What Top Talent Really Wants

As business leaders struggle with rising expenses that are eating into profits, attracting top talent in a tight labor market can seem unsurmountable.

After all, how can you give the best job prospects the salary they want, when you’re already dealing with tight margins?

The answer: Don’t let the salary numbers alone do the talking. Although offering competitive pay undoubtedly is important, holistic employee wellness and a strong company culture can make your business stand out to prospects who are looking for their jobs to be more than just a paycheck. They can also help you keep the good employees you already have.

“Your employees are one of your most important assets, and how you approach benefits, including a holistic look at wellness, has potential to play a big part in how you fare in the talent race,” explained Nathan Guerrero, an employee benefits consultant at BOK Financial Insurance.

Evaluating Your Wellness Philosophy

When evaluating your company’s benefits program, consider how your company is responding to the needs of the whole person that is coming to work, Guerrero suggests. “Employers have different philosophies around wellness, with some simply focusing on health care, while others apply that term more holistically to consider how they can create the healthiest employee population possible.”

Whether it is wellness challenges or access to financial education tools or internal mobility programs to encourage career development, culture and leadership play a big part in the benefits picture—and in attracting top prospects and retaining quality employees.

“It’s also really important for employers to try to get an understanding of the breadth and depth of the challenges their employees are facing,” said Laura Bartlett, an institutional wealth senior business development officer at BOK Financial. “Employees are often financially stressed, and their workplace may be the only place they get access to financial education. Financial stress is a productivity reducer in the workplace.”

Financial challenges can be crippling for employees, often creating distractions that take them away from doing their best work, agreed Brandy Marion, an institutional wealth education manager at BOK Financial. “We see the stats in action—time and time again we speak with individuals who are scared or overwhelmed by what their financial future holds,” Marion said. “A well-designed financial wellness program, with consistent opportunities for employees to take control of their situation, can change lives.”

Highlight Your Benefits

Once your business has a holistic employee wellness program in place, the next step is conveying it to current employees and prospects through a clear benefits statement—an element missing at many employers.

“Some organizations are offering a comprehensive benefits package, but they aren’t presenting it well,” Guerrero said. “Especially in a tight labor market like this, you need to educate prospective employees on the full picture—and you need to consistently remind your current employees about how you’re supporting them through a robust benefits package.”

This is a key area to highlight company culture components as well, he noted.

“Companies need to be thinking about ways to say ‘we want to hire you’ through benefit offerings,” Bartlett agreed. “Can you eliminate waiting periods or shorten the eligibility periods? It’s really attractive to a prospective employee to get on the health insurance plan or enroll in the 401(k) and get a match right away.”

What Drives Your Company

In addition to holistic benefits, company culture also plays a key role in attracting and retaining good employees, according to Guerrero. “I really dig in to understand what our clients’ company values are, what they pride themselves on and get a sense of their ‘why,’” he explained.

Every organization’s priorities are different. Does your company embrace internal mobility and employee development, or is a social environment an important element of what makes you a unique employer? Maybe your values emphasize community engagement and consistent volunteer service, or maybe supporting parents through childcare programs is a differentiator.

Determine and define your company’s core values, then make sure your company’s priorities and culture are reflected in your benefits strategy.

These elements help define your company—and the types of employees it attracts and retains.

BOK Financial prepared this checklist of items employers might consider to take a holistic approach to wellness.