A business is as good as its employees. Using the expertise and hard work of its employees, a business can reach great heights. Over time, employees become a part of the organisation like a family. However, when they leave your organisation, they take their accumulated experience with them. Employee retention these days is getting more difficult. Each person wants to do well and grow in his respective field. People want opportunities that can lead them to their goals. So growth is important for everyone, but this does not mean that they need to leave your firm to find it. Instead, you can help your employees grow while they are still a productive and performing member of your firm.
Here are some awesome benefits that you can offer to increase retention rates as well as attract new talent:
Flexibility at Work
A healthy work-life balance is important. All employees in your organization have a life outside of work and you should respect it too. Other than providing monthly salary, giving your employee the time, they need to spend with their family members can help you in the retention of top performers. Other things that you should do:
- Encourage staff to take vacation time
- If they need to work till late in the nights to complete a project, then they should be given allowances for the same
- Work from home in case of emergencies
Health Benefits
An employee almost spends 60% of his/her daily life at work. With an increase in illnesses, people are getting very conscious about their health. Hence, it is crucial for an employer to provide health benefits to keep their employees mentally and physically fit. Here are some of the health benefits you can provide to your employees:
- Open a gym within the office
- Provide healthy meals at lunch
- Get them enrolled in an employee insurance scheme or a group insurance scheme
Offering these competitive health benefits is well worth the investment.
Personal Development
Many organisations offer training and personal development programs that help in grooming the skillset of their employees. You can create your academy, where your employees can get the knowledge to develop their skills or organise regular training sessions on the work-related subjects.
Fun At Work
The best way to keep your employees close to the firm is by getting to know them at a personal level. Throwing regular parties or get-togethers is a great way to know your employees, which can enhance team bonding. You don’t have to arrange fancy parties, just a simple birthday celebration or celebrating a fellow employee’s achievement is enough. These parties will recharge your employees with the motivation to work hard so that in future you will also get to celebrate their hard work.
Gifts and Rewards
Another way to increase retention rates in your firm is to reward your employees based on their contribution to your company. It is an excellent way to attract new talent as well as increase retention rate.
Ask the top performers in your company for their area of interest and offer them gifts accordingly. For instance, you can buy gift vouchers for shopaholics or purchase corporate gifts for everyone.
It’s an effective retention strategy as you are doing something for your employees that they love. It will also help in spread the good word helping you to acquire top talent in your firm.
Keep Your Employees’ Health Safe
Retention rates increase if you provide attractive benefits to your employees. New talent would like to work in your firm, which will help in acquiring top skilled employees.
Other than job benefits, helping to keep your employees’ health safe should also be important to you. It is advisable to buy group health insurance for your employees which will serve as icing on the cake. You can get quotes for employee insurance scheme from various companies with the help of a reputable insurance advisor and choose what is best for your other family.