In recent years, non-traditional employee benefits have been gaining popularity among employers due to their unique features and advantages over traditional ones. The best part about them is that companies are now using them to improve performance and reduce attrition rates. There are many reasons why employers use these benefits to attract employees.
Ways to Boost Employee Retention
1. Improving health & fitness:
Most people nowadays enjoy going to the gym or other places where they can exercise and maintain good health. This helps with reducing stress levels and keeping an active lifestyle. By offering proper facilities at the workplace, such as a walking track, yoga classes, and group fitness sessions, you will be able to attract more people to your company.
2. Promoting better morale:
When people feel well, they perform better at the office. They do not need to worry about their physical health, making it easier for them to be creative and innovative. If they are comfortable with their environment, they will be more willing to contribute to projects and tasks. That ultimately increases company profitability.
3. Helping Develop Talents:
It has been found that those who receive regular training and development opportunities tend to stay longer in the organization than others. Promotion of talents that pertain to work as well as employees life outside of work is an important investment an employer can make in their employees. Providing funds for employees to pursue education or certification outside of work is another great example of helping employees develop talents. As they keep improving themselves, they become better leaders and managers, which improves workplace engagement. Hence you can easily build a strong team of talented workers.
4. Flexible Arrangements:
Many modern companies provide flexible working arrangements to their employees. Such as allowing for taking a vacation without penalty. Or having more flexibility to choose when and how much they work. By ensuring they get the necessary rest they require without worrying about whether they would lose out on pay, they will always strive to make the most out of their day. Having flexible working hours means they will be less likely to leave the job because of work-related or personal issues.
5. Improving Business Communication and Collaboration:
With a relaxed and comfortable working environment that emphasizes open communication, employees will communicate freely and collaborate more effectively. This allows them to share ideas and information quickly amongst departments and colleagues. This boosts morale and creates a sense of belongingness in the office. This eventually leads to better work attitudes and better overall performance!
6. Increasing Employee Satisfaction:
It is human nature always to want to be happy and satisfied with our lives. This gives us a feeling of accomplishment and motivation to continue contributing towards achieving the goals we set for ourselves. Employees are happier when they look forward to coming to work every day and doing what they love. Thus, providing a relaxing and friendly working environment may increase employee satisfaction and motivate them to go above and beyond to meet organizational goals. Offering things like free snacks, daily meals, or free coffee/ other beverages to your employees as a way to say thanks for being on the team can really help with morale.
7. Offering them Monetary Incentives:
The idea behind offering a monetary incentive is simple. Since everyone wants money, if someone does something good, they will expect to get paid for it. However, remember to offer rewards that encourage the desired behavior and maintain integrity. There are different incentives available based on the type of behavior being encouraged. For example, giving a small gift to an employee who comes in early every day will promote a positive attitude while encouraging customer service. Other types of incentives include cash bonuses, prizes, and awards.
8. Providing Extra Training Opportunities for Employees:
Training programs help the trainees and benefit you as the employer. Training programs teach new skills and helps employees develop knowledge. On top of that, it helps improve efficiency and effectiveness at work. The employer then gains from improved productivity, reduced errors, and increased quality of services provided. To attract and retain skilled employees, employers must provide opportunities to learn and grow while nurturing talent. Training should be made accessible and relevant to suit individual needs so they will learn new things that they are interested in learning and be interested in staying apart of the organization.
9. Provide Good Health Insurance Benefits:
Health care has become increasingly expensive nowadays especially medical and dental treatments. Hence, many people suffer financially due to high medical bills. Offering affordable and flexible health plans is a great way to retain the talent that you have hired on at your company and to keep those employees happy and satisfied.
Bottom line
By creating a pleasant environment, improving communication and collaboration, increasing employee happiness and satisfaction, and reducing turnover costs and recruitment issues, among others, organizations can boost employee retention. To learn more about your options for offering health insurance benefits, schedule your free consultation with 1921 Consultants today!