Employee turnover is a big problem for businesses across the country. Every year, companies lose $11 billion because of employee turnover. When businesses increase the number of talented managers they have on staff and double employee engagement will have about 147% higher earnings than what their competition brings in, according to a recent poll by Gallup. Improving employee benefits is one way to decrease turnover.
Offering employee benefits for the people who work for you can mean a lot of different things. Here are a few areas where you can tailor your benefits package to the specific needs of the people who work for you:
Look at your health care coverage options .
When it comes to offering employee benefits, one size does not fit all in the individual health insurance and group health insurance world. You should go to a broker and talk to them about your options. They can give you information about comprehensive and basic benefits and coverages. Talk to your employees about what their needs are and what would be the best thing for them. Including your employees in the process is the best way to make them feel that their needs are important to you. That is a great way to keep your turnover rate low.
Consider your employees’ child care needs.
For working parents, worrying about how they are going to take care of their children is a big issue. Many parents have to have multiple arrangements for the care of their kids. They often have trouble in the morning and at night with getting the kids off to school and having someone be at home when they are done at the end of the day. This issue is made worse when the children and younger.
Offering your working parents some help with their childcare will have a lot of benefits for you. Your employees will be happier knowing their employer cares about their needs, they will be more productive because the worry of who is taking care of their children will not be occupying their mind and they will miss less work. This is one of the employee benefits that is cited the most often among working women as a perk they really like and really need.There are things you can do to help.
- Offer childcare at the office. Many companies are contracting with other businesses to offer childcare at the office. This has the added benefit of letting staff check in on their kids during the day. For some parents this makes working a lot less stressful because they do not feel as separated from their children.
- Give pre-tax subsidies for childcare costs. Childcare is expensive. If you offer this, you can go a long way towards helping your employees.
- Give them more flexible schedules. The ability to work from home when their kids are sick (or there is an unexpected snow day) really helps working parents. If your company’s work needs to be done on site, you can give people flexibility in their shifts. Many people regard the ability to change their schedule or work from home as one of the best employee benefits a company can offer.
Make them take some time off.
You do not have to work your employees to death to get the most out of them. The opposite is true. New research shows that when people take time away from their jobs, they are more productive. Not only that, in companies where the staff take advantage of paid vacation time have lower turnover, healthier staff members (this means they take fewer sick days) and a much better morale level across the board. People are happier when they have a better work/life balance and it shows in how they do their jobs.
It should be no secret that happy employees work harder, get more done and are more loyal to their employer. The secret is how to make your employees happier. Some studies have shown that giving people a clear sense of what is expected of them and the tools they need to accomplish their objectives is one of the best ways to keep good employees happy.