How Benefits Affect Employee Retention
In today’s labor market, great pay and healthcare benefits are not the only perks that drive employee retention. When it comes to additional benefits that reduce employee turnover, increase employee satisfaction, and even attract new talent, employers need to start being creative.
Understanding how benefits affect employee retention is critical to retaining your current staff and hiring new team members. Also, knowing what benefits employees are looking for and why can assist you when utilizing benefits as a retention tool.
ESS – Employer Support Services has helped many businesses manage their benefits with a comprehensive benefits administrator service. After we show them how benefits positively affect employee retention, we set them up with our solution to help them achieve their goals. Call us today at 225-364-3000 and ask about our benefits administration services.
Flexible Work Options
A benefit many employees have started to seek out is the option to work from home or a hybrid work schedule. Employees want the flexibility to work from the office or stay home to eliminate their commute, cut down on transit and gas costs, and work in a space where they’ll be more productive. When you start offering this benefit, you’ll see how it positively affects employee retention.
[Related: How to Manage a Work-from-Home Environment]
Paid Time Off
Another benefit that will improve employee retention is paid leave beyond typical vacation or sick time. Integrating paid time off and establishing a company culture that prioritizes employees taking time for themselves will boost employee morale, productivity, and, more importantly, retention.
Mental Health and Wellness
As more people prioritize their mental health and seek to reduce stress, implementing high-quality mental health resources as a benefit will significantly improve employee retention. Like paid time off, employees are more likely to stay with or be attracted to a company that views people’s well-being as a priority.
A health insurance policy should still be a significant benefit offered to employees, but additional mental health training and programs will boost retention as many employees seek resources to improve their mental health.
Employees will be more engaged when their employer invests in their growth and actively works toward their professional development. Offering this benefit will improve employee retention with those team members who desire continual education to develop their skills further.
Take the time to communicate with individual employees to highlight career path options within your organization so they see what opportunities are available for them. Also, look into other resources, such as coaching, to help your team members achieve their goals. Not only will implementing this benefit affect employee retention positively, but you will also develop a successful team that works toward achieving your company’s goals.
If you have employees pursuing higher education, offering tuition reimbursement or paid job training as a benefit can significantly improve employee retention. Employees who identify as lifelong learners will value an employer that assists them with their education. Look into what type of educational benefit programs you can implement at your company.
Contact ESS Today for Benefits Administration Services
Now that you know how benefits can affect employee retention, it’s time to start implementing them. When you need help with managing tasks and compliance regulations required for employee benefits, contact Employer Support Services.
We have a solution that will keep you up-to-date with regulations while prioritizing employee satisfaction. Contact us today at 225-364-3000 for benefits administration services.