Companies rated highly on compensation and benefits saw 56% lower attrition than those that weren’t. And with employees becoming more aware of the benefits that they could get when working at some of the most valued employers, those who fail to adjust their employee benefits strategy will likely start suffering even more considerable losses of the key talent in their organizations.
The hard truth is that employee retention is getting much harder. 65% of employees already believe they can find a better job elsewhere, and the trend of top talent leaving has been fueled even more by the great resignation.
Luckily, these increasing executions from employees can also be seen as an opportunity. A savvy organization that is able to meet and exceed employee demands can find itself in the prime position of having its pick of the top-level employees wanting to join them. And a big part of that is providing excellent employee benefits that draw people in and prevent them from wanting to leave.
With that in mind, let’s look at a few valuable tips that will help you find the most effective path towards better employee benefits.
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Provide Comprehensive Insurance
Insurance has been a hot topic for a long time. And as more companies recognize that employees are making career choices based on the type of insurance their employees offer, it will likely become an even more crucial part of employee benefits in the near future.
As an employer, you need to be mindful of the need for security your employees have, and providing insurance that covers employees in case they need medical help or paid time off is an excellent step in the right direction. In fact, as an employer, you need good insurance for situations where employees might get ill or injured on the job, as that helps the company stay compliant and protected as well.
Having comprehensive workers compensation insurance is one of the best ways of providing an additional layer of security in case something goes wrong at work. Having this type of insurance provides peace of mind to you and the employees, as they know they will receive comprehensive care and compensation if something were to happen.
At the same time, you should offer comprehensive medical insurance and consider life insurance and a solid retirement plan if you want to provide an appealing package that prospective employees and current workers feel happy about.
Make Employee Benefits a Key Part of Your Brand
An organization’s strength is directly proportional to its reputation. And while that is more commonly associated with the reputation you create for your customers, it’s just as crucial to consider the type of brand image you have as an employer.
And since employee benefits are such a crucial part of building a brand that’s appealing to your employees, it makes sense to make it a central part of what your company stands and is known for.
But how would that look in practice?
Well, a good starting point is to consider how you could use employee benefits to attract and nurture people for critical positions within the company.
For example, creating an education reimbursement program and encouraging your employees to keep improving and striving for larger roles is a great way to offer additional perks of working for your company. That would not just make you more appealing to ambitious employees but would also help you promote from within as your best employees progress and gain new skills.
Talk to Your Employees
Employee benefits are primarily aimed at creating a safe, appealing, and encouraging work environment that keeps your workers happy and eager to continue working for the company. But to create a benefits strategy that truly makes an impact, you can’t rely on guesswork or assumptions, even if you follow the current industry best practices.
The only way to get to the bottom of what type of benefits your employees want is to talk to them. Only by engaging in real conversations with your employees and gathering feedback can you base your decisions on actual data, significantly increasing your program’s chances of success.
And the good news is there are many ways to discover what your employees want. You can run regular interviews, schedule anonymous surveys, conduct exit interviews, and even have a suggestion box where your team can share insights about how you could improve the benefits program right now.
Bottom Line
Offering a comprehensive benefits package for your customers is a crucial part of running a successful business. But figuring out the specific benefits packages and strategies you should use isn’t always easy.
The above strategies serve as a good starting point for building an employee benefits strategy that your teams will appreciate.
