Employee retention is a crucial part of business management. A business manager must know how to keep his employees happy to avoid losing many of them. One element that employees appreciate immensely is common respect as human beings. Another thing that can keep employees on board for many years is a good benefits package. The following are just a few of the benefits and rights that workers cherish the most:
Health Benefits
Health benefits are crucial to employees. They need an insurance policy able to take care of not only them but also their spouse or children, if necessary. Find a plan with affordable premiums and low deductibles. If you can find a good plan with a higher deductible, consider offering to match employee contributions to their HSA. Remember that employees who have a great health insurance plan, one they’re unlikely to find with another employer, are more likely to stay for longer periods of time.
Retirement Plans
If you want your employees to make their job a career, you’ll want to make sure you offer some way for them to provide for themselves after retirement. Your employees will need to provide for themselves when they’re older and not working, so offering retirement plans are a good idea. Provide meetings for them to learn about the plan so they can make an informed decision about whether they want to have that plan. Responsible employees will appreciate the opportunity to plan for their future.
Vacation and Personal Time
The average person spends 90,000 hours of their life at work. In the US, that number increases to about 110,000 hours. They often dream of having a week or two for themselves to relax and de-stress, but they rarely get the opportunity to do that. Personal time and vacation time are two of the best gifts an employer can give to its workers. Make sure you and any managers are open to letting the employees take reasonable time off. Having personal days doesn’t mean much if an employee can’t take that time or has to cancel planned vacations to work.
Regular Raises and Incentives
Offer raises and other incentives to employees who go above and beyond. All employees love a fair raise system, and most of them will get involved with incentive programs if the reward is something they’re all interested in. Show your appreciation for the hard work your workers do every day. Depending on the size of your company, consider treating your employees every once in a while to a movie, catered lunch, or another activity.
Advancement Opportunities
Advancement opportunities are important to employees because it shows them that they could create a future at that company. No one wants to be stuck in the same low-paying job for their entire life, so make sure they know they have other options within the company. Promote from within as much as you can. These practical advancement opportunities will help your employees take care of their obligations and desires, keeping them interested in the company.
Positive Health Programs
Little extras like fitness discounts, nutritional advice and stress counseling services let your employees know that you care about all aspects of their health. Even if they don’t take advantage of everything offered, knowing that those things are available should they want them will give them peace of mind. Look for other little extras to offer. Keeping your employees in a healthy state will improve the quality of life for your employees and their productivity at work will increase, helping you out in the long run.
Effective Conflict Resolution System
Finally, your workers want to know that they have a reasonable way to handle conflicts and issues. Make sure your HR department is ready to look at complaints about managers or the business. Try to improve, because if you don’t, you’ll start losing workers due to problems that could have been resolved long before.
Keep the above-mentioned benefits and rights in mind, and you’ll be able to retain your workers. The positive culture will breed employees who stay for a lifetime, or at least until retirement.
Claire Stewart is a freelance writer and blogger focused on writing about health, travel, and business among other topics. She graduated from Washington State University with a Bachelors in Women’s Studies and currently lives in Seattle with her goldfish, Merlin.
