How To Attract Talent at Your Boise Business With the Right Employee Benefits
Attracting a loyal workforce is essential for expanding operations, but with so many companies needing workers, employees stand to gain by switching jobs. In fact, the decision to seek better positions has affected the unemployment rate in Boise, Idaho, boosting it to 2.6% as residents look for more appealing Boise employee benefits, higher wages and less toxic work environments.
Meanwhile, the amount of open positions has skyrocketed. According to experts, the ratio of job seekers to postings is 1:2.6. If you want to attract workers in the Boise area, you have to outbid the competition with benefits that make a real difference in employees' lives.
Why Offering Boise Employee Benefits Is Important
Employees may value their employment, but their personal concerns can affect performance. The cost of living in Boise, Idaho, is $2,215, higher than the U.S. average, especially in the housing sector. Even relatively minor problems can cause financial instability:
- Family emergencies
- Health issues
- Vehicle and home repairs
Giving generous employee benefits can relieve financial strain and support emotionally struggling workers. A comprehensive package also signals your investment in your workforce, increasing the likelihood that staff will reciprocate. Job seekers also compare the benefits of prospective employers, so a long list with ample details can net higher-quality applicants.
Which Boise Employee Benefits You Should Offer
Creating a benefits package is a delicate balance of investing in employees without overspending. Our first step is identifying what your employees need. For instance, Boise residents have seen a significant decline in retirement fund value — as much as -9.5% for some. As an employer, you can ease this loss by offering 401(k)s and matching contributions up to a certain amount.
Health insurance is another must-have. Though HealthCare.Gov's marketplace and subsidies have made health insurance more affordable for families in Boise, employers are in a unique position to lower costs:
- Provide funds through a healthcare reimbursement arrangement
- Bargain with companies for lower rates
- Pay insurance from paychecks before taxes
You should also consider employee wellness programs, which can lower medical costs and improve the fitness of your workforce.
Paid time off is another benefit crucial to attracting talent and keeping your employees healthy and engaged. Burnout is a serious concern, especially with staff shortages. Certain high-stress jobs, such as corrections officers, see elevated levels of turnover due to burnout. Offering paid time off allows employees to take a well-needed break to care for their mental health and achieve work-life balance.
Additionally, paid time off ensures staff members don't work while sick because of financial concerns. One sick employee can infect an entire office, lowering productivity and morale. Workers who know they can pay their bills and care for their health are likelier to stick around and contribute to the company culture.