Why Employee Retention Starts With Protecting What Matters Most
The most important thing you can do for your employees—after you’ve successfully onboarded them and provided a stellar first experience—is to protect the things they care about the most. When asking what motivates employees to come to work every day, the answers won’t surprise you: family, money, and a career development plan.
While these aren’t the only motivators, if these three areas aren’t given the proper attention, your employees may not stick around for the long haul. That’s why we need employee retention strategies.
The High Cost of Employee Turnover
Employee turnover is costly. It’s not only expensive to recruit and hire, but it takes time, energy, and can be a very stressful task, affecting company morale.
By listening to what your best workers want, treating them well, and respecting their personal lives and goals, you can set both them and your business up for success.
1. Employee Benefits to Protect their Family
Help protect your workers’ health and wellbeing by providing your employees with a comprehensive employee benefit package.
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Survey your workers to find out what type of insurance needs they have and what medical groups their doctors belong to.
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Tailor your insurance options so that they are relevant to your workforce.
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Are you properly educating your employees on their benefit options and giving them enough time to understand the ins and outs of each plan? Show them you care about them and their family by being sure they understand their benefit package options.
Tips for Strengthening Family-Oriented Benefits:
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Work with your broker to assist your employees with selecting the most appropriate coverage during open enrollment.
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Consider incorporating voluntary benefits that enhance your package without major cost increases, such as:
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Voluntary Accident Insurance
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Hospital Indemnity Insurance
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Critical Illness Insurance
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These policies can incentivize preventive care, especially when paired with Wellness Benefit riders.
You can also implement a wellness program to reward staff for managing their health proactively. This reduces sick time and increases engagement.
Other family-focused benefits to consider:
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Life insurance (group term life or voluntary term life)
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Work-from-home flexibility, which is now a top priority for many employees seeking work-life balance.
2. Financial Wellness Programs for Employees
With almost 90% of working Americans worried about finances, compensation is understandably one of the most important motivators. Financial wellness programs for employees keep growing as a perk.
Ensure that your employees’ performance and compensation are reviewed regularly.
Financial Support Strategies:
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Benchmark wages to ensure they are competitive with similar businesses in your industry and area.
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Reevaluate pay as responsibilities grow to ensure fairness.
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Offer employer-sponsored retirement plans or stock options as long-term incentives.
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Activate automatic enrollment for 401(k) plans to boost participation.
3. Fostering Long-Term Growth with a Career Development Plan
Your most engaged and talented workers want to grow with your company.
Set them—and your organization—up for success by designing a Career Development plan that helps them get where they want to be.
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Hold regular performance evaluations to identify candidates for internal promotion.
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Post new job openings internally first to prioritize retention.
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Show your team that you’re investing in their future.
When employees see that you value their development, they’ll be more motivated, loyal, and productive.
Final Thoughts: Start Small, Build Momentum
Although this may be a lot of information at once, begin by focusing on just one of these strategies to improve employee retention and reduce turnover. Then, return to this article when you’re ready to take on another.
Always remember: communication and feedback are key to finding out what your workers value most.
By listening to what your team wants and needs—and accommodating those requests—you’re making a difference in their lives. That builds loyalty and reduces employee turnover.