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04 Sep 2017

Three ways employee benefits help to boost staff retention

There's no doubt that retaining employees is much more cost-effective than replacing them.

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As many businesses have faced cutbacks and budget squeezes recently it may not be an option to raise salaries. In many cases, raising salaries does not increase motivation or retention. This is why it makes sense for businesses to provide a range of simple and affordable staff benefits for their employees.

Employee benefits can help businesses to attract better talent and cultivate more loyalty and productivity in the workplace. As well as this, employee benefits can help businesses to reduce staff turnover.

1) Improving health and morale

Many businesses opt for a benefits package, which can include health insurance such as health cash plans, hospital plans, critical illness cover, or life cover. A benefits package that offers a comprehensive health and wellbeing solution helps to attract quality employees, decrease absenteeism and reduce staff turnover by improving employee health and morale.

These benefits can help identify issues before they escalate, meaning health limitations have less impact on productivity in the workplace. Employees can be diagnosed, treated and be back at work quickly. The services often offer preventative care, and give wellbeing advice and support to the employees involved.

2) Boosting engagement and motivation

Staff retention can be impacted by low engagement and motivation in the workplace. Employee benefits can help to improve this as well as increasing productivity.

Implementing employee benefits can give employees peace of mind in difficult times, as well as safeguarding their physical and mental wellbeing. This can in turn increase motivation, engagement, and staff retention, by helping employees to work towards and achieve their career goals.

3) Helping employees feel valued and rewarded

Showing your employees that they are valued and appreciated can boost staff retention. Offering a comprehensive employee benefits package with added rewards can help to do this.

This can be implemented through a wide range of savings such as a retail discount scheme. These benefit the employee and boost staff retention by letting them know that you are there to support them through their time in the workplace.

What next?

When it comes to boosting staff retention, employee benefits are a worthwhile asset to businesses that can help employees to feel valued, motivated and to boost their morale.

Many benefits are simple to introduce, and can cost no more a month than a business would currently spend providing tea and coffee.

This article was provided by Busy Bees Benefits

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