02 Jul 2018

Why are employee benefits so important to staff retention?

If you don’t have staff retention in mind when it comes to implementing your employee benefits strategy, you should definitely reconsider. Employee benefits can be a key part of ensuring your staff feel looked after by you as an employer, meaning they are less likely to find better benefits elsewhere.

What is the impact of a high staff turnover?

Not putting staff retention at the heart of your benefits strategy can have an impact on your staff turnover, which subsequently can have an impact on your organisation’s productivity, engagement and budget.

High staff turnover means that you will spend more time training new employees than nurturing the progress of the ones that are already highly experienced. As well as the time and cost of advertising and interviewing for roles, your new employees will have to spend time learning the ropes both in terms of the job itself but more importantly about how the business functions, costing you valuable time and resources that could be put to a better use.

What benefits should I be introducing?

A good benefits package that spans across financial, mental and physical wellbeing and is tailored to the needs of your workforce is one of the best ways to help improve staff retention. This will include schemes such as employee assistance programmes, hospital treatment insurance and fairer financial repayment options as well as benefits to save employees’ money, such as childcare vouchers and discount schemes. Why not talk to your employees and take their views of what kinds of benefits are more important to them?

How will these help to boost staff retention?

The right mix of employee benefits will help your workforce to feel that you are looking out for them, supporting their wellbeing and ensuring that they are coming to work healthy and happy. Employees that are happier in their role will be less likely to consider one elsewhere.

Through employee benefits, your staff will know that their health, wellbeing and financial health is covered at your workplace. This means you’ll be a step ahead of other organisations that potentially don’t have these benefits in place.

In summary

Providing a range of simple, affordable additional staff benefits for their employees can not only retain staff, but also to help attract better talent and cultivate more loyalty and productivity among your workforce.

With so many benefits being simple and affordable to introduce, it’s important not to let your employees miss out.

This article was provided by Busy Bees Benefits.