The top ten benefits which will help you attract and retain the talent you need

If you want to grow your insurance business right now, you need to be offering precisely the right employee incentives to recruit and retain exactly the talent you need. Ensure you are addressing this – because your competitors are!

Talent acquisition and retention is perhaps one of our industry’s biggest operational challenges in 2022 (and beyond). In a recent survey, almost a third of insurance organisations questioned confirmed that recruiting and retaining staff was one of their top priorities for the next six months. Four in ten had enhanced the package they offer through improved benefits. Your challenge (and opportunity) is discovering which benefits will help you win the war on talent so that your business can thrive.

Benefits and incentives can be financial or non-financial, and there is unlikely to be a “one size fits all” approach. So the key is finding out what your talent pool want – and the answers may surprise you! But don’t worry … we can help!

According to recent surveys, the current top 10 top employee perks are:

Ability to work remotely

In a recent survey, only 3% of insurance firms expect all employees to come back to the office full time so most employers are adopting a permanent model combining remote and office-based work. The overwhelming trend for people moving out of cities is a clear indication of employees’ location preferences. The good news for you is that, thanks to advancements in tech, you now have an even wider talent pool to choose from.

Working from home (WFH) allowance and support

Many employers are offering home workers loans or financial support towards the equipment they need to work effectively and comfortably from home. Others are offering contributions towards utilities, health club membership, and music streaming services. One client sends homeworkers little surprises like snack boxes! Many companies offer to offset or fully pay the cost of internet access for partially or fully remote employees.

Scheduling and work-life flexibility

A 2021 study found that 88% of respondents chose a job that offers a lower salary but more flexible working hours over an opportunity with a higher salary but a fixed schedule. Companies looking to recruit top talent must consider offering some flexibility around hours and location. The majority of employees can now work anywhere and seek roles which will make it easier for them to maintain a healthy work/life balance.

Company culture

If you create a supportive workspace and make coming to work every day enjoyable and motivating, that will help attract and retain new like-minded super-talented recruits. Current candidates want roles which will allow them to connect with colleagues. Many of the most attractive companies are promoting a hybrid corporate culture treating remote and traditional employees equally.

Health and wellness benefits

Along with basic health insurance and physical wellness programmes, you should include mental health services and programmes that will help reduce employee stress. For example, offering access to mental health therapists either in person or by phone, or a wellness app. We work in partnership with a leading wellness provider who can advise you on this aspect of your benefits package.

In-office childcare

Not a perk that all your people will need but a great one for those who do.

Continuing education

A hugely attractive benefit for many talented candidates as it confirms an organisation’s willingness to develop and nurture your people.

Financial wellness

An increasingly common benefit is offering financial counselling and helplines.

Additional insurance

Basic health insurance is a commonplace benefit. Employees now appreciate more comprehensive policies. In addition to health insurance, top candidates are increasingly expecting dental insurance and free eye tests. Also consider special rates on house insurance, for example.

Retirement plans

The soaring cost and plummeting provision of retirement means that companies offering robust and attractive retirement benefits will stand a stronger chance in securing recruits, including the top talent.

We can help

Competitive benefit packages will help you attract a larger talent pool to choose from but you need to tailor each package for the role and profile of candidates you are targeting.

With our wealth of expertise and experience, and our formidable track record in recruitment for the insurance and financial services sectors, we will advise you on the right packages to offer to secure the new hires that will help your business thrive.

Contact us today to discuss how we can help you attract and retain the talent you need. Call us on 01483 668700 or drop us an email: careers@insurerecruitment.com.