An attractive compensation package is essential for both recruiting new talent and keeping employees happy. But compensation encompasses more than just salary. It includes a range of benefits that employees value – from health insurance and professional development programs to paid time off and flexible schedules.
Benefits matter to potential and current employees. In a survey from Glassdoor, 60% of respondents said that benefits are a major factor in whether they accept a job offer, and 80% of employees reported they would choose additional benefits over a pay raise.
How does your organization determine which benefits are most important to employees? Do you know how your surgery center measures up against others in your market? The following are top benefits that can be used to design a compensation package that is enticing to employees and cost-effective for your organization.
Employees want the chance to develop their skills and further their careers while in their current positions. More than a third of employees (39%) surveyed by Unum listed professional development to “learn and grow in their careers” in their top five benefits. And programs that help individuals develop their skills will also benefit your organization as a whole.
Retirement Savings Plan
Robust retirement benefits are also a draw for employees who are looking ahead to their future. Only 15% of companies who have between five and 99 employees offer a 401(k), a voluntary retirement savings plan where employees contribute pre-tax earnings. By offering an employer-sponsored plan, such as a 401(k) or a 403(b), your organization can show you are invested in your employees’ financial health for the long haul – especially if you match employee contributions up to a certain percentage.
The way you structure your paid time off (PTO) and other paid leave policies can be a big draw for talent. Some companies use an accrual system or have a set number of paid vacation days per year; others have adopted unlimited PTO policies. Figure out what makes sense for your company and employees. Offering paid family leave, which can cover the birth or adoption of a child, caregiver duties, or bereavement, is also a way you can show support for your employees at different life stages.
Flexible scheduling can make a huge difference in your employees’ day-to-day lives – and benefit the overall productivity of your organization. Flex hours give employees more control over where and when they work, allowing them to integrate family priorities, travel plans, or other concerns into their schedules. Flexibility is especially important for working mothers and fathers. Parents surveyed by FlexJobs said they valued flexible hours and work-life balance over salary when considering a job.
Open enrollment is coming up soon. Do you need help designing a benefits program that is competitive in your market? Contact MedHQ.