When hiring employees, many business owners consider salary above all else. After all, money is a powerful motivator, and having a competitive salary can help you recruit top talent. But there’s more to employee retention than just salaries—benefits can be just as significant when keeping your best employees around for the long haul. A recent Glassdoor survey found that 80% of employees value benefits over their pay. So let’s take a look at why benefits are so essential in retaining employees.
Appreciation
It’s been said that employees don’t leave companies; they leave managers—and that’s true in many cases. However, benefits can also significantly affect how appreciated an employee feels. If your company offers comprehensive health insurance and other generous benefits packages, your employees will feel like their well-being is valued and appreciated by the organization. This can go a long way toward fostering loyalty and reducing turnover rates.
Improved Workplace Environment
When employees feel valued and appreciated, they are more likely to be productive and enjoy coming to work every day. Offering a comprehensive benefits package allows you to create an environment where employees feel secure and supported – this translates into a healthier workplace environment where everyone collaborates more often. In addition, when employees feel like their needs are taken care of, they will be more likely to focus on the task instead of worrying about other issues such as healthcare or financial security.
Increase Morale
When you offer comprehensive benefits packages to your staff members, it shows them that you care about their welfare and happiness—which can go a long way toward improving morale within your organization. Plus, offering perks such as flexible work hours or remote working opportunities gives employees more control over their schedules, which can directly lead to greater job satisfaction and improved productivity levels.
Financial Security
In today’s economy, financial security is an ever-growing concern for most people—especially those supporting families of their own. By offering retirement plans or tuition reimbursement programs, you’re giving your staff members the financial security they need to pursue long-term goals and confidently plan for their future. In addition, this kind of security helps cultivate employee loyalty and reduces turnover rates significantly.
Offering extensive benefits packages is one of the best ways to retain talented staff members within your organization—it shows them that you appreciate them on a personal and professional level while also providing them with much-needed financial security. However, offering life and health insurance is no longer enough for most employees. So here are some unique benefits you should offer in your company.
Mortgage
Most of the current generation want to buy a home but struggle to do so. One unique offering you can provide to your employees is to help them buy a home. This can be in the form of affordable mortgage loans. Giving affordable loans to employees can help them achieve their dreams of home ownership and boost employee morale. This will help them stay longer for years to come.
Employee Development Opportunities
Successful companies understand that investing in their employees pays dividends in the long run. Therefore, offer professional development opportunities such as internal mentorship programs or external training sessions so employees can build new skills and stay on top of industry trends. Additionally, consider offering tuition reimbursement or other educational benefits so your team members can pursue higher education.
Wellness Benefits
Physical and mental wellness are essential components of a healthy workplace culture—and providing wellness benefits goes a long way toward ensuring your staff feels supported. Consider offering health insurance plans with comprehensive coverage, fitness subsidies or discounts at local gyms, or even office yoga classes as part of an overall wellness program. You could also offer nutritional incentives such as discounted meals at local restaurants or subsidized snacks in the break room.
Flexible Scheduling Options
In today’s world, flexibility is vital. Offering flexible scheduling options such as telecommuting, four-day work weeks, job sharing, or partial remote work can be especially attractive to potential employees and retain current ones. In addition, this type of benefit shows that you are willing to meet the needs of your staff and clients, enabling everyone to find a balance between their personal and professional lives.
Compensation Packages
Compensation packages are always necessary for attracting top talent and keeping existing employees satisfied with their jobs. To ensure that your compensation package stands out from the competition, consider offering profit-sharing plans, performance bonuses, or other incentives that reward hard work and dedication. These extra perks, on top of regular salaries, can go a long way towards ensuring that your employees feel appreciated and valued by your company.
Retaining employees is a crucial part of maintaining a successful and growing company. By offering unique benefits like these, you can attract top talent and ensure that your employees stay in your company. This will also help them stay productive for years to come.
