If recruiting strong candidates to your growing business seems more difficult than in recent years, it is. And you are not alone.
Consider these statistics:
– Wisconsin’s private sector unemployment rate is at an all-time low of 3 percent
– Millennials are flooding the workforce and will comprise 75 percent of it by 2025
– Salaried and waged employees spend an average of 4.2 years with one employer
– 42.5 percent of employees say they change jobs for better compensation and benefits
The millennial mindset
This means that the job candidate is in the driver’s seat. And, they are most likely carefully analyzing multiple job offers before selecting a company that is a fit with their current needs and future growth goals.
Millennials have valid concerns about the changing nature of the workplace, so when it comes to health benefits, they are often well versed in deductibles, pre-existing-condition clauses, and co-pays. They also want to see where the company or industry is going, especially in disruptive fields where job security and growth can change on a dime.
Compete with the best of them
For small businesses to compete, owners, HR managers, and recruiters need to develop more flexible and adaptive benefits packages, especially if they don’t offer major medical. Incremental pay increases and supplemental benefits packages can be offered companywide or tailored towards specific positions within the company. Sound overwhelming? With the right benefits partner, it never has to be.
Following are a few benefits that millennials are attracted to at this stage in their life. Remember, if you have a good package to offer, be prepared to prove it to them in depth.
1. Dental and Vision – The cost of wearing contacts or maintaining eyeglasses adds up over the course of the year. Finding relief in co-pays, deductibles, and discounts on vision-related services is money in the pocket of a millennial. Dental coverage is important because although preventive exams are affordable, cavity fills, root canals, and orthodontics are not.
2. Accidental Protection – While a healthy millennial may question how the monthly premium for major medical is money well spent, they do understand the financial burden an accident can cause, especially if they will lose wages and gain medical bills in their recovery.
3. Maternity – Millennials starting a family would appreciate affordable coverage throughout pregnancy, labor, delivery, and newborn care.
4. Short-term Disability – Whether it’s unplanned or used during a maternity leave, short-term disability is a must to protect employees when they are unable to work.
Herus Group wants you to succeed in not only attracting potential job candidates, but retaining them for the long-term in a mutually beneficial manner. The best part of these benefits is that they can come at little to no cost from you. Call us today to learn more about what we can do for the future of your business.