Pub. 6 2016-2017 Issue 1

16 Standing Out from the Rest — Why It’s Crucial to Offer an Attractive AND Comprehensive Employee Benefits Package employees are more likely to remain longer, which will help create a stable workforce and position the school as an industry leader. It’s a delicate balancing act for employers: employee well-being versus cost control, the cost of recruiting and retaining talent versus the challenges of sustaining business, which is whymany employers already view benefits as an investment rather than a cost. In order to find out what appeals to job seekers, employers need to examine today’s workforce. For the first time in history, there are four different age groups or generations in the workplace. They are: • Millennials • Generation X • Baby Boomers • Traditionalists Having such a diverse group of people in the workplace means that employers may have to consider the various needs of those age groups when creating an employee benefits package. Allowing employees to pick and customize some of their benefits according to their needs may be more appealing than a “one-size-fits-all” approach. Benefit packages that offer choices and flexibility can drive participation, and can give employers a better return on investment. Many would consider the following as the most essential: • Medical • Dental • Vision • Life • Retirement I n today’s competitive job market, having an attractive and comprehensive employee benefits package is often viewed only second in importance to a competitive wage. In fact, many would agree an individual’s benefits package should be viewed as an extension of one’s total compensation. One of the key focuses of running a successful school is making sure to provide the type of benefits package that is not only meeting or exceeding industry benchmarks, but customized in a way that reflects its unique company culture. There are definitely certain basic components that should be included in any benefits package, but it is important to note that in order to create and maintain this type of benefits package a tremendous focus must be placed on those physical and financial goals of each employee, not only on the short-term, but for many years to come. So why is offering a competitive and comprehensive benefits package so important? • Increases Appeal • Minimizes Turnover • Improves Morale • Encourages Healthier Employees • Lowers Employee Stress • Reduces Absenteeism • Increases Job Performance While offering employee benefits may cost a bit more initially, the long-term advantages can greatly outweigh these costs and contribute to the overall success of your company. This means key BY Ryan Bingham, Spectra Management