Why You Should Take a Second Look at Your Company Benefits
Employee retention is one of the hardest things to maintain in a company. However, one of the best ways to improve retention in your company is to implement benefits that go above and beyond. What is included in these benefits?
Basic benefits include insurance and retirement plans, along with other benefits. However, there are unique benefits that can actually help your company increase retention. For example, paid sick time, unlimited vacation, company credit cards, and more can all make a huge impact on your company. How?
How Your Company Benefits Affect Employee Retention
High Morale is Motivational
Benefits that go above and beyond have the potential to increase employee morale. Basically, if an employee feels they are treated well and have great benefits, the employee is more likely to work harder at their job. On the other hand, if your employees don’t feel that they are getting paid well, they likely won’t put forth any extra effort. In the end, people will always go the extra mile for an organization that goes the extra mile for them.
So take a look at your company benefits. Do they promote a positive work environment? Are there any benefits your employees are in need of? Are there any you can afford to implement that go above and beyond your employees’ expectations? What actions can you take to improve morale in your business? Analyzing your benefits like this will help you motivate your employees to work harder and more efficiently.
Some examples of a workplace that has unique, morale-boosting benefits can be seen at this digital marketing company, Markitors. Benefits enjoyed by the company’s employees include, but are not limited to, flexible time, unlimited vacation, and dogs.
While the first two may sound familiar, you may be wondering how dogs are a workplace benefit. Employees are encouraged to bring their dog to work, depending on the flexible dog schedule. This schedule tracks when one person may be bringing their dog for an office visit. There really is nothing like having a cute dog to relax with during breaks, not to mention being a huge mood and morale booster.
With such unique and employee-centric benefits like this, it’s no wonder that Markitors was voted one of the best places to work in Scottsdale!
Benefits Reduce Turnover
According to a 2018 study, almost 60% of employees are either planning to or are willing to leave their job because of a negative work environment. By simply reevaluating your current employee benefits, you can reduce turnover in your company.
When employee benefits surpass expectations, morale is affected. In the end, the happier your employees are, the less likely they are to leave your company. Start increasing retention and decreasing turnover with great benefits your employees may not expect.
An example of a benefit that can get your employees happier with their job can be something like taking a spa day. While this may seem like a loss of company time, that is not the case! A resort works as a personal destination as well as an ideal business venue. Many offer gorgeous meeting spaces that range in size from a meeting room to a ballroom.
So, the next time you have a company event to plan, consider taking it outside of the office. A change in perspective can make all the difference in how happy your employees are with their job. After all, their happiness will result in their success, which is your success too!
Your Company Will Stand Out Against the Competition
Not only will awesome benefits aid your employees, but they also help to market your company. In the end, the business world is competitive and benefits that go above and beyond will only make your company stand out. Your business can thus increase its customer traffic as well as rank competitively in the job market.
These benefits are great examples of how you can implement company benefits that increase employee morale, improve productivity, and make your company stand out. Even small benefits can go a long way.
An example of a great perk that is often underrated is covering work expenses. Some of those expenses come with travel for the job or even job training. Companies like The Lash Professional, who offer flexible eyelash training courses to their clients, are a great example of how varied good benefits can be.
With the example of covering job training costs, it also shows that businesses want to give their employees good resources. In short, benefits like these show your employees you care about a variety of needs they may have.
It also goes to show that you promote employee growth, be it through training or travel. This is a great morale booster for your employees. They’ll want to work harder so they can thrive from the growth they can achieve thanks to personalized benefits.
Start Improving Your Company Benefits Today
Whether you’re trying to place a new hire or retain your current employees, your benefits play a major part. This is why keeping them fresh and up to par with your employee’s needs, much less their expectations is crucial. In a way, you’re selling this job position to them. You want them to know exactly why they should stay with you rather than looking for a new job.
By implementing benefits like this and more, you are sure to improve employee retention fast. This can still be a rocky situation to navigate on your own. You want to give your employees the best you have to offer, so getting an expert perspective can be very beneficial.
In the end, the new and improved benefits you implement are going to be more attractive. This way you’re more likely to retain outstanding employees, as well as attract excellent candidates to your company.