In a recent Talencio article, “This Is Bunk,” we tackled the misconception that talent in Minnesota’s Health Technology industry is in low demand and high supply. In reality, it’s the other way around – per capita, Minnesota is the largest Health Technology market in the world. We anticipate that the upcoming talent shortage will force many companies in Minnesota and beyond to find better ways to attract and retain talent within their workforce. Companies which develop the right benefit program gain a definite competitive edge in securing and keeping the right talent. But just what does it mean to build the right benefit program?
1. Communication
This should be the first step to build to right benefit program. Even the most extensive list of benefits will fail to attract and retain talent if companies don’t communicate those benefits to prospective talent and current employees. Recent data from the Society for Human Resource Management indicates a consistent disparity between the benefits employees think their company provides versus the benefits the company actually provides. Takeaways: communicate company policies in-person and ensure that benefit policies are clear.
2. The Basics
Not all benefits are created equal. Basic benefits such as health insurance, paid leave, retirement plans, or insurance coverage other than health insurance are usually offered for a reason – according to Gallup’s 2017 report on the “State of the American Workplace,” most employees are willing to leave to a new company for an improved version of one of these basic benefits. Companies neglecting to include any version of these benefits at all may struggle to attract talent and keep employees from opting for another company. Takeaways: build benefit programs from the basics up; offer paid vacation before building an on-site gym.
3. Know Your Workforce
While the basic benefits serve as good foundations for nearly any company, knowing what other benefits to implement requires knowledge of your specific workforce. Gallup’s report found that benefits are generation-dependent, as Millennials are more likely than Gen Xers and Baby Boomers to leave to a new company for better benefits which support familial and educational development, such as paid maternity and paternity leave, student loan reimbursement, child care reimbursement, and tuition reimbursement. Even generally, Millennials are more likely to change jobs for better benefits. Takeaways: customize a benefit program with your specific workforce in mind; think quality over quantity.
4. X-factor: Flextime
Gallup’s report singled out flextime, the ability for employees to have some choice in the time of day they work, as a distinguishing factor between benefit programs. Flextime isn’t a basic benefit because most companies don’t offer it, yet the majority of employees say they would change jobs for flextime – 44% of companies offer it, yet 51% of employees want it. As a result, companies offering flextime as a benefit can immediately distinguish themselves from other companies without resorting to a smorgasbord of pricey perks. Takeaways: consider flextime as a benefit if it fits within your company’s structure; focus on benefits related to flexibility.
About Talencio: We help the Health Technology community make progress by putting the right people in the right place to solve problems and identify opportunities to move humanity forward. To learn more about opportunities in the health technology field, or to hear how other companies have partnered with Talencio to tap into our skilled professional talent pool, contact us at 612.703.4236 or email. Talencio has been the preferred provider of vetted, accomplished professionals to the Health Technology Community for over 9 years.
Written by: Jonah Mische, Talencio intern and student at Davidson College, Davidson, North Carolina.
Source:
State of the American Workplace, Gallup