Employee retention is about more than a paycheck. Today’s top workers look for employee benefits that extend beyond typical insurance and paid time off. A study conducted by MetLife found that workers who are happy with their employee benefits have double the satisfaction in the work they produce. If you really want to boost employee engagement and keep your top talent, consider adding these perks to your offerings:
Competitive Retirement Savings
People are living longer and therefore working longer, too. No one wants to reach retirement age after 40+ years on the job and have to worry about money. The Society for Human Resource Management reports that nearly half of all workers surveyed rated employer-matching retirement plans as “very important” to their overall job satisfaction. Sixty-six percent of those surveyed said they were satisfied with the retirement employee benefits offered at work, leaving room for improvement in many workplaces.
Stress over financial matters can overshadow other parts of an employee’s life, including work productivity. Earning a paycheck alone does not take away all of that money anxiety, especially if workers feel that their checks don’t go far enough to meet their needs. Offering financial wellness programs to employees can help them feel more secure in their earnings and learn about smart ways to save, spend, and invest. Increase employee engagement by showing them the benefits a program like the Financial Fitness solution.
The Families and Work Institute reports that 64% of mainstream, in-office employees feel that they don’t have enough time for themselves. That number drops to 51% when employees are allowed to work at least some hours from home. Working from home, or having the ability to shift at least a few hours around, is a huge perk that will keep employees working hard for your company. Workplace flexibility for parents, disabled workers, and others who may not have the ability to work a traditional in-office schedule has the potential to boost the entire economy. On a smaller scale, having employees who feel that their work/life balance is valued goes a long way toward keeping them loyal and productive.
Employers that consider how to help workers live higher-quality lives outside the office walls will have happier environments and better employee retention. The Society for Human Resource Management survey mentioned earlier also found that workplaces offering employee benefits conducive to families, like subsidized child care and domestic partner programs, saw higher levels of job satisfaction.
The best medicine is prevention, and healthy employees are productive and happy employees. Partner with a local gym to offer free or discounted memberships to your workers, and look for other options like smoking cessation and medical weight loss programs that your employees can access. Make it easy for them to take advantage of wellness employee benefits, in addition to other more obvious job perks.
People like recognition for hard work and employee retention plans should take that into account. Develop a simple awards program that either assembles employees monthly or quarterly, or simply recognizes them in a company-wide email. Put a small reward with it, like a gift card or even a coveted parking spot for a short duration. Come up with a simple incentive program that honors the hard work that employees do — from shattering sales goals to having a positive attitude in the workplace — and they will keep on giving their best.
Your employees are your biggest company asset so it is vital to keep them happy with you, their employer. Look for employee engagement opportunities in the benefits you offer and ask for feedback when developing new programs, too. Employee benefits are about much more than time off and health insurance; well-rounded worker benefits can mean the difference between loyal employees and ones who are simply putting in the hours.