Depending on the size of your business, losing employees can be a big blow. That’s one of the reasons why following best practices for employee retention is so vital. These strategies should help you keep your team together. Cohesion is important to productivity, and losing your highly-valued workforce to competitors or retirement can hurt your bottom line.
Offer Multiple Remote Work Opportunities
Before the pandemic began, remote work wasn’t a way of life. However, with most employees working from home, the pros of this perk have begun to show. Even if your employees were accustomed to this workday style before, that flexibility is still incredibly valuable. Start by evaluating the practicality of instituting policies related to telecommuting.
Let Them Set Their Own Hours
Another good strategy is to let your employees set their own hours. This means that they are free to choose when they complete their 8-hour shifts throughout a 40-hour workweek. This particular type of employee benefit is prized because many workers have other responsibilities, such as childcare, that go beyond only focusing on their careers. Prioritizing a reasonable work-life balance helps reduce burnout, dissatisfaction, and potential impacts on your workers’ mental and physical wellbeing.
Provide Well-Paid Sick Leave
If you want your employees to stay, implementing a generous sick leave policy will be a compelling reason for them to do so. These days, many workers struggle to get by; living paycheck to paycheck heaps even more financial stress than not being able to afford groceries, pay rent, or cover utilities. Dealing with mounting credit card debts and being behind on mortgage payments can be offset with well-paid sick leave or short-term disability benefits that serve as income replacements. In other words, when your workers are sick, don’t only give them a fraction of their normal salary or wage.
Explore the Benefits of More PTO
PTO, or paid time off, is an immensely popular employee benefit. It’s so in-demand that compensation is now viewed as more than just money. Time, energy, and health are also valuable resources – and vacation time will not have to be undercut by the inescapable feeling that there needs to be something handled back at the home office.
Create a Broader Benefits Package
Last but not least, focus on curating a comprehensive benefits package. This approach is one of the best ways to recruit talent away from your business rivals, especially if you can only pick from a small talent pool. Telehealth visits facilitate mental health check-ins. Employee Assistance Programs (EAP) go even further in showing that you care about your team while still staying within the confines of your organizational budget.
A Customer Testimonial
Katherine Bortner, another employee of UMMC, was very happy with our customer service. Melissa helped the client with her insurance claim: “Melissa always helps me submit my claims and makes it so very easy for me! I appreciate the process being so streamlined!” Congratulations, Melissa, you deserve it!
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!