk you can offer as an employer is assistance in paying it off. You can make contributions so that employees aren’t bearing the burden on their own.

Offering better benefits that employees really want will help you find and retain better talent. As the Not-So-Great Resignation has caused many workers to quit their jobs and seek better situations, employers are stepping up their benefits game to stay competitive and find top candidates for their open positions.

Another way to recruit and retain better talent is to improve your HR practices and streamline hiring processes. StaffLink Outsourcing is a national Professional Employer Organization providing a range of Human Resources services. We can help you with onboarding and benefits management so that the excellent talent you find will stick around for years to come.

Request a proposal or contact us at (954) 423-8262 for more information.