Attracting Top Talent & Reducing Employee Turnover with Better Benefits
By now you have been made aware that we are in the midst of a Great Resignation. In 2021, employee turnover reached an all-time high- but why?
The Pandemic was a major factor in the high employee turnover experienced in 2021, but it isn’t the only factor. According to a survey by Joblist the top reasons for employee turnover were:
- Lack of Work-Life Balance (13%)
- Low Pay or Lack of Benefits (17%)
- Unhappiness with treatment from employer during the pandemic (19%)
Despite high employee turnover, about one-third of surveyed job seekers said they would remain with the company they were previously leaving if their employer addressed some of their job grievances. With no end in sight for The Great Resignation, an employee centered strategy seems to be the key to reducing employee turnover. So how can we meet our employees needs and mitigate turnover?
Here are some strategies:
As we mentioned earlier, a lack of work life balance made up 13% of why surveyed employees quit their job. To combat this you can take steps toward improving and promoting a healthy work-life balance among your employees.
Here are few ways you can do that:
- Open a dialogue with your employees on what they need
- Be supportive of employees who telecommute
- Promote health initiatives among your employees
Remote friendly companies are experiencing 33% lower turnover and it is virtually free to implement, so adopting a remote working environment is an easy way to start promoting a good work-life balance.
Offering Incentives as a means of reducing employee turnover is not a new idea. Employers have been offering Casual Friday’s and Pizza Parties as an incentive since the beginning of time but those incentives are no longer cutting it. Nineteen percent of employees surveyed cited unhappiness of treatment by their employer during the pandemic as their reason for leaving a company, but this unhappiness predates the pandemic.
The pandemic was merely the proverbial nail in the coffin of employee unhappiness, but why? It’s simple, Employees do not feel valued. A survey found that less than half (45 percent) of employees actually feel appreciated at work. So how can we fix this? By offering better incentives.
Here are some ideas:
- Offering an employee recognition program
- Allowing flexible work schedules
- Investing in the right technology for your employees
Offer Better Benefits
Here at The Difference Card we are partial to offering better benefits to our employees. According to research, the number one driver of retention is benefits and companies that prioritize health care benefits experience 27% lower turnover. Offering better benefits also improves a companies ability to attract top talent.
In a report done by Clutch, 55% of employees cited health coverage as the greatest driver of job satisfaction, followed by paid vacation (18%), overtime pay (11%) and retirement plans (10%).
Health Benefits and health coverage have proven to be a top benefit for retaining employees and attracting new talent, but what are some health based benefits?
Here are some ideas of health based benefits you can offer your employees:
- Medical Expense Reimbursement Account
- Health Savings Account
- Flexible Spending Account
- Health Reimbursement Arrangement
- Dependent Care Account
- Dental & Vision Benefits (Check out Dental Difference for a new way to fund dental benefits.)
- Commuter & Transit Accounts
- Wellness Programs
- Paid sick leave
How a Difference Card Benefit Strategy can help YOU
As previously stated, companies that prioritized health care benefits experienced 27% lower turnover.
The Difference Card offers companies a competitive solution for attracting top talent and reducing employee turnover through our unique benefit plan designs.
Discover how The Difference Card can help you attract top talent and reduce employee turnover.