Once upon a time there were so many jobs that employers competed for talented employees. Part of the recruiting strategy was a comprehensive and attractive benefits package, offering health care insurance (often free), dental insurance, disability insurance, health club memberships, free massages, and a variety of other perks. Does this sound alike a fairy tale? Anyone who has been in the workforce for 10 years or more will remember those days. Employers wanted to be the “employer of choice” in their area and industry to entice the best and brightest to join their ranks. Unfortunately, in this fairy tale, everyone didn’t live happily ever after.
It doesn’t look like good for the future, either. With the Affordable Care Act on the horizon, companies are looking for ways to cut the most desirable perk--health insurance—in order to control costs. In a recent Forbes article, “WalMart Bails On Obamacare—Sticks Taxpayers With Employee Healthcare Costs,” the focus is on how WalMart, and many other companies, are finding creative ways to sidestep the new insurance regulations. Companies are paring down to under 50 employees or cutting hours and reclassifying full-time employees to part-time to avoid the new mandates. And this is just the beginning.
With all the frenzy to avoid the new laws, save money and remain viable, companies are forgetting that success has been, and always will be, due in large part to the quality of their employees. Talented, skilled employees will always be marketable. In the new economy that, in some cases, needs skilled tradespeople more than college-degreed managers, a job and a paycheck may not be enough to persuade the best-of-the-best to come on board. Employers still need to offer a competitive salary and benefits package to attract and retain top talent. A new look at designing benefits packages is in order for the new workplace.
- Start with health insurance. Companies have gotten away from free health insurance because it’s just too expensive. And employees have adjusted to the change. But there are a lot of different products available with coverage levels and price tags. To be an employer of choice, start by finding a way to offer affordable health care that provides a coverage level comfortable for your employees.
- Shop around. You may have had an insurance plan for a while, but this is a buyer’s market. Insurance companies have to be creative and brokers must know their customers in order to make the best suggestions that fit the industry and company culture. Customizing your insurance plans to the employees tells job seekers their well-being is a priority.
- Offer wellness options. Employee Assistance Programs (EAPs) are one of the best values and most underutilized insurance options offered to employees. Put more energy and emphasis into promoting wellness. Partner with community organizations and health care providers who can offer low-cost or free information, workshops or promotional materials aimed at keeping employees out of the hospital and the doctor’s office.
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A company’s name or reputation can attract talented job seekers. The prestige of working for a Fortune 500 Company is good for the career and resume. But job seekers who survived the recession are more practical. Younger candidates want meaningful work and a better lifestyle. Continuing to offer health insurance, based on whatever classification your company adopts, is a step in the right direction to becoming (or remaining) an “employer of choice.”
Photo source: Freedigitalphotos.net
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