Plain and Simple: Bright Business Insights Spring 2019 | Page 3

For more retirement plan insight, check out the article “Should You Offer A 401(k) Plan?” by Steve Renner on page 6. insurance – provide a financial safety net that can support employees’ choosing a future employer. Consider how the following strategies diverse needs.” will impact your effectiveness to recruit and retain top talent. The same study found that, if an employer offered a robust benefits • Keep Your Promises: From compensation and shifts to package, 55 percent of employees would be more interested in working overtime and benefits packages, management makes a lot of for the company and 53 percent would be more loyal to the company. promises to their employees. Problems arise, however, if you Furthermore, 52 percent of employees say they believe they would fail to follow through on your promises. When this happens, it’s be more successful in work and in life if they had access to a robust nearly impossible to win back the trust that was lost. Don’t lead benefits package. your employees on with empty promises. Instead, take steps to figure out what makes them feel empowered and valued and find To become even more competitive, you might consider adding any solutions that you can deliver. number of the following benefits to your overall package: • Health insurance • Dental insurance • Retirement plan • Vision plan • Disability insurance • Accident insurance • Financial wellness Beyond Benefits • Be Open: The majority of employers aren’t open about their long-term plans for employees – a big no-no in today’s competitive workplace. You should always make your intentions known and have regular discussions with employees about their future with the company. By doing this, you gain your employees’ respect and the employee becomes more vested in the future of the company. • Listen: Assuming that all of your employees have the same mindset and ultimately want the same perks will hurt your In addition to beefing up your employee benefits package, you will chances at keeping them on board for the long haul. If you take find that it’s worth your while to take a closer look at your company’s the opportunity to actually listen to what they have to say, you overall culture. In addition to health and wellness support, current and might be surprised to learn that what matters most to them in prospective employees are also looking for intangible benefits when their career is something you never thought of before. Golden handcuffs may continue to work on some individuals, but that number is dwindling. These days, employers need to be creative and have honest conversations to stop talent from leaving the company. Rea’s human resources consulting services team can provide you with insight into which benefits will have the most impact on your business. by: Renee West, SHRM-SCP Senior HR Manager 122 Fourth Street NW PO Box 1020 New Philadelphia, OH 44663 330.308.6818 [email protected] Disclaimer:  The HR Consulting services are based on the best knowledge of non- attorney specialists at Rea & Associates, Inc. Rea does not provide legal advice. You are encouraged to consult with legal counsel of your choice prior to implementing policies or procedures.