Standing Out: Benefits That Impact Recruitment

The number of Kentucky and Tennessee organizations actively recruiting has increased over the last five years from 80.7 to 96.1 percent. In this competitive market, employers must look to a variety of benefits to stand out. While most companies include time off, health insurance and pension plans as part of their compensation packages, there are other types of benefits organizations are utilizing, such as dependent parent health coverage, tuition reimbursement, child care and relocation assistance.

ìKnowing how other organizations are responding to the crunch for top performers will allow organizations to ensure they are maximizing their companiesí assets,î said Amy Kaminski, manager of marketing programs for Compdata Surveys, the nationís leading compensation and benefits survey data provider. ìWhen reviewing which benefits to offer, organizations should consider who they are most interested in attracting, as each generation has their own set of priorities.î

Eldercare has been a hot topic in the news, as more employees are responsible for the care of an elder family member. In addition to increased duties outside of work, these employees also face financial challenges in providing necessary health care. However, health insurance for dependent parents is offered by only 1.1 percent of organizations in both states, according to the results from the Compensation Data 2007 - Kentucky/Tennessee survey. In comparison, the Compensation Data results showed 13.1 percent of organizations are offering health insurance coverage to domestic partners in Kentucky and Tennessee. This number has more than doubled since 2005, while the number offering health insurance to dependent parents has decreased slightly from 1.3 percent.

The majority of companies, 70.4 percent, offer some form of childcare assistance in Kentucky and Tennessee. Of those, most provide flexible spending accounts, and only a small percentage provides a day care center or offers backup childcare, 2.5 and 1.1 percent respectively.

Two other benefits useful in recruiting are relocation assistance and tuition reimbursement. Relocation assistance for new employees is offered by 81.9 percent of Kentucky and Tennessee organizations, and tuition reimbursement is provided by 90 percent. Of those reporting, 80 percent offer relocation assistance to management and 49.1 provide it to technical/professional employees. In comparison, tuition reimbursement is offered to at least 87 percent of administrative, technical/professional and management employees. The majority, 81.8 percent, also provides it to hourly workers.