To bring in the best talent to your business, you need to see the bigger picture. Of course, everyone needs a paycheck. Offering competitive salaries has always been one of the main ways to gather more interest in a job posting. But this doesn’t mean that’s the only way to get more job candidates excited about new employment opportunities.

Many job candidates are looking for something more from potential employees – namely, proof that a company really values its people. They want to see a business that has its priorities straight and prioritizes balance instead of only thinking about the bottom line. Offering a strong employee benefits package is the perfect way to showcase this.

By showing your business is committed to the overall well-being – both financial and physical – of your team and their families, you send a strong signal that not only helps you attract but also keeps the most talented individuals available.

Why Salary Alone Isn’t Enough

Yes, a steady paycheck matters a lot, especially when you’re trying to bring in great people. But it’s seldom the only thing that seals the deal. Today’s job hunters are looking for the complete package – something that can support them in multiple ways. Creating this kind of value incentive can set your business apart.

Below are the reasons why just offering a good salary by itself usually isn’t sufficient:

The Best Employees Know Their Worth

The best job candidates are confident individuals. They know they bring valuable skills and experience to the table, and they’re actively looking for employers who appreciate that fact.

Offering a good salary should be viewed as the bare minimum for attracting these types of employees. Because of the value they bring, they also want to be comfortable where they work. They want to be part of a company that invests in its people. Things like great health insurance, retirement options, and generous time off aren’t just “perks” to them – they’re now an expectation.

Financial and Physical Security Go Hand in Hand

Compensation isn’t insignificant. All employees need to know they have financial stability when working for an organization. But it’s not the whole story when it comes to what people want from their employers. Many candidates prioritize their physical and mental health. Things like wellness initiatives and access to counseling services are great options to support this. This goes for offering more flexible working arrangements as well.

By providing a diverse selection of benefits that address a range of needs, you open the door to a broader pool of applicants and make your company more appealing.

First Impressions Mean Everything

Your benefits package offering is part of your company’s initial handshake with potential employees. A well-rounded offering shows you’re an organization that values its people and is ready to support them in multiple ways. In today’s tight job market, that kind of message can really set you apart and be the difference between a handful of resumes and hundreds.

The wider the appeal, the more applicants you’re likely to attract. This significantly increases your odds of finding the ideal person to join your team.

Strategies for Designing Competitive Benefits Packages

Although benefits packages are important, simply having one in place doesn’t guarantee successful recruitment. You need to take the right steps to ensure the benefits you’re offering speak to potential candidates.

Below are some strategies you can follow to achieve this:

Do Competitive Analysis

Before building your own benefits package, do some preliminary research. Look into what other companies – both in your specific industry and your geographic area –  are providing. This initial step is crucial to ensure your offerings are actually competitive.

Start your data gathering by browsing company websites, examining other job ads, and reading employee reviews on job boards. Try to zero in on the specific benefits or perks they highlight.

Don’t be afraid to cast a wider net when starting this process. Check a broad range of businesses to get a more balanced benchmark to work with. This is important because you’ll likely be competing for talent against a variety of organizations, not just those in the same niche as your own.

Try to Provide Comprehensive Coverage

To truly grab the interest of prospective employees, take a hard look at the layout of your benefits offerings. Make sure they address a wide range of needs. A comprehensive package shows that you’ve taken the time necessary to make sure you’re covering as much support as financially viable.

Here are some of the most commonly sought-after benefit categories:

• Health, Dental, and Vision: Many benefit plans include health insurance, often with add-ons for dental and vision coverage. Consider offering a range of plan options if possible to choose from, with higher or lower premium amounts based on your company’s size.

• Retirement Savings: 401(k)s and similar plans are essential for long-term financial well-being. Employees contribute a portion of their pre-tax income, and some employers choose to match a percentage of contributions. This can be a great motivator to help employees save for their future.

• Generous Paid Time Off (PTO): Ample paid time off (PTO) that covers vacation, illnesses, and personal time can be very important to many employees. It demonstrates a respect for work-life balance and priorities on mental health. This is a good indicator of company culture for most potential job candidates.

• Life and Disability Coverage: These insurance options offer additional financial security for employees and their loved ones in unforeseen circumstances. They provide peace of mind, knowing they have more options during difficult times.

Consider Offering Unique Perks

Aside from the standard benefits, you could think about adding some less common company perks. These might include:

Flexible Work Options

Options like remote work or unlimited PTO can be incredibly attractive to those who prefer work autonomy and a less rigid scheduling structure. Offering this kind of flexibility demonstrates trust in your team’s ability to manage their own time, and it can significantly improve your company’s attractiveness.

Employee Stock Ownership

Offering stock options at a reduced price gives team members a real stake in the company’s success. It also helps create a stronger sense of ownership and shared goals. This can be a very effective way to motivate employees to contribute to long-term growth and to stay loyal to the organization long-term.

Prioritizing Mental Well-being

Acknowledging the importance of employee mental health is essential for modern businesses. Providing support in this area – whether through counseling access, employee assistance programs, or other forms of stress management – sends a clear message about your company’s values and priorities to new hires.

Evaluate The Effectiveness of Your Program and Improve

Don’t let your benefits package stay unevaluated or untouched for too long. Regularly review and update it to ensure it stays competitive while also complying with all legal obligations surrounding minimum levels of coverage.

A great way to do this is to create a system for feedback. Let employees share their opinions and suggestions about the current benefits program. This input is invaluable for spotting any missed opportunities or areas that need improvement.

Find More Qualified Talent for Your Business

A carefully constructed benefits package is a powerful tool for attracting the best candidates. By offering a competitive benefits offering, you show your new and current employees that you’re invested in their financial and physical well-being, significantly improving the effectiveness of your ongoing recruitment processes.

Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.