Preventing high employee turnover should be a top priority for every organization. Employers need to do a lot of things to retain workers, and one of those things is providing outstanding benefits. You can go above and beyond with your training, cultivation of culture, and performance management, but the truth is, employees these days look for more out of their employers, and benefits are a vital requirement for today’s average worker.
The vast majority of companies offer health insurance, paid leave, and parental leave to their employees. When your employees are first hired, you should expect them to inquire about these benefits. In these modern times, employees expect more from their employers in terms of benefits. Offering more benefits will increase your chances of retaining employees and attracting new ones. During times when hiring is tough, and employee retention is important, it’s critical you’re able to offer your workers an appealing benefits package.
Whether or not employees stay engaged at their current job is largely determined by the perks your organization offers. In some cases, workers’ lives could be drastically improved, resulting in increased job satisfaction. Several advantages for employees have started to be recognized as a result of the Covid-19 pandemic outbreak. When it comes to keeping employee satisfaction high and prevent high turnover, consider offering the following benefits.
Disability Benefits and Paid Leave
Many businesses offer disability benefits as well as paid leave as important employee benefits. There has been a lot of awareness raised about this recently, especially for those suffering from “long covid” or those who have been subjected to the delta variant. It is possible for employees to survive an initial infection but still suffer long-term effects from the virus. Some of these employees may experience symptoms such as fatigue, shortness of breath, and brain fog, making it difficult for them to function and return to work.
The process of applying for federal disability benefits administered by the Social Security Administration is already an arduous one. But employers can administer their private long-term and short-term disability benefits in a way that makes them more appealing to individuals with chronic illnesses. By communicating clearly that these benefits are available to long-term Covid sufferers, employers can support them. Furthermore, offering these benefits demonstrates that a company values its employees and the health of its employees.
Employers who offer benefits that can help employees build a family are highly sought after and very attractive to those who wish to start a family, particularly amongst younger generations. When their employers help them pay for in-vitro fertilization treatments, employees are much more likely to remain employed with the same organization.
For example, employees of Starbucks have access to IVF fertility benefits. For those pursuing IVF, the costs of building a family are extremely high, so benefiting from any means is extremely helpful. If you can offer your employees benefits that show you care about their happiness and lives outside of work, it’s much more likely they’ll stay committed to working for you.
Better Benefits for Employees Who Are Also Caregivers
Employees who are also caregivers have been under an enormous amount of stress since the Covid-19 pandemic broke out. But while the pandemic brought these types of benefits to light, it’s not just Covid related. There are numerous employees out there who have to care for a loved one and would benefit from assistance. Caregiving benefits are essential for employers to keep their current workers as well as recruit new ones. Working and taking care of your loved ones at the same time can be stressful, and it is a leading cause of employee resignations.
Most companies offering care benefits offer memberships to online platforms that provide child, elder, or pet care services. Additionally, organizations should offer additional benefits such as one-to-one counseling, cash subsidies, on-site childcare, and tutoring to those who have to care for others.
Caregiving benefits can appear in many forms, but one that is very desired could be the option of working from home. Unvaccinated parents, elderly caregivers, and family members without the Covid-19 vaccine should be mindful of the dangers that await them upon returning to work. Whenever possible, employers can provide employees who are primary caregivers for a family member or loved one with the option to work remotely.
Helping To Repay Student Loans
Burdening employees with student loans can be detrimental. They may experience significant stress, have mental health issues, and may actually not be able to function at work properly because of this stress. As a matter of fact, student loans are such a huge burden that many college graduates would prefer 401k matching or even remote work as employee benefits.
Furthermore, the pandemic has added to these concerns. Despite the disruptions caused by Covid-19, financial worries in 2021 take the lead over career concerns, health concerns, and family concerns. The financial burden of student debt is particularly daunting for those who are drowning in it. Your employees can feel less stressed when they receive student loan relief, which will ultimately result in better performance and higher levels of job satisfaction. The likelihood of employees staying with that company for a long time is much higher when their employers help them pay off student loans.
Offering employees the bare minimum benefits is not sufficient in 2021 to keep them on board, let alone to attract new hires. The most basic benefits are still important, but providing your employees with new benefit options to improve their lives is ideal. Providing employees with benefits that can help them perform better and be better workers is the best way to keep them loyal. What’s more, it shows that you care for those who work for you and want the best for them, which is hugely appealing as an employer.