Staying power: Six benefits that retain employees

“Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.”

– Sir Richard Branson

Have you ever thought what it takes to retain employees?

Gone are the days when employees stayed because they had a basic salary or because they worked for a reputable business. Today, employees are looking for a holistic benefit package. A package that epitomises who they are and where they would like to be. The big question you should ask yourself as an employer is how up-to-date your employee benefits package is.

In our line of work as Talent Specialists, we constantly get asked which benefits come with the job opportunity. Many of the candidates we encounter always tell us that the reason why they are open to seeking new opportunities, besides the apparent reason of a competitive salary, is because their current employer has no employee benefits package. They receive a basic salary and would appreciate the opportunity to be subsidised for medical aid and retirement fund at the very least.

Candidates can be offered any job; however, what sets the job apart is the benefits the job offers. Employers now use benefits to distinguish themselves from other companies while enhancing their brand.

Let’s have a look at the traditional and non-traditional employee benefits the job market has to offer.
These benefits can be categorised under two categories: traditional vs non-traditional.

Traditional Employee Benefits

Employees work to be able to earn a living. However, this need directly relates to earning what you are worth and your workplace input. Therefore, companies need to implement a yearly review to assess their employees’ salaries, whether the responsibilities increased, and what the market dictates regarding the number of years of experience doing a particular type of job. Additionally, the cost of living keeps increasing and often outstrips the basic salary earned by many. Some companies have a bonus as part of their benefits, which can work as an incentive to go above and beyond, even though the salary stays the same. The bonus can aid in relieving the financial pressure that the employees can have. They can have something to look forward to.

Other employers subsidise their employees by fully paying for medical aid and having the option of contributing to their retirement package. This does vary from company to company, with company contributions varying; however, the industry standard has become having the options available for the employees to choose from.

Being able to set time aside for yourself while being a working professional is very important. We all need time to refresh and recuperate. As talent specialists, we have heard horrific stories about requesting leave days. Some organisations frown on employees taking leave, and sometimes, the process of requesting leave is so strenuous that the employee would rather opt to move their commitments or miss personal commitments to avoid disrupting their workplace ecosystem. This builds long-term resentment towards the organisation and an unhealthy work environment.

“In order to build a rewarding employee experience, you need to understand what matters most to your people”

– Julie Bevacqua

The benefits mentioned above are what we would call traditional benefits that we have come to appreciate over time. With the ever-changing world and different generations entering the job market, there has been a fusion of ideals showing up in the requests from the employees. Benefits that we would not necessarily view as benefits in the past have matured into substantial benefits that organisations now take into consideration.

Non-Traditional Employee Benefits

Organisations are now intentionally developing their employees as a way to increase employee retention in their businesses. Employees are now encouraged to further their studies through different learning opportunities that the company offers. These could be through learning funds that have been allocated to develop certain individuals in the business or by offering study loans and agreeing that at the end of the qualification obtained, the employee is contracted for another three years to remain within the company. There have been many creative ways of ensuring employees grow within the business and, therefore, have more job satisfaction. A lack of employee development can cause an increase in turnover, while the contrary can attract top talent that is eager to learn.

One of the disruptions caused by the Covid-19 pandemic was how we had to change the way we worked. Companies that had previously mentioned that work could not be done at home had no choice but to let their employees work from home. The result was surprising for many companies, as their employees maintained productivity and managed to achieve a flexible working balance in the comfort of their homes. For the first time, employees were now able to be with their loved ones and still make ends meet during a difficult time. Organisations can now distinguish themselves by affording their employees a flexible working environment. This flexibility also differs according to the type of job you have as well as the culture of the company. Some companies prefer three days at the office and two days at home during the work week, and others prefer to be fully remote. At the end of the day, employees weigh their working styles and the flexibility they are offered to decide whether to accept a job.

Mental health issues have been considered taboo, especially in the workplace, because employees feared that if they should suffer from mental illnesses, then their jobs would be at risk. As the workplace environment has evolved, we have seen that organisations have realised that having mentally healthy employees was no longer a decision they could take lightly as this directly impacted their success as a company. A global pandemic also contributed to organisations making sure that their employees do not feel isolated in a world that had to isolate to survive. Companies have started to offer their employees free counselling services to deal with grief and societal pressures through employee assistance programs. If an organisation wants to stand out in the job market, prioritising mental health will set you apart.

Ultimately, these are just a few of the benefits that companies offer to ensure a healthy workplace, and they are invaluable in their ability to attract and retain talent. The key is to have a combination of traditional and non-traditional benefits that cater to the organisation’s brand, culture, and way of doing business. Flexibility is needed to retain and attract top talent. The modern workplace is now a place where the employer and employee mutually contribute to the company and the job.