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Your business needs great employees to grow, yet the present talent shortage highlights the necessity for effective employee recruitment and retention strategies. A group benefits plan can be a highly effective recruitment and retention tool for employers.

There are many methods to make a business more appealing, and here are three reasons why a benefits package can help you attract top talent.

Benefits Show You Care

A strong benefits package is a great way for a business to demonstrate its care for its employees. When employees feel valued, they are more satisfied with the job, committed to their employer, and motivated to produce quality work.

A prospective hire will get a sense of the workplace culture through the company’s benefits package. Promoting wellness improves morale and promotes a great workplace culture, something that individuals are starting to value more when looking for a company to work for.

Benefits Can Provide More Value Than a Higher Salary

The premiums paid by the employer for a benefits plan are often a tax-free benefit to the employee, unlike an increase in pay that is subject to income tax. When the employee uses their benefits, they can cover costs that would have normally been paid for with their after-tax dollars.

On top of tax efficiency, having expenses covered that would have otherwise been paid for out of pocket contributes to financial stability for an employee. This enables individuals to ensure their and their families' well-being without jeopardizing their financial situation.

An employee who has previously received benefits from an employer is likely to be aware of the value they offer and will appreciate their significance within the overall compensation package.

Not Every Business Is Offering a Benefits Plan

Similar to how a business could scan through the resumes of potential employees looking for specific skills or qualifications, a job seeker might scan job advertisements looking for a business that provides a benefits package. Top talent may not even consider working for your company if you don't have a benefits plan in place.

Having a group benefits plan helps your business stand out from the competition.

To learn more about an employee benefits package, speak to an HMA advisor today. We are happy to help.