With over 11.2 million job openings in the US alone, positions are opening up faster than recruiters can fill them. And with over 60% of CEOs predicting an impending recession, things could get dicey for both employees and employers in the labor market.
CEO of 1706 Advisors, Cara Kahan, shares her insights for tip #3: Revamp your benefits package.
When it comes to creating a meaningful workplace culture, Cara Kahan, CEO of 1706 Advisors, knows that thoughtful benefits win out over flashy, frivolous perks every time.
But if budgets shrink in the face of recession risks, which employee benefits should you invest in?
While office lunches and desk plants can help boost morale, to retain employees and attract top talent, employers have to get strategic about the benefits and insurance employees really want.
“To find the right people and keep them, employers must put their money where their mouth is,” Cara explains. “Instead of just buying a Ping Pong table for the lunchroom to show employees that you have a ‘fun’ workplace, employers are taking a deeper look at what employees really need.”
More often than not, what employees need are competitive benefits packages.
“To find the right people, companies need to do more than just boost coverage,” Cara explains. “They need to become strategic about benefits and insurance. Sure, you can update the policy and decrease the deductible, but you are only treating the symptom rather than the whole system. You have to have a strategic plan and understand how it correlates to attraction and retention. What does your work population look like in five years? Are you building a platform that supports that vision?”
The data agrees. The widely cited 2016 study by Fractl surveyed over 2,000 employees reviewing a list of 17 benefits and found that 88% of them consider better dental, vision, and health insurance packages to be the most valuable perk, while less than 10% of respondents give “heavy” consideration to jobs with free food and other lunch-related perks.
Ultimately, “Employees want to feel valued and taken care of by their employers,” Cara explains. And while free snacks and office foosball competitions can be part of a thriving workplace culture, you need to make like Maslow and take care of employees’ real needs first. Ditch the snack packs (at least for now) and focus on some genuinely supportive safety nets first.