The Great Resignation isn't slowing down. With the average employee jumping ship for a new gig and inflation soaring past salary increases, businesses are facing a costly talent drain. But fear not, there's a powerful weapon in your arsenal: benefits.
Here's the reality: a recent study by Trinet shows a whopping 43% of employees stay put thanks to their benefits package. That's almost half your workforce potentially swayed by the right perks! Meanwhile, the average US business loses a staggering $1 trillion annually due to employee turnover.
So, what can you do?
Shine a Light on Your Benefits
Many companies offer fantastic benefits, but communication is key. Are your employees aware of the hidden gems in their packages? Launch an internal marketing campaign to showcase the value of your benefits. Use clear, concise language and highlight the perks that matter most to your team.
Think One-Sheeter, Not Brochure
In today's fast-paced world, information overload reigns supreme. Ditch the bulky benefits brochure and create a visually appealing one-sheet outlining your key benefits. This is a perfect handout for new hires during onboarding, providing them with a quick and easy reference guide.
Keep Compensation Conversations Going
Total compensation goes beyond just salary. Regularly remind your current staff about the value you bring beyond the paycheck. Distribute clear and easy-to-understand total compensation statements that showcase not just their base salary, but also the financial worth of their benefits package.
Get Creative with Low-Cost Benefits
While comprehensive health insurance and retirement plans are important, you can also get creative with some benefits that don't break the bank. Here are some ideas inspired by current employee desires:
Embrace Flexibility: The pandemic has shown the value of remote work. Offer flexible work arrangements or a home office budget to help employees create a comfortable workspace. This can boost morale and productivity while potentially reducing your office space needs.
Prioritize Wellness: Invest in your employees' health with wellness programs. You don't need expensive gym memberships. Consider offering on-site yoga sessions, lunchtime fitness challenges, or organizing healthy potlucks to encourage a healthy lifestyle.
Recognize and Reward: A simple "thank you" can go a long way. Implement a recognition program to acknowledge employee achievements and make them feel valued. This doesn't require a big budget – public praise, team shout-outs, and handwritten notes can make a big difference.
By implementing these strategies, you can transform your benefits program from a hidden cost to a powerful tool for attracting and retaining top talent. Remember, a happy and informed workforce translates to a more productive and loyal team – all while saving your business from the revolving door of employee turnover.
Whether you’re in the beginning stages of building your employee benefits package, evaluating your current provider, or anywhere in between - our team at 19:21 is eager to help. Schedule a Consultation to meet with one of our group benefits experts today.
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