Employee hiring and retention remain critical challenges across industries, including real estate. As the labor market evolves, employers must shift their perspective to meet the changing needs of employees and design benefits accordingly. For real estate businesses aiming to attract and retain top talent, offering comprehensive employee benefits such as health insurance and retirement plans is an effective strategy.
Understanding Employee Needs
To successfully recruit and retain employees, real estate organizations must first understand what their workforce values. Rethinking the employee value proposition — the organization’s rewards, values and recognition strategies — can set the foundation for meaningful engagement.
Unlike in the past, today’s employees have a broader vision of work and rewards. To align with this, employers can conduct persona analyses tailored to the real estate sector. These analyses provide insights into employee preferences, enabling businesses to customize benefits packages that resonate with their workforce.
Modern employees expect personalized approaches to benefits. A staggering 82% of employees want to be recognized as individuals rather than just workers and seek support that extends to their personal lives. To compete in today’s talent market, organizations must shift away from a one-size-fits-all model and instead offer tailored benefits that address both professional and personal well-being.
Offering Value Through Benefits
Health Benefits: Employees are less likely to enroll in voluntary limited medical plans if they perceive little value. For such plans to be effective, they should provide easy access to care, cover preventive services (including mental health) and address gaps in existing healthcare options. Offering telemedicine services can also enhance accessibility and convenience, catering to employees’ busy schedules.
Retirement Plans: Retirement benefits, such as 401(k) plans, are powerful tools for recruitment and retention. These plans incentivize long-term employment, particularly when paired with employer matching contributions. Employees who see their company invested in their financial future are more likely to remain loyal and committed to their roles. Additionally, 401(k) plans offer tax-deferred growth, making them an efficient savings tool for both employers and employees.
Effective Communication and Engagement
Communicating the value of benefits is as crucial as designing them. While third-party vendors can handle administrative tasks such as payroll integration and COBRA management — employers must ensure that vendors also excel in employee communication. Employees need clear, consistent education about the benefits offered to understand their value and actively participate. Strong communication helps drive enrollment and fosters trust in the organization. Consider hosting regular workshops or webinars to keep employees informed and engaged.
Enhancing the Quality Employee Experience (QEX)
A quality employee experience (QEX) extends beyond salary and health benefits. Comprehensive financial wellness programs can alleviate employees’ stress related to money, leading to increased happiness and productivity. Organizations that prioritize QEX by addressing financial and emotional well-being create a more attractive workplace culture,boosting both retention and recruitment efforts.
At its core, QEX focuses on designing positive experiences related to compensation and benefits. Employees who feel supported financially are more likely to remain loyal and contribute to an engaging, productive work environment. Financial wellness programs intersect with QEX by addressing employees’ broader needs, such as retirement planning, emergency savings and education about financial security. Offering tools like financial planning apps or access to certified financial advisors can further enhance these programs.
Strategic Benefits Planning
Real estate employers can use their benefits offerings to bridge the labor gap and attract long-term talent. Partnering with a knowledgeable insurance advisor can help organizations develop a strategic and competitive benefits package that aligns with their workforce’s needs. Retirement planning, in particular, plays a critical role in retaining staff over the long term.
Employers should also consider how supplemental benefits, such as student loan assistance or childcare support, can further enhance their offerings. Flexible work arrangements, such as remote work options or flexible scheduling, can also contribute to employee satisfaction and retention.
Frank DeLucia
Senior Vice President
Hub International Northeast
frank.delucia@hubinternational.com
(212)338-2395
