Employee turnover is an unfortunate reality for every business. This can happen for a variety of reasons ranging from employee unhappiness, emergency situations, or other career opportunities. To minimize turnover, employee morale is an important concern of many business owners. One way to ensure employee dedication, no matter the size of your business, is through offering a benefits program.
Basic and Beyond
Business owners have the choice when it comes to what to offer with their benefits plan, and the most common basic benefits and coverages include paid leave, paid holiday, and vacation time. But in order to stand out among your competitors consider offering retirement benefits, a distinction between sick days and paid time off, and medical plans including dental and vision. This can be enacted through a full-time employee benefits program. Also, recognizing your part-time employees is an additional bonus that boosts morale in your office.
Health and Productivity
Individual health insurance is extremely important for the productivity of your employees. While only half of employees participated in their given benefits program, employees who are engaged and have a high sense of well-being are 42% more likely to evaluate their overall lives higher than those who cannot afford medical care and attention. Additionally, 66% of employees offered benefits would recommend their employers as great places to work, which gives an opportunity for growth and visibility.
Equal Pay for Equal Work
Establishing an equal pay rate is also incredibly important when it comes to employee turnover. The thoughts on the gender pay gap are shocking—77% of women do not believe men and women are paid equally, compared to only 63% of men. Having a transparent working environment in terms of pay will alleviate the stresses women employees feel, while simultaneously fostering a positive work environment.
It is also imperative to invest time in your employees. Full, comprehensive training is crucial to building a positive and productive workforce. After all, why would an employee choose to stay somewhere with no capacity for growth? According to a Gallup Poll, companies will achieve 14% higher earnings when they increase their number of talented managers and double the rate of engaged employees. So what is there to lose?
If you have any questions, contact a benefits specialist firm; they will help you assess your company and provide you with the benefits packages your employees deserve!