GSG Journal

Implementing Effective Employee Benefit Programs

Posted by Hollis Bufferd on Jun 16, 2016 10:43:19 AM

One of the hardest jobs in any organization is hiring. More and more companies are faced with not just offering competitive salaries to attract talented candidates, but also offering benefits that go above and beyond what other companies are offering. Gone are the days of just proposing a good salary, medical benefits, and vacation time. Today’s new hires are looking for a wider range of benefits to grow personally, as well as professionally. 

A large percentage of new hires entering the work force today are recent college graduates (aka - Millennials). Most of these potential employees are still eligible for medical benefits through a parent, therefore most decline coverage through their new employer. A good medical plan averages about $7,800 in compensation per employee per year. Since new hires are declining this coverage, employers are forced to come up with new benefit programs to entice new hires. 

Wellness is probably the most popular benefit that companies are willing to invest in. Research has shown that healthier people tend to be more productive. An increasing number of companies, including GSG, offer gym reimbursement programs. When the Fitbit craze started, some companies purchased the fitness bands for the entire company and encouraged employees to compete in fitness challenges (steps per day/calories burned, etc.). Providing free fruit and healthy snacks in the office are other perks companies now offer. 

Promoting socialization is also key to attracting new hires. Company sports teams, happy hours, and group lunches are a great way to break out of the office and get to know your co-workers. These types of activities create work hard/play hard environments, which again benefit both employer and employee. 

Promoting, and reimbursing for, education is another huge area to attract new hires. Most companies, again including GSG, will gladly pay for industry related classes whether in the pursuit of higher education or professional development in order to help motivate and create a better work force. Creating these opportunities for employees helps them reach their goals, whether personal or professional.   

Creating short and long term incentive goals are critical in creating a collaborative environment.  Whether the goal is specific to one team, or a general goal for the entire company, having a common success pushes everyone to pursue that goal. At GSG we offer monthly incentives for reaching our goals- from massages, to wine tastings, even the opportunity to earn extra time off. For the first time ever GSG is offering an expense paid trip if our annual goal is met!GSG-Blog-300x219.jpg

At the end of the day when you hire someone, you are committing to invest in them. Like all investments, the employer is looking for a return on their investment. This is why companies are looking to find better ways to attract talent. As employers’ expectations grow, so do the employees’, and it is crucial to find effective ways to not only move towards meeting these expectations, but to create the work environment you are looking for.

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Topics: strategy, personal development, Goals, growth, benefits, health, incentives, investing, millennials, Hiring, employee

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