Companies spend a lot of money recruiting and training their employees, which is why it\’s vital to create a workplace that encourages employees to stay with the organization. A business can turn into a training ground for the competition if workers leave the company as soon as they have enough training and experience to get a better job. Besides paying competitive wages, business owners can improve employee retention by including additional benefits. Here is some advice from HR Business Partners on four employee benefits that companies should offer to workers.
Health Insurance
One of the most commonly offered employee benefits is health insurance. The rising cost of health care makes health insurance valuable to workers. Furthermore, a healthy workforce is more productive, so health insurance can help companies produce their best work. The popularity of health insurance as a benefit spans multiple generations in the modern workplace. The healthcare needs of employees vary by age, so offering various healthcare packages helps everyone in the workforce find the plan that\’s right for them. For example, millennials might have tighter budgets and may opt for a less expensive high-deductible plan, whereas boomers may want the comprehensive coverage that a more expensive program offers, etc.
Retirement Savings
The best employee benefits are the ones that make workers feel more secure in their future. By offering retirement savings help, a business helps employees to take care of their needs for the future. Retirement savings matter more the older the worker is. For older hires, retirement may be right around the corner, whereas younger workers aren’t as worried about it. However, the money in IRAs and 401K plans can be used for other needs in life, so workers of all age groups like it when companies are willing to make matching contributions to workers’ retirement accounts. It’s a good idea to provide multiple retirement savings options to employees, which gives them more control over how much money they save each check and how that money is set aside for the future.
Flexible Schedules
The internet and computer technology have had a transformative effect on many aspects of life, and that includes the way people work. Remote work tools make it possible for many workers to do their jobs from home, or come to the office less often. This level of flexibility with schedules is desireable for workers, especially younger ones, who are more familiar with remote work opportunities. When compared to a job with a rigid schedule, workers are willing to accept a lower pay rate in exchange for flexible hours. For people which children or aging parents, a flexible schedule is essential for juggling their multiple responsibilities. Flexible schedules are a crucial part of maintaining a healthy work-life balance, which is something many job applicants are considering when choosing which company to choose.
Vacations and Paid Leave
Businesses that want to keep their employees need to include vacation and paid time off in their benefits package. While this advice may seem obvious, many small companies don\’t offer vacation or paid time off. However, paid family leave and adequate vacation time are growing in importance as a factor that determines the job satisfaction of workers. This is another situation where giving employees this benefit helps the company thrive. Overworked employees will face burnout and produce lower-quality work. And as younger workers start families, paid family leave becomes a valuable benefit to have. Whatever kind of benefits package you want to offer employees, HR Business Partners can help. Our team is experienced in setting up competitive and affordable benefits packages for small businesses that help them attract and retain the best employees. By structuring the group plan to fit the needs of your company and employee needs and providing benefits administration expertise, we work to give your company a strategic edge. Contact us today for more information or take a look at our short explainer video2019-11-12 14:48:57