Employers must find ways to attract top talent and retain these individuals once they hire them. For example, a New Zealand company recently started a four-day workweek to see how employees liked this option. While people do consider pay when deciding whether to take a new job, they also look at the employee benefits package.
This package can determine whether a person chooses to take the position or pass on it and look elsewhere for employment. One thing a company needs to consider when developing an employee benefits package is how to integrate employee benefits and company culture. Integrating the two may help to draw in better talent, and every company should take time to find out why this is important.
What is Company Culture?
Company culture refers to the personality of the company. The right company culture will reflect the values of the organization and withstand time. Clan culture is one in which the organization is defined by tradition and loyalty. Workers come together and are known for excellent communication and teamwork. In a market culture, employees love to compete and achieve results. They want to beat their rivals and work together to do so. Some will want to read this article to find out more.
When employees are encouraged to be initiative and find creative solutions, according to realtimecampaign.com, the company culture is referred to as an adhocracy culture. The working environment remains dynamic. In contrast, the hierarchy culture is based on control and structure. The work environment is formal and employees adhere to strict institutional procedures.
The Importance of the Employee Benefits Package
An employee benefits package goes beyond health insurance benefits, although employees appreciate an IEHP plan. A comprehensive benefits package will increase productivity and encourage employee loyalty. The mental and physical health of employees will improve and the company image and reputation will improve.
Creating the Perfect Benefits Package
When creating a benefits package, the company needs to ensure all benefits are genuine. They shouldn’t be included in the package as dressing. For instance, a company shouldn’t invest in items that highlight the importance of work-life balance if they are forcing employees to work overtime without the appropriate compensation.
Catered lunches are one benefit that employees may appreciate, while certain organizations find employees appreciate having paid time away from work to volunteer or work on side projects that spark their creativity. Benefits might be tailored to meet the experience and performance of the employee, or a company might offer standardized benefits while increasing the coverage.
The benefits should be of use to the employees. Young people, for instance, may not be overly concerned about parental leaves. They would appreciate help to pay off student loans, however. Talk with employees to see which benefits are of the most importance to them.
Companies must recognize that benefit packages often need to change with time. Every company should start by creating a benefits package that revolves around medical insurance and add dental and vision coverage as soon as possible. Once these are in place, additional benefits may be added to meet the needs of employees. These benefits should be chosen based on what employees want and need and what competitors offer. This ensures a company finds a package that will attract and retain top talent, which is what every organization wants.
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