It is vitally important that companies and organizations of all sizes reduce employee turnover as much as possible. High employee turnover is an indication that something is amiss within your organization, but it is entirely possible to rectify if you commit to understanding the underlying issue.
The primary causes of high employee turnover are: employees feeling undervalued, the onset of burnout, poor company culture and low morale, and inadequate benefits.
When an employee exits your company, the cost of replacing them can be exorbitant. There are the hiring expenses, including advertising, interviewing and screening, lost productivity, and the impact of less experienced or ‘green’ workers on projects and outcomes.
Offering a comprehensive and well-considered benefits package increases overall employee satisfaction and retention and attracts a high level of talent to available positions.
Employee Benefits Improve Employee Retention
In a recent survey, 60% of employees cited a benefits package is vital to maintaining a sense of loyalty to their employer. An even larger percentage, approximately 72%, specified the ability to customize benefits increases their sense of loyalty.
Almost half of the employees polled said that the one thing employers can do to keep them in their jobs is improve their benefits prospects.
Astute employers understand that there is no room for complacency in today’s job market. We are in the midst of a period known as the Great Resignation, in which workers are quitting their jobs in record numbers in search of opportunities that align more closely with their values. In April 2022 alone, some 4.4 million Americans tendered their resignations. Employees, particularly those in the Millennial and Gen Y generations, will not hesitate to leave a position in which they are unsatisfied.
An outstanding benefits package will prevent this type of loss to your business.
Employee Benefits Improve Focus and Productivity
A substantial benefits package allows your team to focus on their work by lessening financial worry and anxiety about the future. With numerous benefits options available, knowing where to begin can be overwhelming. Research indicates that most employees consider health, dental, vision insurance, and retirement options such as 401 (K) plans to be paramount.
Employee Retention Benefits Provide a Better Customer Experience
At Employee Retention Benefits Inc (ERB), our focus on customer and client fulfillment is twofold. Our seasoned professionals work hard to ensure you and your employees are satisfied and, consequently, that the clients or customers served by your business are satisfied.
As the preeminent employee retention benefits firm on the West Coast, ERB serves Long Beach, CA, and surrounding areas. We are a complete employee benefits solutions company, aiming to be the first and last call for all your employee retention needs.