Benefits To Improve Employee Retention
With the job market’s current volatility, companies are placing more emphasis on retaining their employees. One of the strategies companies are turning to is adding perks to their benefits package. With 60% of employees saying that benefits are one of the most important factors in their job satisfaction, better benefits are a great way to increase your employees’ overall happiness and loyalty.
While insurance is typically the most important benefit a business can offer to employees, an enticing benefits package requires much more than just health insurance. Added benefits like flexible PTO, access to counseling, and healthcare savings accounts are great ways to increase employee retention, while adding little to no extra costs to the employer.
Need help with crafting an employee retention strategy? From effectively communicating benefits to providing ongoing support to you and your employees, the human resources experts at ESS – Employer Support Services offer benefits administration services to help your business succeed. Contact ESS today!
[Related: How To Improve Benefits Communication]
Flexible PTO Helps Retain Employees
The ability to take paid time off to relax and decompress is something that employees hold dear. And now, more than ever, employees need to destress and feel like they can get away.
Having a flexible PTO policy gives employees a better work-life balance and more opportunity to spend time with loved ones or relax, allowing you to retain and attract employees. Employees are less likely to search for new jobs if they have a great work-life balance. Flexible PTO benefits improve the work-life balance of existing employees and can help you attract more qualified candidates.
In fact, 58% of employers say that great PTO policies help attract new employees. Adding a better PTO policy to your benefits package will encourage your employees to stay with the company.
Increase Retention with Healthcare Savings Accounts
Healthcare is on the top of everyone’s mind, especially today. Setting up a healthcare savings account, flexible spending account, or health reimbursement account is a great additional benefit to retain employees. These accounts allow employees to pay for medical expenses using pre-tax dollars, easing their burden in difficult times.
Aside from the benefit to employees, your company may also be provided with tax benefits for setting up these accounts. At ESS, we can help your company pick the right option and ensure your plans are administered correctly, whether it’s an HSA, HRA, or FSA. Contact our team at 225-364-3000 today and add one to your benefits package.
[Related: HRA vs FSA]
Employee Assistance Programs Keep Employees Happy
The last two years have been extremely stressful, and employees need help dealing with it now more than ever. Adding an employee assistance program to your benefits package is a great way to retain employees by keeping them happy and helping them through stressful times.
Employee assistance programs provide employees with confidential counseling services to help with mental health, family services, financial counseling, substance abuse, and more. These services can help increase employee morale and productivity while reducing absenteeism and workplace accidents.
Boost Employee Retention with Childcare Programs
During the first year of the pandemic, the lack of affordable childcare caused working parents to leave their jobs to take care of their kids. Companies can increase their employee retention rate by adding a benefit for childcare, whether providing childcare on-site or providing a stipend.
Including this benefit makes it easier for working parents to return to the workforce, which increases the attractiveness of your job offer. If you’re struggling to retain employees, ESS offers outstanding services that can help you create an enticing benefits package that increases loyalty and productivity. Call our team today and get started.
[Related: How To Maintain A Healthy Turnover Rate]
Add Educational Assistance to Your Benefits Package
Education and training can be expensive, limiting some employees’ ability to grow. By providing tuition reimbursement or paid job training, you can help employees improve their skills, making them happier and more qualified for the job.
Whether you want to add just a few of these great benefits for employee retention to your benefits package or you need a complete benefits overhaul, the team of experts at ESS can help. Contact our representatives at 225-364-3000 today and improve your employee’s loyalty, productivity, and overall happiness.
