The Best Benefits for Employee Retention
Employee turnover is an expensive reality for employers. And right now, the deck is stacked against them. The workplace is at its most diverse, with four generations comprising today’s workforce (Baby Boomers, Gen X, Millennials, and Gen Z.) That’s four varying sets of expectations, needs, and work styles to contend with. Then, there’s the job market itself. Unemployment is low; there are a lot of opportunities for employees with a wandering eye. So how do companies hold onto talent?
It’s a tried and true retention strategy. In fact, a recent Willis Towers Watson study shows that 75% of employees are more likely to stay with an employer based on the robustness of their benefit program. 72% said more work benefits would increase their sense of job satisfaction.
Benefits can make a big dent in retention and a lot of companies are pouring dollars into this space to help recruit and retain employees. But not all benefit packages are created equal. What types of benefits are employees looking for? How do you create a robust, competitive package?
To help, we’ve put together a list of the best benefits to keep your talent happy, productive, and part of your team.
1. Health Insurance
This is an obvious one, but it remains a top priority for employees. While medical coverage is a widely offered benefit, employees are beginning to look for more.
First, savvy employees are paying attention to what type of health plans are offered. While high deductible health plans have become more prominent in recent years, some employers are beginning to shy away from this HDHP trend according the Kaiser Health News. Lower deductibles and more robust medical options are a way to make health benefits stand out and create stickiness with current employees.
Then, there’s telemedicine. As younger demographics enter the workforce, quick, convenient ways to get care for acute conditions is expected as part of their health plan.
2. Working Remotely
This is a growing trend across multiple industries. With undesirable commutes getting longer and advancements in telecommuting becoming readily available, working from home is more popular than ever. In fact, according to a report from the Society for Human Resources Management, 69% of organizations allowed employees to work from home for some of 2019, and 27% offered a full-time remote working arrangement.
3. Mental Health
Almost a quarter of the U.S. workforce has been diagnosed with a mental health disorder and 40% of these employees take time off work every year because of their condition. The World Health Organization (WHO) estimates that common mental health issues like depression and anxiety cost the global economy $1 trillion in productivity loss every year. But WHO also estimates for every dollar invested in treatment, there’s a return of $4 in better health and productivity.
4. Paid Leave Benefits
Nearly 80% of US employees live paycheck to paycheck and 94% of the American workforce don’t have access to any type of paid time off. For many, stepping away for paternity leave, vacations, or even for health reasons is not an option. Offering employees PTO can help establish a caring company culture and set an employer apart.
5. Student Debt Solutions
While this is more applicable to the younger workforce, it’s a benefit worth exploring. The average American with student debt owes something between $20,000 and $25,000. It’s a burden for many and top of mind, so offering some type of solution can help keep your talent pool stable. Some companies match employees’ contributions to their student load debt, while others put that match towards employees’ retirement funds. Others help educate their talent, offering resources to learn more about debt consolidation and refinancing options.
6. Retirement Benefits
This is another traditional but vital benefit. Retirement benefits, such as a 401(k), can help employees see the literal investment their company is making in them.
7. Shorter Work Weeks
This is another growing trend. Employee Benefit News reports that 67% of Americans would rather work four, 10-hour days than the normal 8am-5pm, five days a week. This type of work schedule doesn’t have to be a permanent commitment. Many companies offer ‘summer hours’ to give employees flexibility while their children are off from school. Affording some type of scheduling flexibility can serve as an added motive for your employees to stay and thrive at your organization.
8. Healthcare Advocacy Services
It’s not enough to provide healthcare benefits – even with an HMO or PPO, out-of-pocket expenses can hit employees hard. Plus, it’s stressful trying to find affordable care or deal with medical bills when you’re sick. Healthcare advocacy services – like HooPayz – offer employees the support they need to get the most from their benefits.
Other ideas on great benefits?
We want to hear from you! Comment below with benefits you or your employees find especially compelling, or tweet us @HooPayzSays!