Many employers might think that they know exactly what it is that workers are looking for in terms of compensation – a salary. This leads organizations to overvalue the dollar amount on their paychecks and severely undervalue the breadth and depth of employee benefits that they offer their personnel. This is a grave mistake that should be avoided at all costs.
Benefits are likely to be one of the most important considerations that applicants make in any field. After all – staff members could always get second jobs or more lucrative salaries simply by perusing the want ads. However, excellent health insurance, matching 401(k) funds and other forms of reimbursement don't appear every day. Consequently, most potential workers are likely going to be willing to take slight to substantial pay cuts in order to receive a robust package of benefits.
Consequently, employers need to carefully strike a balance between the benefits that they offer and the salaries that they provide. It is very easy to believe that a company is successfully weighing the two when they're in fact paying far too much for one as opposed to the other. Seek the services of an employee benefits consultant to make sure that compensation packages are well-conceived and will attract the best candidates possible.
