It’s shockingly expensive to replace qualified employees, and employee turnover nearly always impacts your company’s productivity and profitability. However, when working to increase your employee retention rates, key benefits can help you with your efforts.

Many employees aren’t actively seeking to change jobs but learning that a company has benefits that better fit their needs may encourage them to explore other opportunities. Here are some benefits that will help your company’s retention plan.

Health Insurance

Access to health insurance is the most universally-desired benefit among employees. With average insurance premiums for non-employer-provided health insurance hitting $456 for an individual and $1,152 for a family plan, it’s understandable why offering affordable, comprehensive health insurance encourages employees to stay with your company.

To maximize the appeal of this benefit, see that employees have access to resources that answer their common questions about the plan and assist them with signing up.

Retirement Plans

Employees understand that preparing for retirement is on their shoulders. Access to a plan with minimal fees and a variety of investments appeals to employees from multiple demographics.

Rookie and seasoned employees value having access to a solid retirement plan that helps them prepare for the future. Including an employer match on employee contributions or making an annual profit-sharing contribution can increase the appeal of this benefit.

Benefits That Assist with Financial Wellness

Employees are facing a host of financial strains from multiple sources, including costly daycare expenses, soaring college costs, and high levels of student loan debt.
Benefits that help employees improve their financial situation, like student loan repayment programs, tuition reimbursement, and childcare subsidies, are helpful in attracting and retaining employees who recognize the actual monetary value of these benefits.

Mental Health Benefits

Mental health benefits can increase employee satisfaction and help employees feel more valued, increasing the likelihood that these employees stay with your company and boost their productivity.

Paid time off, flexible work options, employer-sponsored exercise and wellness classes, and access to free or low-cost therapy are all options that employers can embrace to support their employees’ mental health and overall wellness.

How to Use Your Employee Benefits to Boost Employee Retention

See that employees have access to information that helps them maximize the value of their benefits, like written guides, video content, and a helpful HR representative. Employees like to receive their information in different ways, making it ideal for your company to offer multiple types of content to aid them with utilizing their benefits.

It’s also important to periodically check in with employees about what benefits they would like to see and how your current benefits meet their needs. As employee demographics change, the benefits that best assist with employee retention efforts will continue to evolve.

Want to learn more about how your company can use its benefits to retain more employees? Contact us for help enhancing your business.