HR Solutions: Key insurance plans |amp| benefits for successful recruiting

The job market will remain tight for up to 20 more years, even though a bit of fresh air has arrived from recent layoffs. Companies that survive will ensure that insurance plans and benefit programs attract and keep quality hourly and salaried candidates.

Primary benefits

Entry-level workers mainly seek benefits in four primary areas:

First, the majority of job seekers assume that medical and prescription drug plans will be offered.

This is especially true of single mothers and parents with children. If your business has elected not to provide this coverage due to the financial burden from ever-increasing costs, consider raising the hourly rate you normally pay, giving the employee the ability to purchase his or her own insurance.

Some applicants, especially single males and newlyweds without children, might want cash instead of insurance. Furnish an option of an increased hourly rate in lieu of enrollment in your health insurance plan.

Insurance options typically not coveted by entry-level staff include dental, vision, life, accidental death and disability, short- and long-term disability, and long-term care.

Second, furnish raises quarterly or semiannually as financial incentives for candidates to accept and stay in the job. Team members at this level usually prefer cash in hand over long-term financial perks such as retirement plans, stock options, prepaid legal plans and personal financial planners.

Third, contemplate quality of life benefits encompassing on-site child care, reimbursement of child care costs, casual dress days, company social events and community service projects.

Fourth, hourly and salaried associates alike crave as much paid time off as possible. At a minimum, provide time off for sickness, holidays, funerals and vacation. The number of vacation days allowed should correlate with the length of service. Most organizations furnish five days for one year of service to 20 days for 20 years of service.

Additional perks

In addition to health insurance, prescription drug coverage and paid time off, professional management-level staff seek additional perks in three principal areas:

First, insurance is desired in the realms of life, dental, vision, accidental death and disability, short- and long-term disability and long-term care. This level of employee assumes 100 percent of the premiums will be paid by the employer for his coverage and the bulk of the premiums for family coverage.

Second, yearly salary increases based upon merit are considered the norm. These jobholders also expect bonus or profit-sharing programs. Other financial benefits anticipated consist of retirement plans, stock options and education reimbursement.

Third, regard quality of life perks as icing on the cake.

Contemplate elder care assistance, a wellness facility, massage therapists, housekeeping services, special perks from banks and counseling support in the areas of fitness, nutrition, child care, stress, grief and elder care.

A complete insurance and benefit package definitely draws and retains hourly and salaried workers. Since organizations vary, conduct an employee survey to determine the specific benefits your staff will select and begin building a sound benefit program today.

(Lynne Haggerman is president/owner of Haggerman & Associates, a retained search, outplacement, management training, and human resources consulting firm.)