Employee retention is a critical issue as companies compete for talent. Metlife recently performed a study and found that 51% of employers say that using benefits to retain employees will become even more important in the next 3 to 5 years.
We understand offering benefits can be difficult for small to midsize businesses due to budget restrictions, so here are a few cost-effective solutions that can help improve your employee retention.
Affordable Health Insurance
According to the Harvard Business Review, the most sought-after employee benefit is health care, including medical, dental, and vision.
Seventy-three percent of workers say health benefits are one of the main things they look for when choosing a job. We offer small group insurance which is designed with small and medium-sized businesses in mind. Organizations with as few as two employees can get covered with competitive rates for:
- Major Medical
- Long Term Disability
- Short Term Disability
- Group Life
Click here to learn more.
According to a survey conducted by Monster.com, retirement benefits tied with affordable health care plans are one of the most preferred benefits across all age groups.
With the preferred retirement age being between 60 and 69, many workers know they need to begin saving early in their career to have enough retirement savings and are therefore willing to leave their current job if these benefits are offered elsewhere.
Offering retirement benefits to your employees can help improve your retention rate because they know they are securing their future while remaining with your company. If you are interested in affordable retirement plans, we offer a full suite of retirement options to accommodate your needs and help meet the retirement needs of your employees.
Opportunities for Advancement
“Employees crave accurate, growth-oriented feedback – and they don’t want to wait until an annual job review to get it,” said Rachel Ernst, vice president of employee success at Reflektive. “When employees receive regular attention, recognition, and guidance on how to improve from their managers, they tend to be more engaged and productive. They often stay with their employers longer and work harder, decreasing recruitment and retention costs.”
Adequate opportunities for advancement show employees that they are valued, recognized and that their hard work does indeed go a long way. If an employee feels stagnant, they are more prone to seek another job where there are clear paths to advancement.
To learn more about Corporate Payroll Services and our affordable benefits designed for small to midsized businesses, contact us today!