Attract and Retain Employees With These 10 Benefits

In today's business world, your company's valuable assets are no longer limited to its physical resources like buildings, stock, and equipment.

Employees are often the most essential resource to a company, and for good reasons - "With great employees comes great productivity and even greater customer satisfaction."

People want to work for employers who provide benefits that demonstrate their value by offering compensation packages that meet their needs. They also want to work for employers who realize how much company culture can affect employee motivation, loyalty, and retention rates.

So, how do you attract and retain employees with benefits other than company perks? Look no further!

In this article, we've put together a list of benefits your employees will love — and we're betting you'll love them too.

How Do Benefits Impact Retention?

Employee benefits should be at the top of the list as one of the essential employee engagement KPIs.

Benefits, perks, and compensation may seem like the last things on a job seeker's mind when looking for their next job, but that’s not the case. 

To adequately explain the importance of benefits on employee retention, check out this study by Metlife. It showed that 74% of holistically healthy employees are more likely to be satisfied with their job. 

When companies tie the benefits for employee retention with the overall employee engagement strategy and map out a cost-benefit analysis of employee retention, it becomes easier to incorporate the benefits seamlessly.

And companies that want to stay competitive and be more than just a job to their employees must put their best foot forward with relevant employee retention benefits. 

There are various benefits of employee retention and ways that employee benefits can impact retention. Some of them are:

• Employees who feel valued at work are more engaged and productive, leading to higher retention rates, customer satisfaction, and better business results.
• Employees who feel a sense of belonging and loyalty to the company are most likely to be more fulfilled at work, leading to higher retention.
• Benefits reduce turnover rates by giving employees more reasons not to pivot to other companies—and low turnover rates = high retention rates.
• Benefits are also a great way to engage disengaged employees and incentivize them to find the spark again.

What Benefits Should Employers Offer For Improving Employee Retention?

One of the most significant mistakes companies make is deciding what kind of benefit or benefit plan works best without considering the needs and preferences of their staff.

Various companies are beginning to go beyond the norm to tailor their employee’s needs and build relevant benefits. E.g., Using gamification to increase employee engagement wasn’t a common trend years ago. 

While employee retention is often a challenge, and there's no one-size-fits-all template for employees to offer their workers, there are areas that employers can focus their efforts.

According to a report by Metlife, there are five key areas that employers can address to build a more satisfying experience for their employees.

The five key areas, in order of importance, are:

• Purposeful work
• Flexibility & work-life balance
• Social & supportive cultures
• Career development/training
• Wellness programs & benefits

While the above serves as a guide, it's not a call to compulsorily change your existing perks and benefits. Instead, companies need to customize the benefits to fit their employee's needs, the industry, and sustainability.

Often, the benefits you offer employees can be the difference between a good employee and a great employee. That's why it's essential to understand the benefits your employees want and what they value most.

When looking to create a benefits package to enable your brand to attract and retain top talent, it's essential to do some research. Here's a step-by-step way to begin:

Conduct your research -> Design a policy -> Implement & Promote

1. Conduct Your Research: 

Firstly, start by including the question in your interviewing process. Ask candidates what perks and benefits they look forward to having.

Secondly, you can also conduct periodic in-house polls or surveys for employees to know what matters most to them - you may never know if you never ask!

Thirdly, it will be helpful to understand the benefits offered by other companies in your industry.

2. Design A Policy: 

After researching and deciding what benefits your company will offer, it's important to document it.

A benefits policy is a document that outlines the terms, conditions and eligibility requirements for all of your employee benefits. It can be a simple one-pager. It provides clarity and accountability while ensuring that your employees understand the details of their benefits and how to use them.

3. Implement And Promote: 

Lastly, after designing the policy and ensuring that your company is capable of handling it, the implementation phase begins.

Here, the company educates the employees on the different benefits they offer and how they can make the best of it.

Read: How To Take Advantage of the Employee Retention Credit

Which Benefits Attract And Retain Employees?

As employers expect candidates to put their best foot forward, the modern workforce has expectations as well.

So, providing amazing employee benefits is a great way to set your company apart, especially when the playing field is unequal financially. 

