Can Company Benefits Improve Employee Retention?

5 min. read

When it comes to retaining your best employees, offering attractive company benefits is key.

When it comes to retaining your best employees, offering attractive company benefits is key. But can company benefits improve employee retention?

Think about it from your employee’s point of view: When you have access to perks like health insurance, paid vacations, and retirement plans, you're likely to feel more valued and satisfied in your role. These extra offerings, which extend beyond your regular paycheck, not only enhance your overall compensation package but also demonstrate that your company acknowledges and invests in your well-being and future.

But do all employees from every company want the same benefits? How do you find out which benefits YOUR employees want in order to improve their chances of remaining on the job?

Amazing Workplace’s Employee Happiness Management System (EHMS)™ is a powerful tool for employers to tailor their company benefits package to better suit their employees' needs and preferences. This helps improve employee retention rates. By analyzing real-time data and feedback collected through EHMS surveys and comment management systems, employers can spot trends and patterns about which company benefits resonate most with their unique workforce.

Before we talk more about how our EHMS can improve employee retention, let’s look at what benefits you can offer and how they can help keep your best people around!

Comprehensive Benefits Packages

Creating a comprehensive benefits package is essential for keeping your employees happy and reducing turnover. When employees know their well-being matters to the company, they're likelier to stick with it for longer.

Benefits don't just give employees a sense of security and stability; they also show that the company cares about their health and future. And therefore, company benefits can improve employee happiness and retention. This can lead to happier employees, more loyalty, and a stronger dedication to the company. And when employees stick around, it saves the company money, keeps important knowledge in-house, and creates a better, more stable workplace.

Here's what you can offer:

Healthcare options: Offer a variety of health insurance plans so employees can choose what works best for them and their families. This can include basic to premium coverage and dental and vision insurance.

Retirement plans: Providing a strong retirement plan shows your commitment to your employees' long-term financial well-being. This can include matching contributions to a 401(k) and, in some cases, a pension plan.

Paid time off: Having a good balance between work and personal life is important. Make sure your policies clearly outline vacation days, sick leave, and personal days so employees can take time off when they need it without worrying about their job security.

Professional Development Opportunities

Offering professional development opportunities as a benefit can be a game-changer for improving employee retention. When employees see that their company is invested in their growth and career advancement, they are more likely to stay happy and committed. Not only that, a focus on professional development can help build a strong and skilled workforce, leading to improved productivity and innovation within the organization.

Employers can help their employees stay up-to-date and learn new skills by doing the following:

  • Reimbursing tuition for relevant courses
  • Providing access to online learning platforms like Lynda or Coursera
  • Holding in-house training sessions or workshops

And by creating clear paths for career growth, you can help employees see a future with the company through achievable steps toward promotion, such as:

  • Clearly defined promotion opportunities within the department
  • Mentorship programs with company leaders
  • Setting performance goals tied to specific career advancement chances

Recognition and Reward Systems

Making sure your employees feel valued and appreciated is crucial for keeping them motivated and creating a positive work environment. When you have effective ways to recognize and reward their hard work, it can lead to happier and more loyal employees!

Here are some ideas for recognizing and rewarding your employees:

  • Start an employee of the month program
  • Acknowledge achievements publicly during team meetings
  • Plan team-building events and outings
  • Give out financial bonuses tied to specific performance goals for exceptional work

Hosting events to recognize your employees' contributions gives them public acknowledgment, which reinforces their importance in the company. These events also help build a sense of community and belonging among your staff, which is crucial for creating a positive workplace culture. Two events that we recommended are annual award ceremonies and regular team celebrations for small successes

Let Our Employee Happiness Management System (EHMS)™ Tell You Which Benefits Your Employees Want

Discover the true keys to your team's happiness with Amazing Workplace's EHMS™. This cutting-edge platform, driven by AI, offers valuable insights into employee satisfaction, ultimately leading to better retention. Here’s how:

Instant Feedback with AI-Powered Surveys

EHMS™ uses more than 500 engaging surveys to collect your staff's thoughts on important topics like onboarding experiences and company culture. These surveys are carefully crafted to generate practical feedback that goes beyond just scratching the surface.

Meaningful Conversations Through Data

The Employee Comment Management System in EHMS™ makes communication effective using employees' words. This helps leaders tackle essential issues with the right teams, leading to real improvements in workplace satisfaction.

Desired Employee Benefits

Learn about what your employees need in terms of compensation, retirement plans, healthcare benefits, mental health support, and professional growth. Understand their preferences for flexible work arrangements and time off. Use this information to improve your hiring process and take action early to prevent employees from leaving.

Real-Time Action Plan

EHMS™ gives you in-depth insights and turns them into practical steps to improve your workplace. These insights help you create a more rewarding work environment, and help you gain insight into how company benefits improve employee retention, happiness, and overall productivity.

Consultative Support

Get help from experienced HR consultants to put your action plan into practice within the company, making the transformation more effective.

Schedule Your Demo Today!

Experience how our cutting-edge platform can transform your workplace with a demo. You’ll see firsthand how EHMS™ offers valuable insights into employee satisfaction, empowering you to make informed decisions to increase happiness and retention. Book your demo now!