7 Ways to Increase Employee Retention: Benefits

employee benefits

It’s no surprise benefits are one of the top reasons for employees staying with a company or going elsewhere. The Society for Human Resource Management (SHRM) study shows that 36% of employees leave for better benefits.

Employee retention can be daunting, but we’re here to break it down! Therefore, we’re talking today about benefits. We’ll look at how they impact retention and how you as an employer can use them.

 

Benefits to consider

A vital aspect of retaining employees is listening to them! You need to know your people’s needs and wants when it comes to benefits. Employers can conduct satisfaction surveys to determine what medical plans are working or not the right fit. While it may be easier to choose one-size-fits-all coverage options, your staff has diverse needs. Consider your employees’ disabilities, gender, sex, age, and family dynamics. Ask yourself if the benefits meet the needs of the minority, not just the majority. 

 

“Employer-provided coverage helps employers create localized communities of health to help their employees stay healthy and productive while pursuing targeted innovation that works for their unique needs.” SHRM

 

What to offer

Quality benefit plans are a sure way to improve employee satisfaction and increase retention. That’s one of the perks of partnering with a PEO like Nextep. Firstly, we help you select the right medical plans. Next, we help you with voluntary options, including vision, dental, life, AD&D, retirement, pet insurance, theft protection, legal and more.

Watch this video for a quick overview of telehealth services!

 

You may also need to offer other options to attract and retain employees. Possibilities include ample PTO banks, telehealth, mental health resources, paid family leave, and wellness programs. In addition, educational benefits can have a meaningful impact on your employees. Look into student loan forgiveness, tuition reimbursement, or paid job training.

 

84% of employees cited tuition assistance as an important factor in their decision to join their companies. In fact, 71% of participants rated tuition assistance among the best benefits offered by their employers after healthcare. EdAssist

 

Since you have a diverse workforce, your benefits should reflect it. In fact, you have the opportunity to appeal to people in different life stages and with different backgrounds. Offering a robust benefits package, complete with various voluntary benefits, is imperative to keeping a happy, engaged workforce! 

 

Flexibility

DEI

Growth

Pay

Engagement

Also on Nextep

The Answer Depends on Your State…For Now As we reported in January, non-compete agreements preventing employees from working for competitors are becoming increasingly unenforceable. The FTC is currently working on banning them at a federal level, but unless and until that decision comes, non-competes are enforced at a state (and sometimes even local) level.  As […]
Read more
When hiring workers, knowing whether they’re employees or independent contractors is essential. The difference between the two can significantly impact your business, including your tax liability, your liability for workers’ compensation claims, the worker’s rights and benefits, and your ability to control how your workers do their jobs. Read all about it here, and check […]
Read more
Employers Must Now Prove “Substantial Increased Cost” to Deny Religious Accommodation Recently, the Supreme Court ruled that employers must now demonstrate a substantially increased cost to deny an employee’s request for a religious accommodation.  This ruling, which comes in the case of Groff v. DeJoy, clarifies the standard for “undue hardship” under Title VII of […]
Read more
Here’s How the Recent Ruling Affects Your Company You may have read that in late June, the Supreme Court struck down affirmative action in college admissions. Here’s the implication this ruling could mean for you as a small or medium-sized business owner. To be clear, the Supreme Court’s decision on affirmative action does not explicitly […]
Read more
NLRA Protections: They’re Not Just for Unions In the intricate fabric of company dynamics, employee protections exist, even in non-unionized companies, as granted by the National Labor Relations Act (NLRA). These protections give employees the freedom to engage in open discussions on various workplace matters, even those conversations that may make employers a tad uneasy. […]
Read more
Have you ever felt stuck in a job that doesn’t fully utilize your skills or expertise? Or have you ever been a part of a team that just doesn’t seem to have the right skills to do the job effectively? This is a common problem in the workplace, known as the skills gap. But don’t […]
Read more
Start planning for your future superstar. What would happen to your company if you lose a key leader or employee tomorrow? It’s a tough question, but necessary. You want to ensure your company can continue, even without the lifeblood that keeps it running smoothly today. That’s where succession planning comes in. Succession planning is identifying […]
Read more
Let’s talk about something that can make a huge difference in our work lives – Emotional Intelligence (EI).  Emotional Intelligence is like a superpower that helps us navigate our own emotions and understand the emotions of others. It’s all about self-awareness and empathy, which leads to better communication, stronger relationships, and improved decision-making. It’s like […]
Read more
Maximize Your Team’s Career Potential Ongoing employee training is crucial to any successful business. It’s the foundation upon which we build our success, the cornerstone of growth and progress. But here’s the catch: we can’t just train our employees once when they’re hired and call it done. We must all be perpetual students, learning new […]
Read more
How can you prioritize ethics in the workplace? Leaders play a critical role in shaping the ethics and values of a workplace. Here are 5 surefire ways that you, as a leader, can be modeling ethics from the top down: Lead by example: You set the tone for the rest of the organization, so it’s […]
Read more
Help support your employees in a tough economy Let’s talk about supporting employees in a tough economy. It’s a challenging time for everyone, but it’s imperative that employees feel valued and supported during tough times. Here are some ways companies can care for employees in a tough economy: Offer flexible work arrangements: Offer flexible work […]
Read more
Thriving in Turbulent Times Growing your business during an economic downturn can be challenging, but it’s not impossible. With the right approach and creativity, you can position your business for success, even in tough economic times. Here are some tips to help you grow your company, even when the economy isn’t looking so hot: 1. […]
Read more

Download Our App