Leveraging Employee Benefits to Attract and Retain Talent

With the competition in the job market showing no signs of slowing down, employers need to step up their game to become an employer of choice. Obtaining this status means talented job candidates want to work for the company, and the existing workforce wants to stay with the company. While recruitment is important, most employers have figured out that element of the equation. Now, they need to turn their attention to retention.

Employee retention is so important because of the high cost associated with turnover. When employees leave, it will cost their employer 21% of their annual salary to replace them. Keeping employees engaged is one way to keep them happy. However, having a high-quality benefits package is one of the best ways to retain talented employees.

Employee Benefits Strategy

Knowing that a superior benefits package can retain employees and implementing one are two very different matters. Employers may have questions regarding how many benefits to include, how detailed they should be, and so on.

  • Matching benefits to employees’ needs. Benefits packages muddle the debate of quality versus quantity. While a one-size fits all approach to benefits won’t work for most workforces, throwing every benefit option that exists at new employees will only confuse them. Employers need to create a benefits package that matches employees’ wants. For example, pet insurance is popular among animal lovers, but it may be an unnecessary addition to a benefits package if most employees don’t have pets.
  • Tailoring benefits to employee’s lifestyle. This may seem like a repeat of the above, but it delves much deeper than that. Employees now expect to see what were once voluntary products and more. For example, if a benefits package doesn’t offer short-term disability, life insurance, coverage for critical illness, and more, it’s likely falling behind the competition. Not only that, employees are now seeking benefits options that improve their work-life balance. This means seeing options for flexible work arrangements, parental leave, and even telemedicine.
  • Guiding employees through the process. Selecting the right benefits is an intimidating prospect. Helping employees determine which healthcare offerings are best for them is crucial to their long-term happiness. If they feel misled by their employer, they are likely to harbor resentment and even begin looking for other job opportunities with clearer benefits packages.

A business’ employee benefits offerings can mean the difference between a thriving workforce and a tumultuous one. If your company is experiencing high turnover rates, your benefits package could be the problem. Contact the experts at The Reilly Company to learn more about reducing your costs while improving your employee benefits offerings.

Reducing Risk by Driving Workplace Engagement

The single greatest method to improving workplace safety is to engage employees. However, employers should note that engagement and job satisfaction are two different things. While employers want their staff to like their job, engagement is much better for reducing risk. Employees who are engaged have an emotional attachment to their job and take pride in their work. They are more likely to exceed expectations as well.

How Engagement Reduces Risk

Disengaged employees are more likely to have a narrow outlook whereas engaged employees are more aware of their work environment. They look beyond their assigned duties to see how their surroundings may affect their performance. If they notice something is amiss, they will ask questions to address potential workplace hazards. In fact, an engaged workforce is less likely to experience injuries on the job by 50 percent.

How to Improve Employee Engagement

Employers can get an overall feel for engagement with surveys, but this is more likely to provide insight into employee satisfaction. As mentioned above, these are not the same. An employee can be happy but disengaged. The best methods for improving engagement are team collaboration, positive reinforcement, and assigning employees to tasks that allow them to shine. Isolated employees who do not feel appreciated for their work are not going to engage. However, if they feel like they are part of a team or the decision-making process, they will want to participate.

Risk management is a significant element of running a company. Engaging employees is a direct method to reducing risks and improving safety. However, reducing risk does not mean eliminating it. Threats are not always obvious, but a business insurance professional can help. The consultants at The Reilly Company can help your business identify risks before they become a problem. To learn more, contact us today.