The last thing that you want your all-star employees to do is become free agents who are actively searching for new employment contracts because you are not offering the right benefits. One of the highest operational costs within your organization is recruiting employees that are worth retaining. Since there is turnaround associated with hiring staff, you need to first identify the all-star employees and then develop a plan that will help you prevent them from taking the skills they have attained elsewhere.
According to All About Voluntary, 96% of survey respondents stated that the strength of their benefits package is a key contributor to job satisfaction, so offering the top benefits is the answer to retention. Benefits are also said to increase productivity and ultimately employee performance. Here are four benefits that will strongly influence all-star loyalty.
Pension Plans or Retirement Annuities
More and more talented employees in the workforce are planning for their retirement early on. According to surveys, retirement plans and pension plans are the most valued and 91% of employees surveyed said they are very important. Give your employees a sense of security and your all-stars are much more likely to stay with your organization through to retirement.
Paid-time Off for Work-Life Balance
You never want to overwork your employees or give them a reason to be afraid of missing work. In fact, paid-time off is a benefit that will combat burnout while it also retains the all-stars. Give a fair amount of time for vacation, personal time off, illness, and bereavement time for employees so that your valued staff members know how valued they are.
Voluntary Supplemental Medical Insurance Solutions
With changes to the healthcare system and healthcare reform laws requiring all tax-payers to carry insurance, more and more people are opting to carry a high-deductible plan that they cannot even make use of. Instead of offering only group health plans that have high copayments and deductibles, offer your employees the option to purchase low-cost supplementary medical insurance so that they can limit their out-of-pocket expenses following an accident or illness.
Tuition Reimbursement Plans
Another benefit that can be seen as more of a perk is a tuition reimbursement program. Rather than solely benefiting the employee, paying for tuition costs will benefit the organization as well by building on the skills that the employee already possesses so that they can continue their education and apply it in the workplace.
You will have high turnaround rates if you decide that it is not necessary to offer benefits in addition to what is required by law. If you want to earn your label as a top company to work for, you need to start designing a fully stocked benefits plan that employees will value and want to keep.