The HR Compass

Deal Breaker or Deal Maker

Jul 7, 2021

Benefits Can Make a BIG difference for Small Companies in Attracting/Retaining Talent

Part 1 in Series of 2

It’s no secret that with today’s labor shortage, one of the top concerns among not only HR, but the corner office as well, is attracting and retaining talent. As the pandemic starts to wind down, the power now squarely rests in the hands of employees, who have higher expectations and demands about what they want employers to deliver. What’s more, they’re willing to leave their current jobs to get it.

A May 16, 2021 article in Forbes Magazine proves this point:

According to Prudential Financial’s Pulse of the American Worker survey, 1 in 4 workers is preparing to look for opportunities with a new employer once the pandemic threat has subsided. And more than 40% of people who responded to Microsoft’s Work Trend Index, a global survey of over 30,000 people in 31 countries, said they are considering leaving their employer this year.

How Benefits Can Be the Differentiator for Star Performers

In our last blog post, we discussed the importance of offering a hybrid work model. That’s only one of many workplace “perks” employees are demanding. Benefits also play in huge role in helping small businesses attract new stars to their talent roster and retain top performers.

Given all of this, what’s the mindset small companies need to take? Simply put, small companies need to think BIG and offer benefits once considered the domain of larger corporations. These benefits can span from medical coverage and short- and long-term disability that smaller companies don’t typicaly offer, to more unique benefits such as pet insurance, student loan reimbursement, and mental/physical health options such as stipends to purchase workout equipment. Even offering a hip, fun break room can be a differentiator.

How to Enhance Your Benefits

Start by assessing your current benefits package. If it’s looking thin or far too ordinary, it could be the deal breaker that will cost you talent. Think through the kind of benefits you could offer that will be just the deal maker you need to attract and retain key employees. Find cost effective, but high impact benefits that can help you stand out to today’s talent pool. In Part 2 of this blog series, we’ll serve up some unique offerings you can add to your benefits package.

Taylor HR: Here to Help

As an outsourced HR department focused on helping small businesses thrive, we’re here to help. We can work with you to assess your benefits package and identify creative and cost effective ways to make it serve as a magnet that attracts talent to your organization. For more, contact us.