What Can Employers Do to Attract and Keep Employees?

The current labor market is creating multiple hiring challenges for employers in New Hampshire and around the US. If you need to add personnel, here are some of the most effective ways to attract and keep employees.

happy employees!

What Are the Best Ways to Keep and Attract High-Quality Talent to My NH Business?

Are staffing issues interrupting your business?  If so, there are steps you can take to attract new employees to your operation and keep valuable ones from being lured away.  

Offer Employee Insurance Benefits

An effective way to attract employees at many different skill levels is to offer various insurance benefits. There are multiple insurance benefits that generally can be offered:

  • NH Group Health Insurance: Group health insurance is often the most crucial benefit employers can offer. With medical care costs ever-increasing, NH health insurance is a huge benefit that can attract and keep employees at a job.
    This is especially true for business owners that offer benefits in fields not typically known for providing benefits, such as restaurants, hair salons, and contracting work.

    HPM Insurance offers group health insurance, and we have seen a significant increase in the number of employers providing such an important benefit to their teams.  Don't assume that a group health insurance plan is too expensive, as an experienced health agent can customize the plan to meet the needs of both you and your employees by helping you select a plan, co-pay, and deductible options.

    An indirect benefit of offering health insurance is that those with health insurance are more likely to seek preventive care such as annual check-ups and medical attention when not feeling well.  This can lead to less illness overall and decrease the number of times employees are out sick.

  • Dental Insurance: Dental insurance is another benefit that many employees value. It's one that people frequently can't get or afford on their own and something that everyone can use.  But, again, don't assume that this is a benefit your business can not afford, as pricing may surprise you.

  • Vision Insurance: Vision insurance is akin to dental insurance in that many employees value it, few people get individual policies, and it’s widely useful. 

  • Life Insurance: Many employers offer life insurance to their employees because it is a relatively inexpensive benefit and provides peace of mind to employees and their families.  It can also help boost total compensation value. 

The premiums for insurance benefits like these can often be managed by splitting premiums between employers and employees.

happy employeesOffer More Paid Time Off

An alternative to paying employees more for their work is to allow them to work less for the same pay. For example, offering more paid time off (PTO) gives employees more days to spend enjoying family, friends, hobbies, and whatever else, and it doesn't add anything to your business's costs.

This may be a good option if your business has seen a slowdown. Even if you only temporarily offer more PTO, the perk could help attract new employees while reducing labor only during the slow period.

Give More Flexible Scheduling Options

If you don't want to give employees more paid time off, you could instead give them more flexibility when they work. Flexibility may come in many forms, such as adjustable work hours, 4-day work weeks, hybrid remote/office work, or unpaid time off.

This can be another good option if your business has a slow season. Employees may appreciate the flexibility, and you may reduce labor costs.

Improve Retirement Benefits

Retirement benefits are often a vital component of skilled employees’ compensation packages, and most employees at this level will understand the importance of improved benefits. 

If your New Hampshire business currently offers a 401(k), increasing (or offering) an employee match can significantly improve the value of such a plan. Additionally, this can be shared with all employees, but only a portion will take advantage of it. Therefore, the total cost of this strategy might be lower than increasing other compensation.

Additionally, there are other ways to improve retirement benefits without increasing a match. Roth 401(k) plans can be offered in addition to traditional 401(k)s, and these accounts can be linked to brokerages so that employees have more investment options. Small businesses might consider offering a SIMPLE IRA rather than a 401(k).

Increase Monetary Compensation

The most obvious way to attract more job applicants is to increase employees’ monetary compensation. More compensation may come in the form of higher wages, additional bonuses, more commissions, profit sharing, stock commissions, or another form, depending on employees’ positions and pay structures.

Although the most obvious, increasing monetary compensation isn’t something that every business can afford. 

Get Help With Insurance Benefits in New Hampshire

For help exploring insurance benefit options that your business could offer employees, contact the New Hampshire insurance agents at HPM Insurance. Our independent agents are well-versed in insurance benefits, and we’ll help you explore the various benefits that your business might offer.

Possibly related posts: