A recent survey conducted by the National Association of
Manufacturers revealed that one third of manufacturing
companies in the United States have good jobs going
unfilled due to a lack of qualified applicants. This
should come as no surprise as the Bureau of Labor and
Statistics has reported similar trends affecting virtually
every industry in the nation. As the labor shortage looms,
here are 4 ways that guarantee you attract top talent with
your employee benefits.
Benchmark the Competition
Benchmarking your competitor’s employee benefits should be
your first objective.  Strategic positioning of your
benefits in the competitive landscape should help retain
your key talent, attract employees from your competitors,
and ensure a maximum return on investment.
While this may sound like a huge task, benchmarking data
can be found through national employee benefits
associations such as the United Benefit Advisors. They
survey over 9,600 employers around the nation, comparing
employee benefits packages and costs from every industry.
Survey Your Employees
A robust benefits package often leads to happy employees at
the expense of company profits. But with a little
research, it’s possible to have the best of both worlds.
An employee survey is an easy way to collect the
information needed to balance what employees want with what
you can afford. Perform this with an internet survey tool
and you could collect results from thousands of surveys in
a short amount of time.
The scope of your employee benefits survey should reflect
your workforce and your goals, but at a minimum make sure
you collect information about employee’s likes and dislikes
with the current package. Our firm has designed surveys
from 10 questions to 150 with varying success based on the
incentives offered to complete the survey.
Institute a Wellness Program
National statistics show that employers save 3 dollars for
every 1 dollar they invest in a wellness program.
Additionally, a NASA study shows that employees who
participate in an exercise program average a 12.5% increase
in productivity. Healthy employees are happy and
productive employees and instituting a wellness program is
a key to accomplishing this.
A recent case study of a law firm in West Virginia revealed
a 36 percent increase in attendance during the first year
of instituting a wellness program. This means that if you
don’t have a wellness program, you should get one started
today, especially if your company has over 100 employees
and your medical insurance claims experience is examined
every year to determine your premium rates. A well
designed and communicated wellness program can impact every
corner of your company.
Get Creative
Too many companies think employee benefits ends with
insurance. But your total benefits package should include
a wide variety of both traditional and non-traditional
vehicles for offering employee benefits.
Things like dry cleaning pickup and gym discounts can be
negotiated by an employer and offered for free to
employees. Offering direct deposit or company products at
a discount are also examples of inexpensive employee
benefits. More expensive benefits might include on-site
child care or on-site medical care.
Don’t limit yourself to thinking about employee benefits
within the confines of insurance products alone. Just
remember that the goal of an employee benefits package
should be to improve employee moral, increase employee
retention and attraction, and make your employees feel glad
they work for you.
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Mike Nacke is recognized as an authority on how to attract
and retain top talent with the right employee benefits. He
is also the creator of Employee Magnetism, the webcast
series that offers practical advice on employee retention
and attraction strategies from some of the nation’s top
experts.
He regularly advises local and national companies on how to
attract top talent in their market. For more information,
visit http://www.mikenacke.com
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