Employee Benefits: 10 that Can Reduce Turnover
“The Great Resignation”—also called “The Great Quit”—has been a topic of much conversation throughout 2021 as businesses have seen millions of workers voluntarily quitting their jobs to find new ones. Researchers have identified much of this workplace change is caused by the aftermath of COVID-19 as employees rethink their careers, work ambitions, and workplace conditions. Many are simply opting for change to meet their new expectations. Employers are responding to this mass migration with various tactics, such as increased compensation and more robust employee benefits packages. In this post, we will explore some of the best employee benefits for combating the effects of “The Great Resignation” in your company.
How to Reduce Turnover Through Competitive Employee Benefits
Companies are continually developing new benefits and benefits packages to help retain staff. Here are some employee benefit examples that are our favorites:
- Increased Wages
With rising inflation and increased competition among employers for new hires, raising wages is perhaps the most obvious way for many companies to boost their competitiveness in the job market. The Wall Street Journal conducted a survey that showed many companies in 2022 are already planning to set aside nearly 4% of payroll for increases in salaries.
- Flexible Pay Options
Flexible pay options are another great way to give workers immediate access to their wages. Earned wage programs (like Tapcheck) are great ways to provide employees with on-demand access to their earned wages and financial options that help reduce financial stress.
- Student Loan Repayment Assistance
Student debt is the largest category of debt among Americans today, and savvy employers will consider benefits that help their teams make progress in paying these debts off.
- Budgeting Tools and Financial Wellness Education
A great way to foster a sense of financial loyalty to your company is to provide your personnel with the tools they need to achieve financial peace. Solutions range from providing access to budgeting tools to online finance courses to financial coaches who can help employees create and execute a financial plan.
- Retirement Planning Services
People cannot work forever, so they need to be thinking about the future. Retirement planning services can help your employees create their road map of success in their later years and start taking steps to achieve their desired retirement lifestyle.
- Gym Membership Subsidies
Healthy workers are happier. Gym membership subsidies are a great way to encourage your people to stay fit and live a more fulfilling and healthy lifestyle and even lead to a more productive and satisfied workforce.
- Health Reimbursement Accounts
Healthcare costs are often a key concern for employees, and a great way to offset this concern is through Health Reimbursement Accounts. These accounts provide funds that help offset deductibles and qualifying healthcare costs. They can also be linked to biometric exams to encourage workers further to maintain healthy lifestyles.
- Partner Discounts
Many employers offer discounts to partner organizations or industries. For example, many automotive manufacturers have partnerships with tire manufacturers or service providers that give employees access to discounted tire pricing or service rates. This is a great way to reward both personnel with access to services and partners with increased business.
- Paid Volunteer Days
Many businesses are a vital part of their local communities, providing services and employment for community members. Another great way companies can build community ties and reward employee involvement is by offering paid volunteer days.
- Gas Reimbursement
With rising inflation and fluctuating gas prices, gas reimbursement for employees is a great way to offset the cost of commuting to and from work. Many workers factor travel costs into their decision to work with a company, and this is a great benefit to help give your company an edge.
The Future of Companies and Turnover
We are witnessing a dramatic shift in power and leverage in the hiring process. More and more, companies are finding that they must have open ears and open minds when it comes to how they hire and retain new talent and promote a healthy workplace culture for current employees.
The job landscape is likely to continue to transform for the foreseeable future, and companies need to be ready to address these changes head-on. One of the best ways to do this is to constantly re-evaluate your company’s benefits packages and compensation to ensure you are remaining competitive.