Six ways to beat the Great Resignation with employee benefits
And while competitive pay continues to be crucial in recruitment and retention, it’s not enough to keep people from handing in their notice. In a recent survey, nearly 80% of respondents preferred having a boss care about them finding meaning and success at work to a 20% pay increase. Staff also want better benefits and rewards, with a 2019 study by the Brookings Institute revealing that 47% of respondents ranked comprehensive benefits, including health coverage and paid time off, as their first or second priority.
So how can companies leverage benefits to deliver a compelling value proposition and better address the Great Resignation?
Improve your value to staff
Your employee value proposition is the magnet that attracts new talent and keeps existing talent engaged. Employees bring their unique skills, capabilities and experiences to your organisation in exchange for benefits and rewards, as well as compensation. To compete in the current candidates’ market, you’ll need to consider the following benefits (in addition to a competitive salary).
1. A communicative, open company culture
The first step to improving your value proposition is creating a culture where employees feel safe sharing their opinions and listening to others’ views. Make a point of checking in regularly with employees and asking potential hires about what they need to feel appreciated and supported in the workplace. At Koa Health, this means frequent engagement and mental health surveys, weekly ask-me-anything sessions with leadership and clear and easy-to-access lines of communication between all employees and our people team.
2. A positive working environment
Offer perks that make people happier and more comfortable while working. This could be anything from a casual dress code to more comfortable office chairs to healthy snacks and drinks. At Koa, this means giving our teams the option of working from home, the nearest Koa Health branch or co-working spaces.
3. Personal development opportunities
Do all employees have the opportunity to learn and progress in their roles? Is this handled within a reasonable timeframe? When employees don’t have the opportunity to build their skills and scale their experience, chances are they’ll look for it elsewhere. Employees at Koa benefit from a yearly educational budget to work on their skills as well as twice-yearly 360º evaluations to help them identify where they can grow and share how they see themselves growing in the company.
4. Recognition for good work
Is giving praise, shout-outs and rewards part of your company culture? A big part of ensuring your employees feel valued is making a point of offering positive feedback, recognition and rewards for their achievements. At Koa we encourage all employees to share their words of appreciation in the call outs portion of our weekly company-wide meeting. Furthermore, line managers provide regular feedback to their teams, as well as more extensive feedback twice-yearly in 360º evaluations.
5. Meaningful connections
People want to build workplace relationships and connections that feel authentic and meaningful. Relationships with managers are particularly important to people’s happiness at work. Do managers act as mentors and prioritise building healthy relationships with their teams?
6. Mental health and wellbeing support
Prioritising and protecting employee mental health and wellbeing is crucial for retention and recruitment, as employees without adequate support in this area are at high risk for burnout. Additionally, 90% of young employees think mental health is as important as physical health. And if the support isn’t there, top talent won’t be either.
For more insights on how to identify risk factors for turnover in your workplace, and steps you need to take to become a workplace people don't want to leave, download our report: The Great Resignation - why employees are leaving, and what to do about it.
The author is Rachel Scott, VP of talent acquisition at Koa Health.
This article is provided by Koa Health.
In partnership with Koa Health
At Koa Health, we believe digital mental health solutions are the answer to mental health issues.
