Asking yourself how to maximize employee satisfaction?
It’s not what you think.
It’s no secret that 51% of employees are in the middle of an active search for new job opportunities or are passively looking for better prospects. That means that more than half of your workforce is already in transition mode.
And most of them will leave your company…
But here’s the kicker…
The most common mistake leaders make, resulting in these losses, is not providing the right mix of group employee benefits to your staff. And the cost of losing an employee doesn’t stop at their salary. There’s an entire wealth of time, money, and resources that went into training and onboarding.
The silver lining?
The good news is that you can provide solutions to employee satisfaction problems. Having an ideal benefits package can significantly increase your team’s retention rate.
In this post, we will discover:
- Why Benefits Matter More Than You Think
- The Benefits Your Employees Actually Want
- Building a Benefits Package That Actually Works
- Making Benefits Work for Your Budget
- Communicating Your Benefits Effectively
- Measuring Success
Why Benefits Matter More Than You Think
Let’s talk about something most business owners do wrong…
They focus solely on the salary and forget about the importance of benefits. But according to information about employee benefit plans, a comprehensive package of group employee benefits is an increasingly important factor that employees take into account when deciding whether to stay at their current job or leave it.
Are you surprised?
Consider this.
According to new research, 62% of employees are willing to accept a lower salary if a company offers good benefits. When you consider that more than half of the people you manage are actively looking for better options, that’s a game-changer.
Benefits are not just a nice-to-have, they are a major contributor to employee satisfaction and, in turn, retention. In fact, companies that are struggling to create an ideal package, are literally bleeding money by employee losses, lost productivity and disengaged teams.
The Benefits Your Employees Actually Want
You might be wondering…
“What benefits are people actually looking for?”
Well, not all benefits are created equal, and your employees have very specific priorities. So it’s up to you to figure out what they value the most and build a perfect benefits package that will keep your team in place.
Health Insurance Takes the Top Spot
Coming in at the number one priority on the list, health insurance benefits were named the most important factor when it comes to group employee benefits. The thing is that your employees need to know that they’re fully covered when life throws a curveball. A comprehensive health insurance plan can easily give them a peace of mind by showing them that you care about their well-being – not only their productivity.
Retirement Plans Matter More Than You Think
If you don’t have a retirement plan with a company match, think about it.
Employees love thinking about their future, and a well-thought-out retirement plan is a way of telling them that you want them there for the long haul. It’s a long-term investment in your people and a sign that you’re invested in their futures.
Flexibility is the New Currency
Remember when working remotely was the holy grail of all the great employee perks?
Well, it seems that times have changed, and employees have higher expectations regarding the way they work and how and where they do it. In fact, research shows that the companies that give their people flexibility when it comes to working hours and remote work policies see higher retention rates, increased satisfaction, and productivity.
Mental Health Support Can’t Be Ignored
Did you know that stress, burnout, and mental health issues have become the main issues for modern employees? In the current environment, your people need support when it comes to dealing with the issues that they never knew existed before. Counseling services, mental health days, and wellness programs are no longer a frill that you can get away with – they are an important and mandatory component of group employee benefits.
Building a Benefits Package That Actually Works
Ok, so now it’s time to get practical…
Throwing an entire collection of benefits and hoping that something will stick is not a way to go about it. You need to take a more considered approach. Start by asking your team what they need. Run a survey, organize focus groups, or just have open conversations.
Don’t Forget the Basics
Ok, you got the basics down. Don’t forget that the flashiest and most expensive perks in the world won’t mean much to your team if you skip these:
- comprehensive health insurance,
- dental and vision coverage,
- life insurance,
- disability insurance,
- a 401(k) plan or similar with a company match,
Once you’ve got those sorted out you can move on to the next level of benefits and start thinking of ways to add value to your offering.
Consider Adding These Game-Changers
Ready to take your employee benefits to the next level?
Here are some options that you can consider:
- professional development and tuition assistance,
- wellness programs and gym memberships,
- flexible spending accounts (FSAs),
- Paid family leave in excess of the legally required minimum, and
- student loan repayment assistance.
Incorporating some or all of these benefits to your offer shows your employees that you care about their long-term success – and not only what they can do for you today.
Making Benefits Work for Your Budget
Ok, the reality check…
Benefits cost money, no doubt. But the expense of a proper benefits package is nothing compared to the cost of constant turnover, hiring, and onboarding. You don’t need to go all-in from day one. Start small and expand from there.
The key is to be strategic about what you offer and focus on the benefits that will bring you the best return on investment, in terms of satisfaction and retention. Work with a benefits consultant or insurance broker who specializes in group employee benefits. They can help you navigate the tricky waters of insurance, compliance and employee needs while saving you money.
Communicating Your Benefits Effectively
Believe it or not, but the best benefits package in the world won’t do much good if your employees don’t understand what it is or how to use it.
You need to communicate your offer clearly and frequently. Create simple benefits guides, hold regular information sessions, and make sure that new hires get a proper benefits walkthrough during onboarding. You need to not just tell your team what they are entitled to but show them the value. Break down how much you’re investing in each employee in terms of benefits.
Measuring Success
Now comes the question…
How can you know for sure if your package is a hit or a miss?
Track your metrics: employee satisfaction, retention, and engagement levels. Do people stay longer? Are they more engaged? These are the signs that your benefits strategy is working.
Run regular surveys and collect employee feedback about your benefits. Ask what’s working and what isn’t and be willing to adjust based on what you hear. Benefits preferences and priorities are constantly changing – stay flexible and keep listening to your team.
Wrapping Up
So, what did we learn today?
Employee satisfaction starts and ends with the knowledge that you care about your team’s well-being beyond the work that they do. A comprehensive benefits package is one of the most effective tools that you have in your arsenal of employee retention strategies.
The companies that win the war in the current business environment are the ones that don’t shy away from investing in their people. They get it. They understand that employee benefits are not an expense, but an investment in their most valuable asset.
Don’t wait until you’re in a full-blown retention crisis to turn things around and think about benefits. Talk to your people, work with professionals and design a benefits package that will show your team that you are committed to their success.
They work for you for a huge portion of their life.
Show them that you are there for them in every aspect of their lives and not just when they are in the office for those 9 (or more) hours per day. It’s the only way to go if you want to maximize employee satisfaction.