Paytient SVP discusses importance of benefits, company culture, DEI
This article is provided by Paytient.
Has finding and keeping top talent been a challenge for your company lately?
Guess what? It’s not just you! It’s tough sledding for everyone right now.
A CNBC survey from 2021 puts the struggle into perspective: While more than 10 million jobs were available at the time, 31% of small business owners participating in the study said their openings had gone unfilled for three months or more. The COVID-19 pandemic undoubtedly contributed to these struggles in the employment landscape, but there’s more to this situation.
Employees are reading the room and embracing the leverage they have. It’s a large part of why 4.2 million U.S. workers quit their jobs in August 2022, the latest installment in the ongoing trend known as the Great Resignation. Some folks left to pursue other interests, while others were simply burnt out. Regardless, the result is countless companies left scrambling for help.
Given these circumstances, companies in every industry are putting a renewed focus on minimizing attrition and attracting potential new hires. But what’s the best way to accomplish both tasks? Spotlight the unique things you offer to employees while providing valid reasons to join or stay on your team.
Employees fuel your organization — without their drive and expertise, your company’s vision and goals can struggle to materialize. Finding the necessary pieces to bring it all together is no small feat, but it’s also completely within your reach.
Improve your employee recruiting and retention efforts by focusing on these four areas:
1. Boost Your Benefits
Are your employees eligible for a lot of paid time off? Do you offer hybrid working options? Do your healthcare, dental, and vision insurance partners have employee-friendly offerings?
That’s great, but remember that your competition is probably doing the same! If your company’s benefits aren’t providing you with a competitive advantage, look for ways to change that. After all, 50% of those questioned by Yoh said they would leave a job for one with better benefits. And in terms of retention, a recent Willis Towers Watson study found that 78% of workers stay with a company because of its benefits.
Make auditing your benefits an annual occasion — just like spring cleaning! Are you in a position to offer employees tuition reimbursement? Can you increase your 401(k) matching? Can you provide a benefit that helps your team members better access and afford healthcare? Look for existing gaps in the market that your benefits package can address to engage or attract talent. This strategy can illustrate that you care about your employees as people and professionals.
2. Craft a Top-Notch Culture
Many companies treat culture as a buzzword — for better or worse. But that doesn’t make it any less significant when it comes to your employee and candidate engagement strategy.
Build a company culture that your team can’t stop raving about. When you create a working environment that your team is excited to share with others, they will be happy to spread the word. That enthusiasm will translate to positive word-of-mouth and potential employee referrals.
Like your benefits, culture isn’t static; it should never be a finished product. Explore new ways you can make it more welcoming and appealing. Employees spend roughly one-third of their lives working, so making it an enjoyable and shareable experience can produce employees who are ready to go to bat for you and candidates who are eager to see what all the fuss is about!
3. Continue to Prioritize DEI
What’s the makeup of your team? Are everyone’s experiences and expertise varied, or are they all coming from the same place? If the latter is true, try taking a hard look at your diversity, equity, and inclusion practices to see whether you can do more.
And here’s an interesting wrinkle: The solution doesn’t begin or end with what types of candidates you pursue. Does your company give off a diverse, accepting, or accessible vibe to prospective talent? Because job seekers can pick up on that, and they will adjust accordingly.
Beyond the overall vibe of your company, you’ll also want to consider the inclusiveness and equity of other aspects of your organization — including your benefits. Instead of the standard offering, work with partners who can bolster your benefits and give folks access to the help they need. Talk is cheap, and current and future employees will be more receptive to your company if you put your money where your mouth is.
4. Express Your Appreciation and Gratitude
We all want to feel appreciated in one way or another. Some of us value kind words, while others prefer something more tangible. Whatever your approach, offer employees something that shows their efforts haven’t gone unnoticed.
Cash bonuses and surprise days off are solid perks, but don’t stop there. Appreciation can include connecting employees with learning and development opportunities or inviting them to share their experiences or insights in high-level discussions. That appreciation should also extend to making sure everyone within the organization feels seen and heard.
The current hiring landscape can be tricky for companies to maneuver, but navigation isn’t impossible — you just have to have a sound strategy ahead of time. To ensure a smooth journey for your company, focus on providing benefits, culture, and inclusivity that engage current and potential employees while leaving everyone feeling appreciated.
Allen Pease is the senior vice president of employer sales at Paytient, a company on a mission to help people better access and afford care.