It’s no secret that employees like to feel heard. What better way can a company show it’s listening than to give them what they want? Offering a great benefits package can help keep employees happy (and healthy!). It can also be a pivotal reason for them to stay with a company.
Here’s what we know about benefits and employee retention:
- Lack of benefits can be a deal breaker.
In a recent survey, Paychex found that 44 percent of employees who left their job cited a lack of benefits as the reason. In today’s economy, the rising cost of company-paid benefits continues to rise, but that doesn’t mean employers need to break the bank. Voluntary benefits are a great option. Companies can still offer quality benefits at a fair price, at little or no cost to them.
Even better? Another recent study found that 60 percent of employees are happy to bear the cost of benefits offered.
- Benefits can help improve job satisfaction.
According to a study by the Society for Human Resource Management (SHRM), 60 percent of employees consider benefits a very important contributor to overall job satisfaction. Offering benefits lets employees know that they are valuable to the company, which can help boost morale and productivity.
- Flexibility is key.
Employers that already offer a benefits package may think that they have done all they can, but what about a satisfaction survey? People’s wants and needs change all the time, so it’s important companies take that into consideration. Especially when 75 percent of employees said that they’re more likely to stay with a company that listens to and addresses their concerns.
Interested in learning how VBA can help your organization offer great benefits? Contact one of our expert sales representatives today.