Celebrating National Employee Benefits Day!

How HR Can Leverage Total Compensation and Retirement Benefits to Attract and Retain Top Talent

National Employee Benefits Day is a time for organizations to recognize the importance of employee benefits and how they can impact talent retention and attraction. HR professionals play a vital role in designing and managing employee benefits programs that meet the diverse needs of today’s workforce. In a time of quiet quitting, leveraging total compensation and retirement benefits, can help your organization stand out. 

That’s why we’re sharing the importance of employee benefits in attracting and retaining top talent and how HR can optimize total compensation and retirement benefits. We’ll explore the different types of retirement benefits and how they can impact employee engagement and retention. We’ll also delve into total compensation and how it can be used to provide a more comprehensive and competitive benefits package. 

Total Compensation Considerations Are Vital in the War for Talent

Employee benefits are crucial in attracting and retaining top talent in today’s competitive job market. Employees are increasingly looking for more than just a competitive salary – they also want a comprehensive benefits package. As HR Executive reports, the most highly sought-after benefits include:

  • Paid time off 
  • A flexible schedule or remote working options 
  • Paid family leave 
  • 401k (with or without a match) 
  • Professional Development opportunities  
  • Health Savings Accounts (HSA) or Flexible Spending Accounts (FSA) 

This is where total compensation considerations can help your organization stand out from the pack. Total compensation is the sum of all the monetary and non-monetary benefits that an employee receives from an organization. This includes salary, life insurance, stock options, retirement benefits, office stipends, professional development opportunities, and other perks that can help you attract and retain talent. Dynamic total compensation strategies allow you the opportunity to create distinct competitive advantage by leveraging data-driven insights to choose the options that speak to your workforce – and benefit your bottom line.

The Important Role of Retirement Benefits 

Retirement benefits have become a crucial factor in employee retention and engagement, especially after the COVID-19 pandemic highlighted the importance of financial stability. In addition, rising inflation has made long-term savings even more crucial for workers. 

According to a recent consumer research survey, 60% of working Americans are likelier to stay with a company that offers employer-sponsored retirement plans. Organizations have the flexibility to provide a variety of retirement benefits, including 401(k) plans, pensions, and profit-sharing plans, that can significantly impact employee satisfaction and loyalty.

For instance, a 401(k) plan empowers employees to save for their future and can increase their loyalty to the organization. Pension plans can also provide employees with security and stability, improving retention rates. By offering a range of retirement benefits, organizations can show that they value their employees’ long-term financial wellbeing and recognize their unique needs to foster a more loyal and committed workforce. 

Customize a Total Compensation Strategy to Help You Stand Out

At MJ, we understand the importance of a comprehensive and customized Total Rewards program in attracting and retaining top talent. Our integrated approach, powered by our proprietary data analytics platform, APERTURE®, allows us to provide specialized consulting services to help you develop a program that fits your unique needs.

By mixing and matching rewards to suit your organization’s culture, talent, budget, and strategic priorities, we create something that captures attention and demonstrates your appreciation for your employees. With leading-edge analytical tools, we can forecast the impact of your benefits package on your bottom line and design a program that best fits your organization’s and your employee’s needs. 

In today’s competitive job market, a customized Total Rewards program can help you stand out and get and keep the top talent you need to drive business success. To learn more about MJ’s approach to Total Rewards contact us or check out our On-Demand Webinar.

Let us help you create a Total Rewards program that sets your organization apart.