Benefits-package-for-employee-retention

Competitive Benefits Package That Can Significantly Influence Employee Retention

Retaining good employees is more than just about offering them a good salary and being a great boss. Most employees stay with a company that offers them exciting benefits. What’s the point of a good salary package without any benefits to support the job? As an employer, it’s time you look into these benefits too.

There are many benefits that you can provide your employees but of course, you aren’t expected to provide all of them as that can be bad for the business as a whole. If you are on the lookout for a few amazing benefits, then you might want to consider these.

Retirement Plans

A small number of employees provide benefits that help employees kickstart their retirement plans. That means offering these for your benefits already gives you an edge over the majority of employers out there. Understandably, this might seem intimidating at first, but it’s actually very feasible.

The SECURE Act of 2019 provides employers with a tax credit if they offer retirement plans and benefits to their employees. That means that on your end, it won’t be a problem to help your employees kickstart their retirement funds for the future. That’s one less thing to worry about for them.

Complete Medical Assistance

As an employer, one of the best ways to look out for your employees is by giving them the best healthcare possible. The best employer-based benefits programs focus on medical benefits. These include free checkups, access to prescription drugs, and many others. It would be great to provide your employees with something beyond the basic healthcare plan. Give them access to dental and psychiatric medical treatment too. This ensures that your employees are always at their 100% at work and that they never have to worry about their health again.

Paid Leaves

For an employee, nothing hurts more than being out of work because of a medical problem or even a family problem. Some employees even try to power through these issues because they can’t get paid for any absences that occur on their time. As such, giving them paid leaves is a big benefit to have.

Paid leaves don’t mean that your employees should take a day off of work any time they want. A good practice would be to give them around at least 10 days worth of paid leaves per year. This could be more than enough time to help them get through most medical problems.

If you want to encourage your employees to be as present as possible, then make any unused paid leaves convertible into money at the end of the year. Many businesses do this practice, and it’s a good way to ensure that your employees are pushing themselves too hard.

Health And Fitness Access

While healthcare benefits are amazing, many employees do prefer getting access to gyms too. While gym memberships aren’t that expensive, employees are not willing to spend on them if it means taking money out of their pockets. As such, giving your employees better health and fitness access is an amazing benefit to offer too.

Health and fitness access means a lot of things. Aside from free gym memberships, this can also mean access to yoga, HIIT, and other fitness classes. In your office, this means healthy food options inside the canteen too. Employees will appreciate it if you make staying healthy a lot easier on their end.

Flexible Work Hours

Employees hate employers that don’t value their time. A good way to show that you respect theirs is by giving them flexible working hour options. 9-to-5 jobs can be exhausting because it forces your employees to travel to work during rush hour. As such, offering better schedules can bring a lot of merits for them too.

Remote Work Opportunities

The pandemic has taught employers and employees that working from home isn’t that bad. It also shows us that productivity isn’t exactly affected when people work from home. Now, more and more people are seeking opportunities that would allow them to work a full-time job even if they don’t leave the house.

Making your business support the remote work structure will do you good in many ways. For one, you can open up more opportunities for work. Another is that you can assure that your employees are working in an environment that they are comfortable with.

These top benefits can benefit your business in many ways. It’s more than just about better employee retention and better outlook from your workers. It can also help increase productivity inside the office as your workers are able to work in a better and more comfortable environment.