By Mary Barefoot, AgCareers.com Director of HR Solutions
Companies spend large amounts on benefits to help retain and appropriately compensate employees. In fact, better benefit offerings are the number one-way ag companies are currently competing for talent in today’s jobseeker-driven market, according to AgCareers.com’s 2018-19 Agribusiness HR Review. The right balance of benefits is a crucial part of employee satisfaction, and it is more important than ever to get this balance right. In order to provide a more accurate picture of what benefit offerings look like in the ag space, AgCareers.com launched its very first dedicated benefits survey this year in the U.S. Please note that a subsequent Canadian benefits survey is currently planned for 2020, as we aim to elevate awareness and metrics across our agribusiness community. We think you understand the valuable nature of this data but in case you needed a reason to participate in the survey, we’ll give you three.
A large portion of the company’s compensation expenses are paid out in benefits compared to wages. As much as thirty percent or more of employer compensation cost go to expenses other than wages or salary. Benefit program spending, although some large and some small, all add up to large investments for your business. Are you spending too much or too little?
You can’t put a value on some benefits. Nonwage benefits are a huge part of a company’s culture and just another example of how companies try to accommodate and fulfill their employee’s needs. Today’s largest workforce generation, millennials, are very motivated by benefits that directly impact their immediate needs, whether that be flexibility, opportunities for development, or recognition. Do you offer compelling perks ideally matched to your target talent market?
Use data and facts to influence change in your organization. Being equipped with the right tools to reevaluate your employee benefit offering will improve your chances of getting the right mix for your employees. This starts with realizing the true value of each benefit and determining if it aligns with your organizational goals, including recruitment, engagement, and retention strategies. Do you have the right policies and programs in place?
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