Strategize your Recruitment with Employee Benefits
The Bureau of Labor Statistics reports record low unemployment rates, which means that this is a candidate-driven market. To stay competitive in this market, whether it’s to recruit new talent or retain your current employees, organizations need to move away from the status quo and think more strategically.
At RAI Resources, we recommend using your benefits offerings as a strategic tool not only for recruitment, but for improved business performance as well. Learn more about how strategic benefits can make a significant difference in your company.
SHRM defines strategic benefits planning as seeking to utilize employee benefits as assets and tools to support an organization’s business goals and to positively affect the bottom line.
If you are a business owner or an HR professional, now is the time to invest in your benefits offerings. Businesses that invest more in their benefits package are two times more likely to have stronger business performance, not to mention more likely to have more satisfied employees compared to organizations that have few or no benefits offerings.
Across the country, and in our home state of Pennsylvania, unemployment rates continue to drop. This makes it far more challenging for employers to recruit and retain the talent they need. While employee benefits are expensive, a recent study found that making changes to your organization’s current benefits offerings can help get the greatest return on investment and impact on the bottom line.
What challenges can your organization tackle with strategic benefits?
A 2017 SHRM study found that when strategic benefits were used for recruitment and/or retention, overall company performance improved (58%) as compared to organizations that do not (34%). This study also found that implementing strategic benefits resulted in:
- Above-average effective recruitment: 19% as compared to 8% who did not use strategic benefits.
- Above-average effective retention: 28% as compared to 11% who did not use strategic benefits.
- Increased employee satisfaction: 63% of employees surveyed indicated that health care benefits were important to their job satisfaction.
For more tips on how to improve your benefits package, check out our previous blog posts, such as How to Win the War for Talent.
How well does your benefits package compare? RAI Resources are an experienced HR consulting firm that brings your business the real word experience it needs across manufacturing, engineering, construction, and professional services. We offer practical solutions and provide comprehensive support to help you create a benefits package, recruit and outplace talent, and more.
RAI Resources services in the Greater Delaware Valley and New Jersey. Get in touch today to learn more about how we can help take your business to the next level.
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Learn more about the advantages of investing in HR consulting for your small business by reading our previous blog posts by our team of HR professionals.
Hiring the right talent, managing your current workforce and building efficient human capital processes has increasingly become more of a challenge for organizations. An HR Consultant can improve compliance, reduce overall cost and defray risk. This alone is worth calling in an expert! If you need assistance with your HR functions, the dedicated team at RAI Resources is ready to help.