Is your benefit offering enough to retain top talent?
According to the CIPD1 , over a third of UK employees leave their current workplace every year. Consequently, this high employee turnover can be costly and disruptive for businesses and puts top talent at risk of being lost.
But how can this number be reduced? How can you show your people how much you value them before someone else does?
The answer lies in addressing the needs and wants of employees.
The Power of Perks
Perks aren’t just about free coffee or office ping-pong tables. They’re becoming a key part of employee retention strategies. Work perks speak volumes about how much a business values its employees. It shows that a company cares about the wellbeing and happiness of their staff, going beyond the basic salary package.
Emphasising on employee perks is not merely a trend. Companies who’ve implemented rewards and recognition schemes2 are setting their businesses apart in today’s highly-competitive job market.
Flexible Work Options
Today’s workforce values flexibility more than ever. Whether it’s the ability to set their own hours, work from home, or even take a mid-day break, flexible work options are becoming non-negotiable. By offering flexibility, it shows employees they’re trusted to manage their time, and respects the need for a work-life balance.
Health and Wellness Outside Work
Health insurance and retirement benefits are no longer optional, they’re expected. Yet companies can go a step further by offering more than what’s required by law. Gym reimbursements, dental insurance, or extended paternity/maternity leave is very appealing. Health and wellness benefits show that a business cares about their employee wellbeing outside of work too.
Career Development Opportunities
Employees want to know that they have room to grow within an organisation. Offering career development opportunities3 gives staff the option to strive for further success.
Training programmes, tuition reimbursement, or mentorship helps employees feel invested in their future. Putting extra time and resources into staff growth demonstrates a commitment to them as a person, as well as an employee.
Taking Time Out
Attractive bonuses like paid time off, wellness days and sick leave can all have a positive impact on retention levels. This will also show that personal time is as equally valued by the company, and they understand frequent breaks can improve work quality.
Besides these more traditional perks, companies are getting creative with their offerings. Some are providing perks like restaurant cards, green benefits, or breakdown cover. These personalised extras can make employees feel seen and understood in a whole new way.
Recognition and Reward Programmes
Don’t underestimate the power of recognition. A recognition and rewards programme can reinforce a sense of appreciation and higher employee satisfaction.
Regular acknowledgment of hard work and achievements can go a long way in making someone feel like an important asset to their team. A recent study4 revealed that 37% of people said that more personal recognition would encourage them to work harder.
The Bottom Line
At a time when employees have more choice than ever before, businesses must do everything they can to keep their staff happy and motivated. Remember, when employees thrive, so does business.
If an employer can empathise with their staff and recognise what makes them feel valued and appreciated, it’ll create an environment that makes them less likely want to leave.
Get in touch today to find out what Zest Benefits can do for you.
– Holly Dodd
Ready to find out how we can Zestify your business?