5 Benefits That Help Improve Employee Retention

Employee Retention Saves a Business Money and Time

Quality employees are one of the most valuable resources a business can have. When somebody leaves the company, a new hire has to be found and trained. This process takes time and money that could be better utilized elsewhere. Today, businesses need to offer competitive benefits in order to maximize employee retention and avoid high turnover rates. Here are five of the benefits that many employees value most from their jobs. 

1. Health Insurance

One of the most important ways to make employees feel valued as well as ensure that they are able to continue working for you is to provide quality health insurance. Without adequate health insurance, even employees who want to stay at your company may be unable to, as insurance is a crucial part of employees being able to provide for the needs of themselves and their families. Today, employees expect benefits such as group health plans that give them peace of mind that they will be covered for their personal care needs. 

2. Sick Days and Paid Time Off

Being able to take time off when needed improves employees' abilities to maintain a good life-work balance, something that can be a crucial part of whether they decide to stay with a company or not. Burnout can be one of the biggest reasons that an employee chooses to leave their job. In addition to keeping everyone healthier by not making employees feel pressured to come into work when they are unwell, providing these kinds of benefits allows for employees to recover and feel that their job is not eating into too much of their personal time. 

3. Remote Work

Remote work has been increasingly common in recent years, and many employees have found that it offers the perfect flexibility to work hard and still take care of their personal needs. Many businesses have found that moving to a remote work model actually increases employee productivity while simultaneously cutting costs associated with maintaining a physical office building. While it won't work for every type of business, when possible it can be a great way to increase employee retention while also saving the business money. 

4. Retirement

A good retirement plan helps with employee retention by incentivizing employees to stay with the company until they reach retirement age. Without them, employees are likely to seek other opportunities that they feel will better allow them to save up for their golden years. While it can be tempting to cut these types of benefits when money becomes tight, expect a loss in retention as a result. Instead, consider the several different types of employment plans you could offer, and try to find one that is a good fit for your company. You should also consider the tax benefits that may come along with offering quality retirement plans that may make it more financially feasible for your business. 

5. Education and Professional Development

Many employees appreciate chances for enrichment and personal growth both in their jobs and their personal lives. Higher education is more important than ever to helping individuals advance their careers, and giving them the opportunity to do so while remaining employed by you is another way to increase employee retention. Education benefits can take the form of tuition reimbursement for university courses or on-the-job training that focuses on new and useful skills.

Today, remote courses are available online and education is more accessible to everyone, even those with full-time jobs. Encouraging employees to continue their education with benefits helps you by giving you access to more qualified employees without ever having to post a job listing. 

Benefits and Work-Life Balance

The benefits above all help employees to feel more valued at their jobs as well as give them the resources to properly balance time spent at work with the tasks they need to accomplish in their personal lives. A good work-life balance can greatly increase employees' satisfaction with their jobs. Without it, frustration and burnout are almost certain to occur.

Providing a work-life balance means valuing employees' personal time, allowing them to properly utilize vacation days without pressuring them to show up to work during time off, and providing resources to help them take care of any healthcare-related needs. Good benefits are part of a good company culture that encourages employees to stay happily employed to you and saves you time and money that would have to be spent hiring new job candidates. 

Retaining Quality Employees

Better employee retention can start with better benefits. Make sure that employees understand the benefits that are available to them, including insurance, sick days, and paid time off that allows them to take care of important events in their lives that are unrelated to work. You can start on the path to offering more competitive benefits now by looking into the group health insurance plans we can provide to businesses. At Sackett & Associates Insurance Services, employee benefits are something we specialize in. For more information on how to start today contact us at (707) 823-3689.