Ready to dive in?

Here are the top 10 benefits that can make a difference to your prospective and existing workforce.

1. Health Insurance
2. Retirement Benefits
3. Vacation Time / Paid Time Off
4. Remote Work Options
5. Wellness Benefits
6. Education and Career Growth Opportunities
7. Employee Savings Account
8. Flexible Benefits System
9. Longevity perks
10. Promote from within
    
    

1. Health Insurance

Health insurance attracts and retains top talent because it shows that your company cares about its employees’ well-being. Employees who feel valued are often feel more loyal to their companies, which can lead to greater productivity, improved employee retention and better customer service.

Health insurance can be offered as a separate plan or as part of a group plan with other benefits such as life insurance, disability insurance and retirement plans.

2. Retirement Benefits

A retirement plan is a program that allows employees to save money for their retirement. This can be done through either a defined contribution (DC) plan or a defined benefit (DB) plan.

Retirement plans are an important compensation package for employees because of their benefits for employee retention. They attract and retain employees by providing them with financial security in retirement. They allow employees to save for their future while they’re working, which means they don’t have to worry about saving money later in life when raising a family or paying off student loans.

3. Vacation Time/Paid Time Off

Workers need time away from work to relax and recharge.  Even staff who work remotely get burned out and shouldn’t be left out - hybrid team managers understand this struggle.

According to a study by Zippia, 63% of employees said they’d turn down a job offer if it didn’t include PTO.

This is a vital benefit because employees who are sick or in crisis shouldn't have to choose between taking care of themselves or losing pay. They should be able to spend time with family and friends or pursue passions outside of work. 

4. Remote Work Options

With many companies offering remote work options, this is one of the most popular benefits. Though it can be challenging to manage, remote work can offer many benefits for employees and employers alike.

It gives employees flexibility and allows employees to spend more time with their families and other loved ones.

5. Wellness Benefits

The benefits of a wellness program go beyond the physical health of employees. If your employees are happy and healthy, they will be more productive and satisfied with their work, increasing morale and the bottom line.

Wellness programs improve employee engagement, reduce absenteeism and reduce health costs through early detection of illness. They are one of the holy grail benefits of high employee retention.

6. Education And Career Growth Opportunities

Assisting your employees in their career or educational growth are great ways to encourage your employees and show how much you care. It's also a great investment for the future.

Companies can provide tuition reimbursement or reimbursement for certification programs. Some companies also offer mentoring programs to help employees improve their skills.

7. Employee Stock Ownership Plan

Employee stock ownership plans (ESOPs) are a popular way to incentivize employees while reaping the benefits of staff retention. They are also an effective way to increase loyalty, morale and productivity.

Employee Stock Ownership plans allow employees to buy shares of their employer's stock. And employees are more invested in your company when they have a stake in its success.

8. Flexible Benefit Systems

Flexible benefit systems are a key component of a strong employee value proposition. 

Employees can tailor their benefits with flexible benefits plans to meet their specific needs and circumstances. Employers offer options to workers and they can choose their benefits based on their lifestyle.

9. Longevity Perks

Employee longevity is a key indicator of employee engagement. And in this era of job hopping, rewarding long-standing staff is like a two-pronged sword. You're appreciating them for their efforts as well as their loyalty.

You can do this by offering certain benefits or incentives when an employee reaches a certain milestone in their career with the company.

10. Promotion From Within

Promoting from within helps companies retain talent and build employee loyalty. It seamlessly shows how benefits affect employee retention.

Promoting from within the company helps creates a culture where employees are inspired to work hard and do their best because they know that their efforts will pay off.

When you promote someone from within, it benefits the company as well. The employees already understand the company's values and they can hit the ground running.

Going Beyond The Salary

The salary is an essential consideration when hiring staff but employee benefits are more than just a paycheck. They are the kind of attention to employee needs that stand out in a talent acquisition environment.

Employee benefits often serve as the benefits of employee retention programs, increasing employee retention while helping employees thrive.

So, companies looking to stand out will need to go beyond the salary offer in order to attract and retain not just good, but great talent.