If you’re one of the many businesses that grapple with high employee turnover, you’re probably wondering what you can do to retain your valued workers. You’re not alone. In an increasingly competitive business world, top talent is in high demand and if you’re not taking steps to make your workers happy on the job, another company will. Employee turnover is also expensive. When you figure in the costs of hiring, onboarding and training, learning and development and time with an unfilled role, losing an employee can really add up.
What are today’s workers looking for in a company and what does it take to keep them long- term? Of course, a competitive salary is important, but it’s only part of the equation. Here are a few other factors that play a big role in employee retention:
- Onboarding and training
- Work schedule flexibility
- Work-life balance
- Strong management and leadership team
- Personal development opportunities (ie: additional training and education)
- Top performer recognition and rewards
And one of the top factors? Benefits. The Society for Human Resources Management (SHRM) 2018 employee benefits survey found that 92% of employees feel that benefits are important to their overall job satisfaction. Nearly one third said that their current benefits package was a top reason to look for a new position over the next year. Benefits not only include health insurance, but encompass other areas such as: retirement savings and planning, health and wellness benefits, paid leave, family leave and professional and career development benefits to name a few.
A competitive job market demands that companies take care of their employees and offer a workplace environment where people want to stay and contribute for the long-term. A strong benefits package is high up on employees’ lists. Contemporaries can help you define your benefit package needs and discuss your options. Call us today at 301-565-0445 and learn how we can work with you to enhance your firm’s benefits to employees.