7 Employee Benefits That Actually Improve Retention

In 2019, a report from Gallup noted that US businesses were losing a trillion dollars every year due to voluntary employee turnover. Since then, employee turnover has increased. Many employees experience burnout with current jobs, that usually leads to turnover. Employers are finding ways to reduce employee turnover. This article can help employers understand employee retention, create employee benefits that reduce turnover, and help employees know which employee benefits are good for them.

What Is Employee Retention?

Employee retention is the ability of an organization to retain or keep its current employees. The goal is retain the same loyal and hardworking employees as long as suitable for the employer and employee. Obviously life can be unexpected and some employee turnover is going to happen, but many employers use employee benefit strategies to help reduce burnout and voluntary turnover.

Why Is Employee Retention Important?

One reason employers are looking for employee retention is cost. "Business costs related to turnover include a loss of productivity due to lack of employee engagement, recruitment costs, administrative costs, training and onboarding costs, the loss of experienced employees with proprietary organizational information, and the time spent on these activities."

Benefits of Employee Retention

• Cost Reduction

• Experienced Workforce and More Skilled Employees

• Increased Productivity with Fewer Transitions

• Improved Corporate Culture and Morale

• Higher Employee Engagement and Satisfaction

• Better Customer Experience

• Increased Revenue

How To Retain Great Employees

Benefit strategies are an excellent way to retain employees and reduce burnout. These benefits can be helpful for the employee and the employer.

1. Lifestyle and Wellness Benefits - This is a great offer by showing that the employees mental, emotional, and physical health matter. Mental health support, gym memberships, wellness stipends and more are effective.

2. Financial Wellness Programs - Many companies offer retirement plans, which can be beneficial, but to stick out from other companies programs like financial education, student loan repayment aids, or credit counseling would be great benefits.

3. Voluntary Insurance Options - An employer low-cost option that shows the employees that companies care. Accident, critical illness, hospital indemnity, pet insurance, eye care, chiropractic care, and others that can be customizable to the employee.

4. Flexible Work Arrangements - At first glance this isn't a traditional benefit, but can be valued depending on the person. Giving employees an option to work from home could be great, especially for those with families.

5. Enhance Leave Policies - Paid parental leave, caregiving leave, and additional paid time off can go a long way for employees.

6. Professional Development Support - Growth is a part of life, adding this into a company can impress the right employee. Tuition reimbursement, certifications, and training opportunities show employees they are supported in their growth.

7. Travel Benefits - CultureMiles helps families make memories, gives discounts to employees and employers, and members receive a yearly reward toward a trip. Reducing burnout, creating memorable experiential rewards, and offering modern lifestyle flexibility makes for a great employee benefit.

Final Thoughts

These are examples of low-cost, high-impact tools and strategies for retaining your best people. By creating benefits that are customizable to employees, you will find employees who feel seen, create memorable experiences, and reduce the risk of burnout and employee turnover.