Business

Retaining Talent: How to Offer the Best Employee Benefits

Did you know that companies with high employee satisfaction rates are over 200% more productive than other businesses?

Happy employees save money, resources, and time. They’re more eager to share ideas and collaborate, increasing innovation among the team.

While employees must take initiative and responsibility to succeed, leaders are instrumental in maintaining good employee morale.

Many pieces go into the job satisfaction puzzle, including the best employee benefits.

Learn more about different perks to improve morale and performance!

Insurance Benefits for Employees

When employees think of benefits, the first thing that comes to mind is health insurance.

If you can’t afford to pay insurance, ensure all employees understand their local insurance options, like Affordable Care Act subsidies. However, not offering health insurance may drive away essential talent.

There are several insurers and policies to consider. Comprehensive plans from top insurers are popular, especially for employees with chronic health needs. Additionally, you could offer simple catastrophic insurance for employees who don’t need many services.

More companies are offering holistic, wellness-based policies, as well. Employees enjoy coverage for acupuncture, massage, reiki, and naturopathic medicine.

Vision and dental are less expensive than medical health care. Thus, even new businesses can offer some form of insurance to attract talent.

The Best Employee Benefits for Workplace Wellness

Employee wellness doesn’t begin and end with health insurance. Go a step further by providing on-site wellness support.

Ideas include:

  • Workplace gyms
  • Complimentary health food
  • Employee break rooms
  • On-site yoga
  • Meditation sessions
  • Teambuilding exercises

The above ideas are great alternatives for employees who opt out of employer-based health insurance. Even better, healthy mental and physical wellness cuts down on absenteeism, saving you thousands of dollars. Plus, you worry less about worker’s compensation claims.

Show Them the Money

Of course, one of the quickest ways to boost morale is to boost your employees’ income.

Consistent wage increases based on performance improves job satisfaction. Plus, it encourages employees to reach for higher positions, developing valuable skills for the company along the way.

If you manage a sales team, go beyond commissions to inspire associates to increase their average sale numbers.

Incentives include:

  • Team-based monthly goal incentives
  • Free lunches or restaurant certificates
  • Monthly prizes and swag bags
  • Holiday bonuses
  • Promotion-based incentives

Healthy competition is great, but too much can damage morale unintentionally. Balance out your sales strategy with fixed perks, like employee discounts, free company merchandise, and exclusive offers and events.

A positive payment experience is another overlooked benefit.

Late payments frustrate high-performing employees. Inaccurate paychecks are even worse. Hence, more companies are leveraging alternatives to traditional checks.

Direct deposit is one option. Employer-issued debit cards are also growing in popularity.

For example, the payroll card program from www.payactiv.com lets employees use cards at stores and ATMs. Even better, payroll cards give employees a viable alternative to traditional banks, broadening your prospective talent pool.

Attract and Retain Excellent Employees

Do you want to keep your best talent for the long haul? Provide them with the best employee benefits to outshine the competition.

Remember to introduce new employee incentives and perks to maintain engagement. The blog is also packed with ideas to inspire.

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