One of the biggest concerns for businesses today is employee retention. Gone are the days when you would graduate from college and work at the same place for 40 years. Job hopping is now the new normal with workers only remaining at a job for an average of 4.4 years. For workers, this has opened up numerous opportunities for job growth. However for employers, job hopping has created a significant amount of competition for not only finding top talent, but also retaining them.
To gain a competitive edge and improve employee retention, businesses need to meet the needs and interests of the workforce. While options like flexible schedules and more relaxed cultures are popular among specific groups, benefits are one of the most consistent demands from workers of all ages. To improve employee retention, consider offering these benefits to your employees:
- Health | A healthy worker is a happy worker. Good health benefits are important to just about all employees and for most businesses it is required by the Affordable Care Act’s health insurance mandate.
- Dental | A popular benefit, dental insurance keeps employee smiles bright and happy. Many people will neglect dentist visits if they do not have insurance coverage, which can result in dental and other health problems down the line.
- Retirement | Now is the time to start thinking about retirement. Offering 401K’s and other retirement benefits show employees that you are invested in their long-term plans. Many companies approach this by matching employee contributions to their retirement funds up to a set amount.
- Vacation time | Burnout in a small business is a huge productivity killer, which is why it’s important to have employees take time off to relax and refresh. However, without paid vacation time, most employees won’t take the time off that they need. Offering at least some paid time off incentivizes employees to take their well-deserved vacations.
- Sick pay | Getting sick is miserable enough as it is. The last thing you want is workers coming in sick and spreading germs to the rest of your team. Offer them paid sick time so they can focus on getting better before returning to work
- Wellness | Regular doctor and dental visit are not all it takes to be healthy. Encouraging a healthy lifestyle through wellness programs can result in happier and more productive workers. An example of these benefits is to offer $100/ year for fitness related expenses, such as a gym membership.
- Volunteer | Many people today put a significant importance on being involved with their community. Offering paid volunteer time off gives employees the opportunity to give back to the community without using up sick or vacation time.
Individual health and employee satisfaction are closely tied. All of these benefits contribute to a healthier lifestyle, both mentally and physically. If you want employee retention to increase in your small business, offering competitive benefits that workers are actually looking for should be a key part of your strategy.