How to Offer a Competitive Benefits Package in Minnetonka

What’s the secret to hiring top-level candidates and retaining your best workers?  

The answer may not be immediately obvious, but neither is it an unknowable mystery. Research shows that the secret lies in offering a strong, competitive benefits package. 

Here’s how to build a package that attracts top talent and encourages your best performers to stick with your company. 

Think “Package,” Not “Salary” 

It’s true: Many job candidates compare salaries when they’re comparing job offers. As a result, many companies spend most of their time focusing on salary when crafting a compensation package. 

The best candidates, however, look deeper than the dollar amount on their paychecks. They want to be paid fairly, but they understand the value of offerings like health insurance, retirement accounts, and work-life balance supports like vacation time and flex work.  

To reach these candidates, think about the entire compensation package, not merely the paycheck.  

Think “Competitive,” Not “Expensive” 

The top companies in every industry have the resources to offer the most expensive benefits packages. When it comes to compensating your top talent, however, “most expensive” and “most effective” are not the same thing. 

A competitive compensation package responds to the needs of the worker as a human being, not merely as a cog in the machine of the business. Competitive compensation includes items that help reduce a worker’s outside concerns, so they can focus on the job while they’re at work.  

Offerings like healthcare, child care, telecommuting, tuition reimbursement, and even gym memberships make it easier for these workers to give one hundred percent to the job during work hours, confident their other responsibilities are covered. 

Think “Attract,” Not “Acquire” 

It’s easy to think of the hiring process as the act of acquiring new talent. When it comes to compensation, however, think about how you can attract top candidates by selling the benefits of your benefits package. 

To sell your compensation offering, don’t apologize for or dwell on weak points, like a lower salary. Instead, talk up the benefits of the package as a whole, like its ability to support a strong work-life balance or help workers continue their education.  

Looking for outstanding talent in Minnetonka? At THE RIGHT STAFF, LLC, we specialize in connecting our clients to some of the best job candidates in the region. For help setting up a competitive benefits package and communicating its value to top candidates, contact us today.  

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