07 Jun Is Your Benefits Package Attracting or Repelling Good Candidates?
For many of us, employees are one our greatest business expenses, if not our greatest expense. The hiring and training process for new employees is also quite costly for any business, meaning employee retention should be as great a concentration as ensuring you are bringing on the right person from the start to join your staff.
Salary is certainly an important consideration for both parties during the hiring process. Salary, however, only accounts for part of the total compensation package. A company’s benefits package is an important element candidates take into consideration when deciding where to work.
Private practices certainly cannot compete with the robust benefit packages often offered to hospital employees. However, it is important to have an understanding of how your benefits package compares to that of your competitors, especially if you’re having a hard time attracting and/or retaining valuable staff.
Some items to consider:
- What type of medical coverage to you offer? Do you offer a variety of plans that provide comprehensive coverage? What portion of the cost do you cover for your employee? For their family?
- Do you offer dental and vision plans?
- How much paid time off do you offer and how do you structure this benefit (do employees accrue time throughout the year, are they allowed to carry over unused time, etc.)?
- Do you offer a retirement savings plan? If so, is it a profit sharing plan or do you have a program for matching your employees’ contributions up to a certain point?
- What other benefits might your employees find valuable?