The value of employee retention cannot be overstated. Talented employees who understand your business and your customers are an asset, and one that business owners should protect. Losing a key employee will cost you money. The higher up they are in the organization, the more costly it will be. Your money would be much better spent on employee incentives, perks and retention. Showing your loyal employees that you care by rewarding them either financially or with flexibility will go a long way toward keeping them on your team.
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More health care options
The health care field is changing for employers, and employees want more than just basic health insurance these days. Employees have said in surveys that they value more or better insurance over a pay raise, but employee wellness programs are also becoming part of the overall picture. A Harvard Business Review study found that, on average, employers who invested in comprehensive health and wellness initiatives saw a nearly three to one return in money saved. These perks are especially important for millennial workers, who appreciate perks like healthy snack options, exercise classes, in-house massages and activity days.
Help with student loans
Reducing financial stress can result in happy and healthy employees. Forbes calls student loan repayment the “job perk of the future,” and this is an attractive one for young people entering the workforce. Employers can offer repayment assistance in addition to an employee’s salary, help with refinancing or educational stipends.
Family paid leave
According to a 2018 report in Business Wire, paid family leave ranks as the most coveted work benefit. This can include help for new moms and dads, as well as employees tasked with caring for an aging family member. Balancing work and family is a real concern for most employees, including millennials, and giving them time to do that has been proven to increase engagement and retention.
Flexibility is the key here. A flexible work schedule is one of the most highly recommended benefits business owners can provide. This can include telecommuting and working from home and goes back to the idea of work/life balance. Women’s job satisfaction especially is related to flexibility. Employees can be productive no matter where they are with this perk, and job productivity has been shown to go up when employers allow people to work on their own time.
A WorldatWork Salary Budget Survey reports that 85 percent of U.S. employers gave out performance-based bonuses in 2018, and 100 percent plan to continue this practice into the New Year. Millennials, especially, have been shown to respond to rewards that are performance-based and more than just an annual bonus. While employers may not have the budget to increase base salaries, allocating dollars for individual incentives will be money well spent.