Employee resignations have been on the rise recently causing many employers to scramble to find ways to reduce their ever-growing turnover rates. The COVID-19 pandemic has spurred a significant increase in these resignations, especially among lower-level, low-wage employee groups. These individuals were faced with the unprecedented large-scale opportunity to leave their jobs and seek better-paying positions, leaving their former employers scrambling for help.
Now, employers are realizing that they need to come up with more actionable strategies they can use to retain employees for the long term and avoid any further resignations. One of the best ways employers can better appeal to their employees is by increasing and improving the kinds of benefits that they offer.
For more information on benefits to counter resignation, or to receive a quote, contact Beckham Insurance Group today.
The Perks of Benefits
Offering employee benefits is vital for any business. Doing so can show employees that you and your company are invested not only in their job performance, but also in their morale, health, and retention. And while advertising great benefits is a good way to attract top-talent employees to your company, you can also use these benefits to retain the valued employees you already have. To do this, you may need to rethink your benefits package to offer benefit types that other companies don’t.
Many companies offer health insurance policies, as well as additional physical health insurance types, gym memberships, PTO, and others. But in this ever-changing world, you need to be aware not only of how your benefits can help your employee’s physical well-being, but also their mental health and work/life balance. By doing so, you can greatly reduce your turnover rates and ensure your employees are as happy and productive as they can be.
Benefits You Can Offer to Counter Resignations
Fortunately, there are several rare benefits you can offer employees to counter their potential resignations. Among these, three stand apart as best practices to retain your employees: providing flexible hours, increasing location flexibility, and increasing employee salary. Let’s take a closer look at each one to see how it would benefit not only your employees but your business as well.
Providing Flexible Hours
Flexible hours give your employees the opportunity to work when they want to. This means that early risers can get a start on their workload when they want to, but those who prefer sleeping in are also free to do so. Providing flexible hours to employees lets them live according to a schedule that they create for themselves instead of forcing them to abide by a schedule that may be less lenient with their day-to-day needs.
Additionally, if providing unlimited flexible hours does not work for your company, you may consider instituting set core hours where employees must be in the office and allow them the flexibility to choose to come in and get their hours in earlier or later in the day. Typically, these core hours are set in the middle of the day from 10:00 a.m. to 2 p.m. or 11:00 a.m. to 3:00 p.m.. Providing scheduling opportunities and flexibility in this way allows employees to work when they feel they are most productive.
Increase in Location Flexibility
Location flexibility is an employee benefit that has become increasingly popular over the years. It allows employees even more flexibility than merely providing flexible hours. By giving employees the option to be location independent, they are able to greatly improve their quality of life. By working from home, they will eliminate their commute time and reduce gas expenses, reduce tardiness and absenteeism, and focus more fully on their work.
When employees are able to work where they want, they can choose the locations in which they are the most productive whether that’s from the office, their home, a travel destination, or even coffee shops. This will increase their overall morale, prevent distractions, and provide them the opportunity to work when they feel they’re at their best. Additionally, location independence can promote more creative collaboration among employees and the potential for better communication through video calls, emails, and other technology.
Increase in Salary
Increasing salaries is one of the easiest and most obvious ways you can boost morale and retention while showing your employees that you value them and appreciate their work. Employees enjoy a wide range of benefits options, but a nice salary and raise are still one of the top benefits that employees look for when considering switching jobs.
Employee Benefits Made Easy
At Beckham Insurance Group, our knowledgeable and experienced employee benefits representatives are here to help make your benefits administration as easy and stress-free as possible. Contact us today to learn more about how we can help you build a competitive and comprehensive benefits program.