How can you make your employee benefits more competitive in the global talent market?

To enhance benefits competitively, it's crucial for recruiters to conduct in-depth intakes with new hires, focusing on their previous company's benefits. This information should be shared with the Total Rewards team, especially before Open Enrollment, to align with current trends. Additionally, the Talent Acquisition (TA) team's insights are invaluable in identifying emerging benefits trends. Don't overlook exit survey data either; it can reveal vital insights into what past and current employees value and need in their benefits package, guiding more informed decisions.

It is important to complete research to better understand what you’re varying employee populations desire from a benefit standpoint. This includes components beyond compensation.

If you work with remote or hybrid teams, don't overlook the opportunity to customize remote and hybrid work benefits. This could include home office stipends, flexible working hours, or support for coworking spaces, catering to the needs of a geographically dispersed workforce.

When communicating your benefits to employees, make sure you are clear and offer a reliable point of contact for any questions that arise. Consider utilizing a variety of communication pieces to convey the messaging, as well as email and text. You will want to have a multi prong communication approach to conveying this information.

Effective benefits communication is pivotal. Global Talent Acquisition (GTA) teams must excel in positively selling the total compensation package, highlighting benefits as a key differentiator. They should be well-versed in the nuances of benefits, able to articulate their value compellingly to candidates. Integrating success stories or testimonials in communications can also personalize the impact of benefits. Regular training for GTA teams on evolving benefits and market trends ensures they communicate confidently and accurately, enhancing the employer brand and attracting top talent.

Aligning benefits with the company’s culture and values are such a great way to confirm the “Why” behind why people are drawn to the company. Ex: health companies that offer more health and fitness benefits such as gym membership coverage. Family focused companies that opt for more flexible paternity/maternity leaves. These types of focused benefits allow the company to differentiate themselves and attract more employees with similar values, ultimately leading to increased retention.

If your company is focused on ESG initiatives, a great opportunity to make your benefits package more competitive is to point out the appeal of benefits related to corporate social responsibility and sustainability. This could include volunteer days, company donation matching, or initiatives supporting environmental sustainability. Such benefits are usually well received, especially by employees who value corporate ethics and social responsibility.