‘Benefits Technology’: Your Secret Weapon for Winning the Competition for Top Talent
Between the ongoing disruptions of the pandemic, the Great Resignation, and increased market competition, the battle for top talent is intensifying. Resort operators are looking for new and innovative approaches to attract candidates, and once they have them, nurture their loyalty to avoid turnover.
Employee benefits are a key part of this shift. Though benefits have always been part of a competitive compensation package, what benefits are offered and how they’re administered is changing and that’s where ‘benefits technology’ comes in. The right solution can streamline the onboarding and administration processes and broaden the benefits offerings to make your company stand out to the best candidates.
Establishing an Employer Brand
Employer branding is in sharp focus in the battle for talent. An employer brand is distinctly different from a product or service brand and highlights how a company appeals to employees and job candidates. It allows job applicants to understand the culture, vision, mission, and values to determine if it’s a good fit.
‘Benefits technology’ is an important part of showcasing your employer brand in attractive formats. It highlights the unique benefits package and enhances the resort company’s image, showing your prospective hires that you’re invested in their experience.
Reducing Human Error
Your benefits and HR technology isn’t just a help to your job candidates, but to your HR department. With the right tools in place, your HR professionals can work more efficiently and avoid common issues like human error with paperwork that can impede the recruitment process and create legal problems.
By automating manual processes and data entry, using ‘benefits technology’ ensures your employee information and calculations are accurate, your company comes across as professional, and it prevents costly mistakes. It also frees up time for your HR professionals to focus their attention on the mission-critical aspects of their day-to-day work, such as cultivating relationships with prospective employees and maintaining good relationships with existing staff.
Related: How to Use Social Networks to Attract Top Talent
How Does ‘Benefits Technology’ Improve Employee Retention?
With the cost per new hire is about $4,000, it’s more cost effective to retain existing employees than focus on hiring new ones. ‘Benefits technology’ is an important part of the retention process and offers tools to keep employees engaged and loyal.
Streamlining Benefits Enrollment and Management
‘Benefits technology’ streamlines the benefits enrollment process. Using a centralized platform, employees can easily access and enroll in benefits without the stress and frustration that often come along with the experience. Employees can learn more about their options and take full advantage of the benefits available to them.
For example, employees may have major life changes that impact their benefits package, such as marriage or a new baby. Giving them flexibility in the benefits management process makes the experience quick and painless, helping with retention.
Related: Solving the Employee Benefits Puzzle
Encouraging Employees to Use Benefits
Benefits are a significant expense for your organization. Based on data from the U.S. Bureau of Labor Statistics, benefits account for 29.6% of the average cost per employee, which is about $11.42 per hour. Employees pay into their benefits as well, so if they’re not using them to their fullest, both parties are wasting money.
With clear benefits communication channels and interfaces, using ‘benefits technology’ can encourage employees to make the most of their benefits. They understand what’s available to them and have access to tools like notifications for preventative health screens, wellness trackers, and educational tools.
Ensuring Employee Well-being
Keeping employees satisfied and engaged is a big part of retention. Employees want to know their employer is invested in their health and wellbeing, which can be helped by using employee benefits technology.
These solutions should offer tools to enhance employee wellbeing, including mental health resources, telehealth services, comprehensive wellness programs, and financial planning tools. There should also be customizable tools to provide tailored wellness recommendations according to each employee’s individual needs.
Setting Your Brand Apart
‘Benefits technology’ is important for attracting top talent, but it plays a big role in setting your brand apart and cultivating loyalty. With a well structured platform, you can offer more innovative benefits packages that address your workforce’s evolving needs and demands.
In addition, benefits technology allows your company to continuously improve and tailor benefits packages based on market trends, emerging research, and employee feedback. In turn, your employees will be more loyal to your company and understand that you have their best interests in mind, discouraging high turnover.
Win the Battle for Talent
As the job market heats up, resort companies need to take innovative approaches to stand out. Relying on benefits technology is an important tool for companies looking to attract and retain top talent with customization, transparency, and simplicity.
Author Bio:
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm (https://getebm.com) a leading provider of employee benefits solutions, Frank has built the business by bridging the gap between insurance and technology-driven solutions for brokers, consultants, carriers, and employers nationwide.
