It should be every organization’s top priority to prevent high employee turnover. There’s a lot that goes into retaining employees, and offering great benefits is one of those key things. Generally speaking, companies know employees want health insurance, paid time off, and paid parental leave. When they’re hired, expect your employees to ask about these benefits. But these days, employees are starting to expect even more of the benefits the companies they work for offer. The more benefits you can provide, the more likely you’ll be able to retain workers, as well as attract new ones.
The perks your organization offers can be the deciding factor in whether workers stay engaged at their current occupation or start looking for something more rewarding. Some benefits could improve the lives of workers so drastically that their job satisfaction is significantly boosted. Following the outbreak of the Covid-19 pandemic, several more contemporary benefits for employees have started to come to light. Consider offering the following benefits if you want to prevent sky-high employee turnover and keep your workforce as happy as possible.
DISABILITY BENEFITS AND PAID LEAVE
In many cases, disability benefits and paid leave are some of the most important benefit options a company can offer. Recently, this has come to light in more ways than one, particularly for those suffering from “long Covid”. In these cases, employees might have survived the initial illness but still be suffering from the long-term effects of the virus. These employees could experience symptoms such as fatigue, shortness of breath, and brain fog that interfere with their ability to function and return to work.
Applying for federal disability benefits administered by the Social Security Administration is an arduous process as it is. Even so, employers can administer their private short- and long-term disability benefits in a way that makes them more attractive to people with health problems such as long Covid. Employers can support long-term Covid sufferers by clearly communicating that such benefits are available to them. Moreover, offering such benefits really shows how much an organization cares about its employees and their overall health.
For those who wish to build a family, benefits offered by employers that can help them do so are highly sought after and very attractive. For example, those who receive in-vitro fertilization benefits from their employers, who help them pay for such treatments, are significantly more likely to remain in their job for a long period of time. Starbucks offers IVF fertility benefits for its full-time employees. Building a family is very expensive, particularly for those pursuing IVF, so any benefits that can help are extremely favorable.
BETTER BENEFITS FOR EMPLOYEES WHO ARE ALSO CAREGIVERS
Since the Covid-19 pandemic broke out, employees who are also caregivers are under a particularly enormous amount of stress. Employers need to prioritize caregiving benefits for employees to help keep their current workers, as well as attract new ones. If employees feel as though they can’t both work and care for their loved ones, it’s not only stressful, but it’s a primary reason why they might be tempted to quit their position.
A majority of companies offering care benefits offer options such as a membership to an online platform that helps locate child, elder, or pet care. To go above and beyond, organizations should also consider offering additional benefits for those who have to care for others, such as one-on-one counseling, cash subsidies, on-site daycare, and tutoring.
While numerous caregiving benefits could keep and attract employees, a simple work-from-home option could be one of the most desired. For parents of young children who are unvaccinated and those who care for the elderly or family members who haven’t received the Covid-19 vaccine, returning to the workplace presents imminent dangers and cause for concern. Offering such employees the option to work from home whenever possible could be hugely beneficial.
HELPING TO REPAY STUDENT LOANS
Being buried in student loans can be detrimental for employees. It can cause significant amounts of stress, harm their mental health, and actually prevent them from being able to function properly at work due to the stress. In fact, student loans are such a huge stressor that many college graduates who are in debt would prefer loan assistance as a benefit to their employers matching 401ks or even offering remote work options.
What’s more, these concerns have been heightened by the pandemic. After Covid-19 disrupted people’s lives in multiple ways, and surprisingly, financial concerns in 2021 are greater than worries about careers, health, and relationships. For those who are drowning in student debt, financial worries are particularly concerning. Offering student loan relief can help your employees feel less stressed, which ultimately can contribute to better performance and higher levels of job satisfaction. Employees whose employers help them get out of student debt are much more likely to stick around and work for that company for a prolonged period of time.
In 2021, offering the most basic benefits is no longer satisfactory for keeping employees and attracting new ones. Of course, providing the most basic benefits is still necessary, but going above and beyond to provide contemporary benefit options to help your employees live better lives is ideal. The best way to get your employees to stick around is to show how much you value their quality of life, and offer them benefits that can help them be better workers and perform to the best of their ability.