See All Blog Posts

Employee Benefits Leading Retention in 2021

May 26, 2021

In recent years there has been a shift in how employees prioritize employer benefits and the pandemic greatly accelerate the movement. Employees want more that a competitive salary and basic health plans. With a shortage of talent available for open positions and high turn-over rates, companies need to rethink their traditional benefit offerings to attract and retain workers.  

Employee Benefits Leading Retention in 2021

Work Life Balance

Since the shift to remote work during the pandemic, many workers have grow accustom to the new working environment.  When employers start to bring their staff back to the office optional remote or hybrid approach might help retain their employees.  Work life balance has always been a high priority for employees and working remotely, even one day a week, gives employees a sense of balance and more flexible work schedule. 

Flexible schedules can also be applied to in office employees as well. With a flex approach to schedules employer's can help achieve a better work life balance for their employees. Would 7:30 am to 4:30 pm effect the quality of work, what about 9:00 am to 6:00 pm? Allowing employees to fit their personal lives into their professional you can offer a huge benefit to your team while not sacrificing quality and potentially improving productivity. 

 

Diversity, Inclusion, & Gender Equality

Defined by GREAT PLACE TO WORK a diverse and inclusive workplace is one that makes everyone, regardless of who they are or what they do for the business, feel equally involved in and supported in all areas of the workplace. The “all areas” part is important. 

Employees want companies take a proactive approach to diversity, inclusion & equality.  Having a mission statement is no longer enough, employees need a supportive space and platform to foster and grow these initiatives in the workplace. Even pre-COVID, only 1 in 5 direct reports to a CEO in corporations was a woman, and only 1 in 30 was a woman of color, according to the Women in the Workplace study. Companies should to start looking at Diversity, Inclusion & Equality as a corporate responsibility.

"When employees don’t feel that their ideas, presence or contributions are truly valued or taken seriously by their organization, they will eventually leave."

 

Professional Development

Employee's have professional goals and helping them achieve those goals can go a long way. Consider these methods for promoting professional development and growing your teams talent and skills.  This benefits both the employee and the company. 

    • Financial assistance for continuing education courses, certifications or degrees.

    • Host workshops & courses around professional development topics & skills. 

    • Sponsor Conference attendance and professional organization memberships.

Workplace Wellness

The pandemic pulled back the curtain on the importance of mental and emotional well-being for employee's.  Burn-out and stress have lead to low productivity and more workers leaving the workforce than ever before. Companies can no longer look at wellness through a singular lens and take a more holistic approach.

Workplace wellness encompasses a variety of needs from company culture, physical health, mental well-being and even financial literacy. Offering access to health services, gym memberships, relevant workshops and in office initiatives can boost the wellness of your team and company as a whole.

 

Retirement Offerings & Match

While many corporations offer a form of retirement plan for their employees, many are lacking in diverse offerings, employer contributions and match programs.  For small companies a majority do not have a retirement option for their employees, even with more affordable options available for employers.  Financial stability is important now more than ever and generations entering the workplace face higher financial challenges than past generations.  Companies could be looked over and lose employees based on their retirement offerings in today's workforce environment. 

 

Paid Leave & Caregiving Support

Employees look at company benefits to make decisions more than ever before.  Certain benefits like paid leave for child-birth, adoption, short-term disability and since the pandemic child and eldercare leave are becoming a deal-breaker. 80% of the 1.1 million people who exited the workforce were women since the pandemic began. Lack of resources for women and families balancing the care of their loved ones and work left many with no choice.  

US is significantly behind other countries for paid leave and family support. Some companies have started offering these benefits but they are in the minority and fall short of worldwide standards.  Those who choose to forgo these benefits in the future will find themselves overlooked by applicants, a company could offer a higher salary and be turned down for an employer who offers these high ranked benefits.

 

The list doesn't stop there

Companies are starting to think both creative and strategically about benefits they can provide to their employees.  Unique voluntary benefits can allow employees to personalize their benefit package to fit their needs.  Not sure where to start, get input from your employees or get inspired by examples below. 

    • Pet insurance

    • Auto insurance

    • Commuting expense reimbursement

    • Paid volunteer time

    • Gym memberships and biometric health devices

    • Annual passes to local attractions (sports teams, museums, zoos)

    • Fertility treatments

    • Pre-paid legal services

    • Free food in the office

    • Employee discounts at retail stores

    • Game rooms

Need more information about TruPay?