There are many things you can do to keep your existing employees happy: you can engage with them, keep lines of communication open, show your appreciation, ask for feedback, promote them… the list goes on. But don’t forget that one of the best retention strategies out there is also one of the simplest: benefits.
Let’s take a look at some of the perks and benefits you can use to retain top talent at your organization. If you already know you want more: Check out our free guide on competitive benefits to compare your organization against.
Don’t underestimate the value of the basics like health insurance, dental and vision, a 401(k), life insurance, and family leave. Paid time off is also vitally important. In today’s marketplace, it’s not a guarantee for job seekers that they’ll get these basics at every job – you can make yourself competitive simply by offering a solid basic benefits package. And with healthcare costs continuing to rise, it’s a safe bet that job seekers will appreciate them.
From Health Savings Accounts (HSAs) to profit-sharing arrangements and stock options, additional financial opportunities in addition to 401(k) matching is a great way to not only entice new talent but retain the existing all-stars on your roster. While money isn’t everything to the top talent on your team, fair compensation and financial incentives still play an important role – keep your best people around by treating them fairly.
Wellness benefits like mental health days or discounted gym memberships are more popular than ever, in no small part because of the strain the pandemic puts on workers in various industries. Employees care more about their own health and wellness than ever before – and they’re not willing to compromise on it. Keep your top talent around by making it clear that you’re invested in them not only financially and in a career sense, but in well-being.
The pandemic made abundantly clear that employees enjoy having some flexibility in their schedules. It’s safe to say that the demand is not going away any time soon. Whether it’s declaring your company a remote-first organization, or implementing flexible start and end times or a hybrid schedule of in-office and remote work, adding flexibility to your workers’ lives is a must-have benefit these days.
From education reimbursement and tuition assistance to internal promotions and training programs, investing in your employees’ growth and development is a great way to retain top talent. The best people aren’t going to stick around in a role where they can’t grow – it’s as simple as that.
How do you know your benefits are competitive? That’s where we come in. Premier Talent Partners has a fantastic free guide on Competitive Benefits in today’s marketplace–which will ultimately help your organization find qualified talent in today’s competitive marketplace.