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.
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!
