In a competitive environment for engineering talent, companies need to go the extra mile to hire great candidates while retaining their current employees. Of course, salary plays a big role in all aspects of a successful staffing approach, but a robust benefits package also matters to top engineers. In fact, many millennials working in technology prefer certain benefits over compensation.
Here are a few insights into why a great benefits package matters when considering what perks the best engineers want from their employer. Use this information to ensure your company finds success when it comes both the hiring and retention of great engineering talent.
A Robust Benefits Package Helps Attract and Retain Engineering Talent
When one of your best engineers leaves for another organization, the costs incurred in replacing them aren’t cheap. In fact, a recent study noted companies pay upwards of 21 percent of their annual salary when hiring someone new. Much of this outlay is taken up by an overall loss in productivity as well as training their replacement.
This hard fact makes retaining your current team an essential part of business success. Consider adding a few generous perks to your company’s benefits package, including a fully insured health insurance plan. While expensive, it’s an approach sure to help retain your existing engineers while attracting others to join your firm.
A Wellness Program Focusing on the Health of Your Staff
A proactive approach towards the health of your engineering staff saves insurance costs over the long haul while also increasing productivity through the reduction of sick days. Organizations lose over $1,600 in costs due to employee sick days on an annual basis. Even employees who still come into work when sick cause issues by working in a less-than-optimal manner while spreading illness.
Ensure your business’s health insurance plan uses a value-added model to encourage preventative care; allowing your employees to take charge of their well-being.
A Philanthropic Approach to Community Builds the Company Culture
Engineers, especially those from the millennial generation, want to work for a company that makes a difference in their community. Investing in philanthropic activities in your area is the kind of indirect benefit sure to help build a positive office culture. It’s an approach that rewards your organization in a myriad of ways, including an improved retention rate.
If you need advice on building and retaining a great engineering team, talk with the experts at Venteon. As one of the top technical staffing agencies in the Midwest, we know great candidates that want to make a difference for you. Schedule a meeting with us soon.
