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Benefit Offerings and Retention in a High Labor Market
In the current job market of high labor demand and high turnover, benefit offerings are more important than ever when it comes to your employee retention strategy.
Here are some common benefit trends to consider:
Paid Leave – Adding additional paid time off outside of the typical vacation or PTO can help reduce employee stress and provide a better work/life balance without taking a hit to their pay. Recent trends include businesses considering paid family leave and paid sabbatical leave.
Educational Assistance – Investing in an employee’s career growth not only provides the employee with a benefit, but your company can reap the benefits as well. Tuition assistance or providing a pay incentive to employees enrolled in educational assistance programs or trainings can help achieve this goal.
Mental Health and Wellness – More so now than ever, employees are looking to work for employers who care about their employees’ wellbeing, both mental and physical. Companies can show this by investing in training, education, and benefit programs that assist in connecting employees with treatment options and mental health providers. Employers can also review their health insurance coverage and consider changing their plan design to provide greater mental health options.
Flexible Work Options – Employees want flexibility in where and when they work. In a workplace where fully remote positions may not be feasible, a hybrid work arrangement that allows employees to work from home a couple days per week is always an option. For jobs that cannot perform work remotely at all, flexible work hours allowing employees to complete work during non-traditional work hours is the next best thing.
Other “Out-of-the Box” Options to Consider:
- Gym memberships
- Employer-paid food delivery subscriptions
- Health and wellness coaching
- Pet-friendly workplaces
Knowing where to start and what will work best with your employees can be difficult and overwhelming. The Employer Group is here to help review your current employee package, identify gaps in your package, and put policies in place to help you retain your employees, and focus on growing your business.