Tom's Take Blog
May 31, 2017
How do health benefits play a role in employee recruiting efforts?
Tom’s Take: In today’s job market, prospective employees aren’t just comparing salary ranges when searching for a new position. They’re also shopping benefit options and often zeroing in on something more specific: health coverage.
I was reading a study from the Society of Human Resource Management (SHRM) not too long ago and one of the questions was about which type of benefits HR managers believe are most important to employees. Health care benefits were rated the highest at a staggering 95%. (Some of the others were retirement savings and planning benefits (71%), leave benefits (50%) and flexible working benefits (29%)).
If your company isn’t already, health benefits are definitely something to promote when trying to fill open positions with top talent. This is especially true if you offer a self-funded plan with elements of flexibility and savings that are passed on to employees. That’s because, when it comes down to it, benefit packages can sometimes be the deciding factor as your top candidates are mulling multiple job offers.
Some examples of health benefits to highlight? Maybe your self-funded plan makes access to care more convenient for employees by offering on-site medical and/or telemedicine services. This is big! A lot of applicants would be excited to know they could bypass many of the hassles of provider scheduling. Or what about a workplace fitness center that’s part of a larger wellness effort? Think of how intriguing this could be to a prospective hire who’s been shopping for a gym membership.
Here’s another tip: don’t just look at health benefits from a recruiting standpoint. The SHRM survey I referenced above also shows that more than half of employers expect preventative and wellness benefits to become more important to employee retention efforts in the next five years.
Employee benefits have always been a great selling point in the recruiting and retention process, but they can be even more influential now that the costs of care have gone up so much. Have a great health plan? Promote it!