While pay is still a top factor in recruiting, a benefits analysis can tell you where you stand in terms of what you offer as a whole for an open position. According to Forbes Advisor, 40% of employers believe workers leave their job for one with better benefits. Overlooking the importance of benefits can be detrimental to your HR and hiring strategy. A benefit’s analysis will inform you of what other companies are offering and what the workforce expects. In this week’s post, we will discuss what a benefit’s analysis is and how it can boost your hiring edge.
What Is a Benefits Analysis?
A benefits analysis is taking an in-depth look at the benefits your company currently offers and comparing it to market data and competitors. In essence, it is a form of market research. A benefits analysis can be performed internally, but working with staffing agencies can give you inside information on what other companies in your industry are offering.
Trends in Benefits
Workflows changed during the pandemic in a way that forever shifted how people work. As workers began spending more time at home, companies that offered flexible work schedules and work-life balance became more in demand. The last few years also brought the “Great Resignation” with many workers leaving or changing jobs. Labor shortages put job seekers in the driver’s seat. According to JobList, 52% of job seekers feel they have the upper hand in today’s market. Trends in the economy have also changed the landscape of what job seekers are looking for and wise employers are listening.
Offering Competitive Benefits
As mentioned above, employees often value non-monetary offerings as a close second to pay rate. Company culture and a healthy work environment top the list. However, mental health and wellness programs, continuing education, life, dental, and health insurance matter deeply for families. If you haven’t updated what you offer in years, it is possible that you may not be offering the same baseline of benefits that similar employers are offering. A benefits analysis helps you understand what the market demands.
Internal Benefits Analysis Survey
Not only does a benefits analysis help you hire, it can also help you keep the employees you have. If you are unsure what your current employees want in terms of benefits, ask. Anonymous surveys give employees the chance to share their valuable feedback. Benefits can be wide ranging from gym memberships to pet insurance. Diverse generations in the workplace can also affect what employees are seeking. Be sure to ask some open-ended questions to understand where your company’s strengths and weaknesses are in terms of benefits. This is an easy, cost-effective way to understand your own workforce.
How SVS Can Help!
At SVS Group we have worked within multiple industries. We have insider information on what employers just like you are offering job seekers to help you stay current and informed. Our data driven approach gives us the tools to help you hire high level candidates. With insider industry knowledge, our recruiters can answer your questions about what you offer and where you may need to make changes. Let us take the guesswork out of hiring and recruiting. Contact our office today!