March 6, 2017
Retaining top talent is a challenge for any business. While money can be a great motivator and retention tool for some, many staff members remain loyal to their employers for reasons outside of compensation. