We all know what a good salary and compensation package can do for employee retention. It hits all the essential things workers look for when accepting a job offer. It will be part of the initial discussions, but you need to do more if you want your staff to stay with your company for the long haul.
Plenty of other factors, some more important than others, will keep good employees around. They can find salary and compensation packages in nearly every job they can see. As a result, incentives that focus on other areas will give your business a competitive advantage regarding employee retention.
Work-Life Balance
There’s a reason this is at the top of most people’s list when they’re looking for a job. A good work-life balance can make a difference in employee satisfaction and retention.
Offering flexible work hours, telecommuting options, and paid time off will show your employees that you value their time outside work. These are all great incentives that will keep your employees happy and productive.
However, it might be better to ensure that their benefits also contain company perks that allow them to improve their lives. For example, discounts or free gym memberships can help your employees stay healthy and reduce stress. They will also like the company more for providing such benefits.
Incentives that improve your employees’ lives will also improve their work. When they’re happy outside of work, they’ll be more comfortable at work. As a result, they’ll be more productive and engaged with their jobs. It’s a win-win situation for both you and your employees.
Keep this in mind when trying to develop the best employee retention strategy for your business.
Health and Wellness Benefits
A health insurance policy is part of employees’ standard salary and compensation package. However, physical health is not the only thing that requires maintenance. Dental health, for example, is vital for both appearance and function.
While dental insurance is not as standard as health insurance, it is becoming more popular. Offering dental benefits will show your employees that you care about their overall health, not just their physical health. Dental benefits can be even more important than health insurance for some people.
Dental problems can lead to other health issues. For instance, gum disease leads to heart disease, stroke, and diabetes. By offering dental benefits, you’re improving your employees’ oral health but also helping to prevent these other serious health problems.
It does not have to be a total discount. You can partner with a dental clinic to provide free consultations or cleaning annually. If possible, you can also provide them with financial assistance when getting dental appliances, especially when a dental issue requires it.
Your employees will love you for organizing regular health and wellness seminars. By attending these seminars, they can learn how to improve their health and maintain their current health status.
Seminars can cover various topics, such as healthy eating, dental hygiene, exercise, stress management, etc. They can be weekly or monthly, whichever works best for you and your employees.
During the seminars, you can also provide free health screenings. You can also provide educational materials about health and wellness topics. This way, your employees can continue learning to stay healthy even after the end of the seminars.
By organizing regular health and wellness seminars, you’re not only improving your employees’ health but also their morale and engagement with the company. They’ll appreciate your effort to keep them healthy and happy!
Childcare Benefits
For working parents, childcare is a top priority. It can be challenging to find quality childcare that is also affordable. As a result, many working parents spend much of their income on childcare.
Offering childcare benefits shows your employees that you understand their working parents’ challenges. By providing this benefit, you’re making it easier for them to balance work and family life. It will make them happier and more likely to stay with your company.
It’s important to note that not all employees will have children. However, offering this benefit can still be a good retention strategy. It shows that you’re willing to invest in your employees and their families. In turn, they’ll be more likely to invest in your company.
Financial Incentives
In addition to the standard salary and compensation package, financial incentives are a great way to keep your employees happy. Bonuses, for example, are a great way to show your appreciation for a job well done.
You can also offer stock options as an incentive. It is a great way to reward employees for their loyalty and long-term commitment to your company. It also gives them a sense of ownership in the business. As a result, they’ll be more likely to work hard to help the company succeed.
As you can see, there are various incentives you can offer your employees to keep them happy and engaged with their work. When you invest in your employees, they’ll be more likely to invest in your company. It’s a win-win situation for everyone involved.
Conclusion
If you want to keep your employees happy and engaged, offer them surprising incentives that will make them want to stay with your company. Doing so will show your employees that you care about their well-being and are willing to invest in them. In turn, they’ll be more likely to invest in your company.
