Being Creative with Employee Benefits
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Being Creative with Employee Benefits

Using benefits to attract the right talent is a very creative use of resources. When clients know you offer good benefits and that you hire only top-notch employees it sends a powerful message of competence, confidence, and commitment to quality.

There’s a lot to be said for the talent a company has and the need to keep the best of the best. Think about it for a minute. A company who has mediocre talent will have problems keeping clients and definitely keeping up with the Corporate Jones’. In all honesty there’s no substitute for talented people. Which is why I’m making these statements about employee benefits you’re about to read, at least I hope you read them. So where to begin my ramblings?

An employee benefit can be used to keep your current internal clients (Employees) happy and attract the right talent for your business. Let’s think about something for a minute. No one is going to want to walk into a business that offers nothing unless they’re desperate. In fact, even desperate potential employees may turn down your offer if your benefits are not up to par. The fact is employees get out of bed in the morning for the same reason you opened your business: To make money! But they also want the knowledge that you, the business owner, care about their needs; benefits are great ways of showing that.

Now when a prospective powerhouse employee wants to find work and they’re looking into your company, they are definitely going to ask about your benefits portfolio. And your company may be great, but what valuable employee or prospective employee is really going to be happy with mediocre benefits? You’re a businessperson and should learn to use benefits creatively.

Using benefits to attract the right talent is a very creative use of resources. This is a statement not only to employees, but also to potential clients that you’re a serious investor in human capital and you’re serious about meeting their needs. Here’s why I say this. When clients know you offer good benefits and that you hire only top-notch employees it sends a powerful message of competence, confidence, and commitment to quality. What this means is that “superstars” in your industry and company will work on the services you offer. So as you can see benefits can also be a hiring and selling tool.

The right type of employee benefits is critical as well. Getting a consultant involved is always a sure-fire way to be sure that you’re not wasting money on useless benefits. The basics such as paid personal days, health insurance, 401k or other retirement savings, dental & vision, and paid vacation times are a good starting place. But sometimes maybe you can be unique in your thinking, show clients as well as potential employees you allow creativity. Come up with other benefits to use or allow a consultant to help you come up with something cost effective. One thing being offered these days, which is a great selling tool, is the offering of gym memberships by some companies. Obviously I hope I don’t need to state why this is a great benefit.

Creative benefit usage can reap many rewards I wouldn’t have time to list here. Just takes common sense and a calculator to figure out the cost to your business. While many business owners have been eliminating benefits and angering employees there are a few that kept their benefits in tact while reducing pay. Why? Keeping benefits allowed employees the feeling and freedom to use the benefits; stress relief in other words. I think that speaks volumes for some business owners. Yes I know the layoffs were numbered in the millions, but at the same time we have to remember that people are still employed.

Realistically we have seen a drastic reduction in employee benefits. You can put yourself ahead of the talent market by taking a serious look at your current benefits and seeing what could be done to decrease the cost to you and increasing the benefits to yourself and your employees. But whatever you do. I wish you the best.

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