In today’s competitive job market, companies need to do everything possible to stand out from the crowd. Being able to attract and retain top talent is essential to any company’s long-term success, regardless of what industry you’re in.
Employee turnover and recruiting can get very expensive and have a significant impact on the productivity of the entire workforce. One of the best ways to reduce turnover and retain valuable employees, as well as attract new ones, is to leverage employee benefits.
Here are some ways that you can do that.
Provide Benefits Employees Want
Almost all employees desire basic benefits such as health insurance and retirement plans. But, do you know what specific aspects of those perks your employee base desires?
It’s important to have a pulse on what makes your employees tick and what they value when it comes to medical and retirement benefits. Do they want financial help with their medical bills, such as plans that allow for HSAs? Do they desire hands-on help with their retirement savings, such as plans that integrate robo-advisers?
It’s not just enough to offer baseline benefits today. You should always be looking to serve your employee base best by catering to their wants and needs.
Supplement the Mainstays
Nowadays, medical insurance and retirement plans are considered standard, not optional. Even if you are providing tailored aspects of these benefits, your employees are going to want more.
A good idea is to supplement these “mainstays” with other health- and financial-related benefits to help your employees be the best versions of themselves possible.
From a health standpoint, this might include memberships to gyms or reimbursements for joining health clubs, free access to wellness and mindfulness apps and/or dental insurance.
One of the most desired benefit that employees want today is a flexible work schedule. The typical 9-to-5 schedule isn’t best for everyone, and isn’t even a necessary function of the job at some companies.
Businesses that provide flexible work schedules engender themselves to their employees more so than those that don’t. This could mean allowing employees to work different schedules as long as they put in their requisite hours for the week. It could also include the option to work remotely either part or all of the time.
When you offer flexibility in scheduling, you are showing employees that you trust them to get the job done properly, no matter where and when they do it. And by building that trust, your employees are more likely to want to stay with you for longer periods of time, because they feel valued.
This sense of belonging also contributes to employees’ level of productivity, passion and creativity — all of which has direct benefits to your company.
Encourage Time Off
Most businesses offer paid time off programs, but not all companies actively encourage employees to take advantage of it. In fact, in many instances, employees are either directly or indirectly discouraged from using up all their allotted paid time off.
Studies have shown, though, that employees are more productive at work when they take the time they need to step away. This includes not just getting paid for taking time off to deal with an injury or illness. It also applies to vacation and personal days — time that most people need to clear their head and do something they enjoy.
Companies can take this a step further by offering time off programs that are catered specifically to life’s big events. This could include paid time off for parents who are having a new baby or for people who need to take care of a loved one.
Again, these are benefits that employees will truly appreciate, as you show them you care about them both inside and outside the office.
An often overlooked aspect of benefits is a formal rewards and recognition program. When you put in the time and effort to recognize the work that people have done for you, it serves as a significant motivator to them.
Something as simple as a company newsletter highlighting employee achievements can go a long way in improving morale. But, don’t just focus on the big achievements. Even small wins should be consistently celebrated.
You can either decide to give a physical reward for certain achievements — such as a gift card, free lunch of extra day off — or just stick to public recognition. Either way, this will serve as a great way to have your employees feel valued and appreciated.
Design a Great Benefits Plan with Beckham Insurance Group
Companies can leverage benefits to retain employees today in new and innovative ways. By offering a wide variety of benefits, some of which are tailored specifically to your employee base, you can increase your employee retention so people want to stick with you longer.
If your company is located in the Georgia or South Carolina region, get in touch with Beckham Insurance Group. Our team of experienced professionals can help your company design an attractive benefits package that you can leverage to retain your top talent.