A white-hot tech market and a picture-perfect coastline are just a few of the reasons that San Francisco has regularly been considered one of the most desired places to live in America for the last decade. This sentiment is even more true today. With a thriving economy, temperate weather, and a superb health and fitness scene, the Bay Area still has plenty of opportunity to grow.
Given that the city has one of the country’s most dynamic job markets, San Francisco is a draw for skilled professionals. It is teeming with exceptional talent – especially younger employees – and ranks as a top 10 destination market for millennials.
But in order to fill your ranks with the best candidates in the Bay Area, you’ll have to go beyond one-size-fits-all benefit plans and think instead of innovative ways to attract workers through meaningful employee benefits.
An area experiencing explosive growth
San Fran is experiencing incredible growth right, especially in tech, from startups and established behemoths alike. Companies that didn’t exist five years ago are now worth billions, and young job candidates are migrating to San Fran to take their careers to the next level. Census estimates show that growth is much faster than anyone ever expected: By the year 2040, an estimated 9.3 million people will call the city home.
What does this mean for employers? Well, there’s no better talent pool to draw from. Young professionals seeking high-paying and resume-boosting jobs are drawn to San Francisco, where the tech sector and plenty of other industries attract talent from all over the world to further their careers and experience a quality of life unmatched by many other cities.
Why focus on benefits?
Millennials want to do work that matters. But they also crave employee benefits that really impact their lives. They want to know that their employers value them and care about their well-being – both in and out of the office.
Benefits are also a smart, creative way for employers to go beyond a paycheck and show they care about their staff’s holistic health. In fact, 90% of millennials say they’d prefer new or additional benefits to a bump in pay.
Millennials work hard, often beyond the standard 9-to-5 day, and want to be rewarded accordingly. If employers want to keep their employees happy and engaged – and retain them – offering first-rate benefits can be an effective tool.
Offer personalized health benefits to your employees
When you offer tailored and flexible health and wellness benefits, you’ll boost your value proposition with job candidates. Two programs in particular, Health Reimbursement Arrangements (HRAs) and Lifestyle Savings Accounts (LSAs), are popular with employees because they’re affordable, personalized, and offer real value.
These flexible account types can give your staff the freedom to choose; employees can spend their money how they like—either on eligible, health expenses (like a doctor’s appointment or prescription drugs) or on wellness services, such as a gym membership or vitamins. In a city as health-conscious as San Francisco, these options can prove exceptionally desirable.
Allow employees to access benefits on-site and on their device
Disappearing are the days of always having to drive across town to catch a doctor’s appointment or losing valuable time in a waiting room. By offering health-related activities onsite, you can make it incredibly easy for your employees to manage their wellness through health screenings, flu clinics, group fitness classes, wellness seminars, among other options.
In San Francisco—the home of tech—it’s especially important to make your benefits accessible and easy to use. Through a Digital Wallet, for example, your team can pay for health and wellness services, review benefit coverage, and check their spending account balances from their devices.
What’s more: They can streamline the often frustrating process of submitting an insurance claim by doing so via an app. It’s an all-encompassing, seamless experience.
Align your benefits to company values
There’s real value in aligning your benefits to your company’s culture and values. It sends a clear message that wellness is a priority for your leadership team.
Onsite group fitness classes, for instance, are an effective way to keep your staff healthy, in addition to fostering teamwork and community spirit. Or you could also consider options like meditation sessions or onsite therapist offerings. Both signal that your organization values mental wellness.
With a diverse group of employees who’ve come to San Francisco for personal and professional opportunities, make sure you’re offering benefits that enhance their personal drive, engagement, and overall well-being.
Looking for more tips on competing for talent in the Bay Area? You may enjoy our post on How to Use Flexible Employee Benefits to Compete Against Tech Giants. And don’t forget to subscribe to our newsletter!