Have you found yourself hiring great employees only for them to be tempted by another company a few months or a year down the road? The struggle is real - the average turnover rate (for all voluntary and involuntary) is around 19% across all industries. What's more, business of all sizes are finding themselves in a bidding-war situation as they are forced to be more competitive in luring quality employees through their doors. For that reason, employee benefits are an increasingly important consideration for workers selecting which job to accept.
The challenges of finding and keeping good employees has always been there. In recent years, however, the pandemic has redefined the rules and forced business owners to think more critically about what they offer and why. Additionally, there is a major issue with an aging workforce in many long-term careers. As people with experience leave, there's a huge space to fill and while there are many talented younger employees out there, in many cases they might not be enough. Some industries are flooded with poorly qualified applicants and others have the fortune of having too many great prospects who simply won't stay long. Either way, it seems you're forced to hire someone for a short time and expect to replace them sooner than you'd like.
It doesn't have to be like this, though - one of the primary factors that make employees stay are the benefits. Sure, you might offer a 401k and a great salary, but if it stops there, you're not going to have people sticking around. What's great is that there are many types of benefits that aren't hugely expensive for you but will make your employees value your company significantly, cutting down on turnover and helping you snag qualified people.
Many companies are learning to leverage benefits to suit the needs of their employees. In a world of remote work and massive job choices, a quality set of benefits can turn great employees into long-term assets.
It's So Important...We Wrote a Book
In our ebook, "Guide For Using Employee Benefits in Recruitment and Retention" we take a close look at how improving benefits can stop the flow of employees out your doors.
We’ll break it down into three categories:
1) Benefits that are legally required - the “have-to” category,
2) Benefits that aren’t required but are expected - the “should-have” category
3) Benefits that are simply advantages, many of which don’t cost a business owner anything, that will give a business an edge, making it a more appealing place to work - the “nice-to-have” category.
During 2020, COVID caused havoc on companies and 20 million jobs evaporated across the US. The good news, is that 2021 and beyond is projected to see a turnaround, as those companies left standing are looking to rebuild. It will be important for your company to give itself a competitive advantage...and the first place to start is with a close examination of your employee benefits plan. Download this free ebook today by clicking here or on the image below. Have any questions? Contact us...we're here to help.