In today’s highly competitive marketplace, it becomes paramount that you provide your employees with enough reasons to stay and not leave for a better alternative. Retaining an employee is a financially profitable prospect as hiring a new employee can cost you significantly more than you think. You should try to provide your employees some benefits that might increase their likelihood of staying with you.
Not only will these benefits make your existing employees feel valued but they will also ensure that more new talent is attracted to your company. In a marketplace where employers are clawing at each other to recruit the best talent, these benefits will give you an edge and make more people want to be associated with your organization.
Today, we’re going to take a look at the different benefits that you could provide your employees to make your organization seem more attractive. Caring for your employees is the number one way to establish a good reputation for your organization. So let’s get into it and explore the six benefits that you could provide your employees that’ll make you seem more desirable.
1. Pension Scheme
Every employee wishes to secure their future while they’re working hard in the prime of their career. Helping them plan ahead can lead to better employee satisfaction as they wouldn’t be constantly worried about their future. If you invest properly in your employee’s future then they’ll see you as an employer who cares about their well-being and the word will spread about your company’s generous attitude.
2. Health Insurance
One of the most visible benefits that any company can provide their employees is health insurance. It can build a very positive perception of your organization in the minds of the current and future employees. You should try to find group insurance since that’ll be more cost-effective for you as suggested by the Desjardins Group, group insurance will cover all of your employees under one scheme. If you don’t offer health insurance to your employees then you should look into it as soon as possible as it can help them cover a lot of their medical expenses.
3. Flexible Working Hours
During the pandemic, many employers found themselves adjusting to the newly introduced work from home policy. This led to a lot of chaos and confusion initially for those who weren’t accustomed to it. Had the employers already implemented the flexible working policy, they wouldn’t have had problems with it. If you want to make sure that the employees are satisfied then you might want to look into implementing this policy even after the lockdowns are over. This will be an added benefit for your employees since they’ll have a greater degree of autonomy to work with.
4. Performance Bonus
There’s absolutely no one who doesn’t love a bonus and when that bonus is well-earned, it makes it even sweeter to have. You should provide your employees with bonuses depending on their performance each quarter, or any other period of time you decide on. These bonuses will also incentivize your employees for working more dedicatedly and hence, they’ll use more effort to complete any tasks assigned. The performance bonuses can be a very useful tool if you wish to increase sales and productivity while rewarding the employees at the same time.
5. Paid Leaves
If your employees are sick then they wouldn’t be able to perform optimally and risk the spread of any pathogens to your other employees if the disease is a contagious one. Also, most of the employees are heavily dependent on each paycheck which will make them averse to taking any leaves that might have an impact on their paycheck. In this case, providing a paid leave is the best option for both you and your employees since it’s one of the most appealing benefits.
6. Mental Health Benefits
Mental health is still a taboo in our society despite the efforts of various organizations to normalize it. If your employees are provided with assistance during their troubled times then you’ll help prevent any undue tragedies which will boost the entire organization’s morale. When you as an employer work towards reducing the stigma, the employees will be more comfortable in your organization.
These were some of the important benefits that you should try to provide your employees to increase the desirability of your company. The benefits provided by you are not only beneficial to the employees but can also help out your organization by increasing productivity and efficiency. So try to identify the pain points of your employees and ask them what they need, this way you’ll be able to find out the benefits that will make your employees the happiest.