The competition to find top talent in the Detroit Region can be fierce, but finding the right fit for your company doesn’t have to be difficult. The Detroit Regional Partnership (DRP), in collaboration with HR Collaborative, created a comprehensive benefits guide to help employers design benefits packages that attract, retain, and motivate their employees. Whether you’re setting up shop for the first time or rethinking your talent strategy, the guide covers everything from benefit requirements to standout extras that help employers stand out to talent.
Total compensation and rewards can be complex, especially for companies outside the U.S looking to expand here– but these factors are critical and can affect the overall labor cost and ability to attract and retain talent. Beyond what benefits are required, there are additional benefits companies can offer to employees that will help them stand out and meet market expectations in Detroit.
Competitive benefits packages reduce turnover and drive employee loyalty, which ultimately presents cost savings to the company. DRP and HR Collaborative’s guide found that the winning formula for a competitive benefits package includes:
| All of the State of Michigan required benefits | Commonly provided benefits at GOOD level, with a mix of 2-3 from BETTER/BEST levels | 2-5 Talent Attractor Benefits at the BETTER/BEST level |
Some commonly provided additional benefits include medical insurance, retirement plans, and dental and vision insurance. Examples of Talent Attractor Benefits include paid time off (PTO) policies, paid holidays, and parental leave amongst others. Providing the right mix of these benefits can boost a company’s attraction and retention efforts and help in the competition to find top talent in the Detroit Region.
View the Expert Insights Total Rewards guide to view the full list of benefits that you can provide to employees.
DRP knows that coming up with the total rewards package is unique to every company and navigating what is offered can be complex. That’s why the DRP team is here to help facilitate connections to the appropriate resources to help you get started. Contact the partnership to learn more about our full talent solutions services.
