Power of Benefits - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #109

Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent

The new HR Benchmark Report is in! With over 1,000 businesses surveyed, the report aims to correlate HR best practices and revenue growth by asking binary questions about whether or not firms follow certain HR practices. Here to share insights is VP HR Compliance and Learning and Development at Asure Software, Mary Simmons!

Mary joins Mike Vannoy to dive into chapter 2 of HR benchmark. Mary explains the different qualifying events, the regulations for notifying an employee, and who COBRA applies to. They note that while salary is crucial, competitive benefits and a supportive company culture are equally significant factors in driving employee satisfaction, productivity, and long-term business success.

Takeaways:

• Many benefits, including health insurance, PTO, and retirement plans, are crucial for attracting and retaining employees. While salary is important, benefits often play a significant role in employees' decisions to join or stay with a company.
• Mary and Mike show how benefits are highlighted not just as an attraction tool but also as a retention tool. The data suggests that good benefits can significantly enhance employee loyalty and reduce turnover, especially when employees value the benefits provided.
• Mary underscores the significance of creating a supportive culture through wellness programs, guest speakers on health, and initiatives like gym memberships or nutritional advice. Such efforts foster a culture of accountability and care, which can enhance employee morale and retention.
• The discussion also touches upon retirement planning as part of financial wellness. Mary notes the increasing interest among employees, especially younger generations, in retirement planning and the role of employers in facilitating 401k plans, which can enhance attraction and retention of talent.
• Mike and Mary discuss the compliance challenges employers face with benefits, such as ACA requirements and inconsistencies in benefit offerings. Mary stresses the importance of consistency in benefit policies to avoid legal issues and maintain a positive company culture.
• Mary concludes by emphasizing that benefits are not just about compliance but are critical for attracting and retaining talent. Employers should benchmark their benefits against competitors, communicate them effectively, and ensure they align with employees' needs and expectations.

Quote of the Show:

• “If there's a war for talent, how do I get that talent? It looks like everybody's looking for benefits. It's the best way to attract and retain the best talent.” - Mary Simmons

Links:

• LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/
• Company Website: https://www.asuresoftware.com/

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj
• Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976
• Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null
• Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c
• Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
• Transistor: https://missiontogrow.asuresoftware.com/
• YouTube: https://www.youtube.com/@AsureSoftware