Benefits packages play a very large role in employee retention and satisfaction. Perks and benefits are so important that in a 2015 survey conducted by Technology Advice. 56% of respondents reported that they would be willing to forgo a salary increase for certain benefits.
If you find yourself combating high employee turnover rates, a look at your benefits package may yield a solution. Employees are demanding more benefits than ever before, and the companies who provide the right extras are attracting and maintaining the best industry talent.
Flexi Time
Millennials and other younger workers place a large value on their family life and time spent outside of work. Though they express an interest in making an impact at work and developing careers rather than just holding jobs, 44% of young people in a 2015 survey rated work-life balance as extremely important to job satisfaction.
In the same survey, only 20% were willing to sacrifice personal and family time to advance their career. Make sure your employees don't have to by offering them flex time and as much control over their own schedules as possible. Measure work in results rather than the amount of time spent in the office.
Education Reimbursement
Employees who don't feel valued walk away. so be willing to invest in yours. Tuition reimbursement programs are an excellent way to keep employees happy and benefit your business at the same time; the more your employees know about your industry the more likely it is they will have suggestions and skills that can benefit the company.
According to Talent Culture, 27% of the workforce finds educational assistance and job training to be important. This perk is so important that some companies are even starting to offer student loan repayment assistance.
Retirement Benefits
Most employees today expect their employer to offer a 401K or some other type of retirement plan. A full 72% of them, in fact. This is becoming the standard and talent won't even agree to work for your company let alone stay there if you don't offer this perk.
Not only are your competitors already offering retirement plans, many sweeten the deal by matching employee contributions up to a certain percentage. If you're not doing this, you need to be.
Insurance
As healthcare costs soar, so does the need for affordable insurance coverage. Like retirement benefits, help covering health care costs is a must for attracting and retaining employees. Even with insurance, the average out-of-pocket cost for a serious illness or accident is $18,000.
Costs are even higher without insurance, which is why employees don't merely ask for health insurance benefits - they demand them. Even small companies need to find a way to offer basic health coverage and should offer dental and vision coverage as well if possible.
Recognition
When surveyed, 90% of human resource officials state that employee recognition programs increase employee engagement and 86% said they increase employee happiness. Achievement awards and recognition make employees feel valued and more like part of a team and have the added bonus of being tax deductible for businesses. This creates a win-win situation for you and your best employees. Make your employees feel valued and appreciated or someone else will.
When examining the benefits you do offer looking for ways to improve them, remember to ask your employees what they want. You need not guess. Instead, conduct an anonymous survey or simply ask your most valued employees what benefits they would like to see in the future. Some of their answers may surprise you and could be quite simple and inexpensive to offer. Sometimes little perks like event tickets and snow days go a long way.
