Running a successful business in today’s high expectation-driven environment is no easy task. High employee turnover makes that even more difficult. Your employees are arguably your greatest asset. Employee satisfaction should be one of your top priorities if you want to retain your best talent. Plenty of businesses realize this and even try to stand out in the competitive employee market by offering fun perks including meditation rooms and happy hours.
These fun perks are an eye-catching way to attract new talent, but they won’t satisfy your employees’ long-term wants. We have compiled a list of the benefits that really matter to your employees.
1. Health Insurance
This one should come as no surprise with sky-rocketing health insurance premiums and health care costs. Employees need this benefit to alleviate out-of-pocket expenses and know they are covered in the event of illness or an accident.
2. Dental and Vision Insurance
Dental and vision insurance is often sought by many employees. Paying out of pocket expenses to get two teeth cleanings, annual X-rays, eye exams and vision necessities adds up for families. The cost savings good dental and vision insurance provides will be appreciated.
3. Flexible Schedules
As the number of millennials entering the job marketing increases, flexibility is quickly becoming an expectation. Just as no two customers are the same, no two employees are the same. Forcing all employees to abide by a concrete schedule can cost you valuable talent. Find ways employees can adjust their schedules for better lives (coming in after putting their children on the bus but only taking a 30-minute lunch break) while still accomplishing their tasks.
4. Retirement Plans with Match
While this isn’t an immediate benefit, it is one that fills the needs of employees who care about their long-term financial security. Offering retirement plans such as a 401(k) or IRA and matching a percentage of their contribution shows you are invested in their long-term well-being.
5. Paid Time Off
Holidays, sick days and vacation time are the three most popular types of PTO. Employees need time away from their jobs to recharge. If they don’t receive paid time off, they are less likely to take it. Studies show employees who take time off are more productive, efficient and happy.
6. Performance Bonuses
Reward your team when they meet overall company goals with performance bonuses. These should be given on a monthly or quarterly basis, so they seem attainable and keep employees engaged.
7. Education and Training
Investing in your employees’ education is a great way to show they matter to your success. Often, employers limit education to trainings directly related to the daily activities. Don’t be afraid to let your employees take additional trainings like leadership development to confirm you care about their continued growth.
8. Positive Environment
A negative work environment makes it difficult to show up to work with a smile on your face. No matter what type or number of benefits you offer, the best employees will leave when negativity takes over. Build a positive culture by displaying positivity, encouraging your team and listening to their struggles.
A thank you goes a long way. Take a few seconds daily or weekly to thank employees for their continued quality performance. Knowing that management is paying attention goes a long way in their outlook on the company.