Build a Benefits Package that Attracts Top American Talent
Putting together a solid benefits package starts with creating a strategy. Putting together a package that is sincere and thoughtful is more enticing than just throwing together generalized perks. Looking for perks and benefits that will be good for the employer and the employee from day 1 of employment.
Starting with the basics – Healthcare and Retirement Options should be a good solid baseline.
Healthcare costs are always on the rise in the US, so keeping cost low is the goal. Building on this, you should consider ways to encourage your employee to take care of their health. Gym memberships, Wellness Opportunities or “Rewards”, Stipend if they walk instead of driving to the office (non-remote positions) are just a starting point. A good healthcare plan shows a commitment to the employee’s well-being.
Starting Retirement Savings Plans early is important. The earlier an employee starts saving, the more they’ll have for their “golden years”. The more the employer can encourage these types of savings, the better. Employer matching, learning through webinars or online meetings to discuss offered funds (too many times this is left up to the employee and can be confusing) with financial advisors, having a financial advisor available for one-on-one financial planning opportunities. There are multiple ways for retirement savings, – 401k plans that include traditional and Roth plans, Roth IRA’s, Pension Plans, or Stock Options.
Work-Life Balance – offering Flexible Work Hours allows workers to work on a schedule that fits into today’s busy lifestyle. Maybe, offer a healthy (or unlimited) vacation plan. Some states will require a sick leave plan. You want to encourage your employees to use sick time for sick and vacation time for that work-life balance that brings your employee back fresh and ready to get back to work. Family leave is a large part of creating a work-life balance. Having a plan that encourages both parents to be home and present with their new family member will help with peace of mind and goes a long way in solidifying the company culture. Some companies also offer a Volunteer Day where once a month, the employee can volunteer in some capacity in their community.
If employees just need help, Mental Health Coverage, Resources and Support go a long way in showing employees that their well-being is important to the culture of the company.
Since the pandemic, Remote Work has become a necessity in some industries. As people are returning to the workplace, employers are starting to offer remote work options as a perk to doing business. Whether it be full work-from-home or a hybrid of sorts, it’s a valued incentive for many employees. If talent is working from home, offering to cover the cost of at-home setups, such as routers, internet service, cell phone, iPads, etc., goes a long way. Preparing to support a remote-friendly work environment is paramount these days which may mean supplying backgrounds for video calls, headsets with noise canceling capabilities and more. Be sure that your remote employees still feel included and not just an outsider.
Need your employees in the office? Commuter Benefits in a tax-free account or reimbursement for parking or car ride plans (Uber, Lyft, etc.) or rewards for ride-sharing or other eco-type transportation options are gaining interest. This shows that the company cares about ecology. Assisting in Relocation and Housing Options if required to move closer to the office is also something to consider.
Tuition Reimbursement shows that the company recognizes the value of the development of employee skills and knowledge.
The biggest perk you can give your new employee is a solid Onboarding Experience. From the day the offer letter is signed a connection should be made and no surprises to the employee as they join the team. Introductory offer letter with expectations of what’s next outlined and followed through. Follow up with the employee after the employee has been with the company at the end of first week, month, etc. An employee and an employer should never be surprised by a situation as long as the lines of communication stay open.
With weConnect our turn-key US market entry solution can support the underwriting of competitive benefits plans and packages that will help you stand out to US talent. Contact us to learn more.