Key Benefits to Improve Employee Retention 2023
Introduction
From an employee’s perspective, benefits are what make employers stand out from one another. A study from Workhuman showed that 66% of U.S. workers take their time to evaluate new companies’ benefits before making the decision to switch jobs.
We all know it is important to retain our top performers and attract fresh talents into our organization, and having an attractive list of benefits for employees can really help retain and attract key talents.
Sustainable Working Norms
As the global working culture shifts due to the pandemic, we are starting to see employees prioritize other things in work such as flexibility and results rather than work hours and location, which increases employee retention.
The Future of Work 2021 study by Accenture found that 83% of workers preferred a hybrid work model. During the COVID-19 pandemic, workers who had a hybrid work model had better mental health, stronger work relationships, and experienced less burnout as compared to those who worked entirely on-site or off-site.
Sometimes it is not simply about going to work at a specific time and place, but the quality of the work — if employees are feeling better and producing better results from a hybrid work model would it not be a win-win for everyone?
According to Accenture, 63% of high-growth organizations have started their “productivity from anywhere” hybrid work models.
Health Benefits
Health benefits range from basic health insurance to cover for any sports or gym memberships, however, companies are starting to offer mental health benefits for their employees as well. These can range from coverage for therapy or subscriptions to mental health apps such as Headspace.
With the rapid pace of the current work environment, a well-rounded health benefit plan for employees helps them take care of themselves outside of work, which helps them stay healthy and happy both in the workplace and out of the workplace.
Growth and Learning Opportunities
At the heart of every talented professional is a desire to build their skills and knowledge to advance their careers. As such, great leaders often prioritize supporting their employee’s growth and development to foster a productive team that feels valued.
When employees feel valued and can see a future where they are able to achieve their career goals, it can create a lasting positive impact on them and the company.
Benefits such as on-the-job training, virtual learning programs, formal mentoring programs, and even job rotations are all options that your company can look at when planning to provide such a benefit for your employees.