Retaining employees is critical to long-term health and success in any business. Keeping good performing employees secures client satisfaction, increased sales, and a healthy working environment that can lead to effective succession planning and organizational growth.
Recruitment has also taken on a different kind of pressure for employers. Candidates not only consider a company’s core values, but also look at benefits and perks offered.
Here are some of the benefits every employee looks for in a company that can also be used by employers as a valuable tool for employee retention and recruitment:
1. Health Care
The most effective way you can reward and attract talent is simply by offering health insurance. There are a lot of options available to companies for employee medical benefits:
Group Health Insurance: Most commonly selected by employers the company simply selects and purchases a standard group health insurance plan and employees decide if they accept or decline the coverage amount offered by their employer.
Healthcare Reimbursement: At an annual cost that the company controls, it provides employees a health insurance allowance or “contribution” to spend on their own. Employees choose and purchase the healthcare plan that works best for them, pay for the health plan with their own money, and are reimbursed for their premium and out-of-pocket medical expenses up to the amount the employer has specified.
One of the best and most cost efficient offers an employer can provide to their employees is the flexible benefits especially if a company has more than 500 employees. Employees can customize their personal and dependents’ coverage according to their needs. It also offers the flexibility to change underutilized coverage into lifestyle benefits. Satisfying the needs of both employers and employees.
As employees look forward there is a growing desire for sustainability and comfort. Today, most big companies provide retirement programs in additional to government programs. As employees become more aware of the need to save for their post retirement lifestyle, having a corporate retirement savings plan as part of their benefits package is an important step in attracting and retaining employees. It sends a clear message, that employers care about their employee’s well-being.
3. Workplace Flexibility
Workplace Flexibility is commonly offered and enables employers and employees to decide when, where, and how work is done. Employees achieve work-life balance and at the same time, employers can experience increased productivity and efficiency in their business.
4. Wellness Program
One of the biggest new employee benefits trends is to invest in a wellness program. If employees are encouraged to lead a healthier life, they naturally become happier and more productive.
Keeping key employees is essential to any successful business and yet most businesses don’t always know the benefits that can help ensure loyalty. Understanding employee motivators is crucial to attract and retain great employees. and a way to stay competitive in the market.
Share with us the types of employee benefits you get from your company or if you are a business owner, what are some benefits to your employees?