Question:
What are the elements of a competitive benefits package today?
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Answer:
If you’re getting folks in their 20s to 40s to apply for your vacancies, maybe they’re not excited about retirement packages; maybe they’re more focused on tuition reimbursement than candidates in their 50s to 70s. Hiring managers need to understand what makes applicants tick and customize the benefits package for what will motivate them.
These days, you’ve got to have health care—that’s a given. I think having predictable hours matters; if you can post a schedule two weeks in advance, it’s a draw. You’re going to have to have sick time—it’s mandated in cities like New York—so, let’s partner with employees and not create situations where they’re forced to lie or come in when they’re ill. Some employers refer to it as “personal time,” which employees can use any way they want—whether they’re sick, their child is sick, they have a doctor’s appointment or something else—they don’t have to feel guilty.
Budget is a factor, of course. Sometimes it makes sense to offer less in pay but give a wider span for growth. Don’t bring a new hire in at the top of a range. Give them opportunities to have 2 percent or 3 percent increases every year to keep them motivated to stay with you.
There needs to be some kind of a career ladder built in to keep your employees stimulated, because once they get to the top of the ladder, they’re looking elsewhere.
-Lynne Eddy
Associate Professor, Business Management
The Culinary Institute of America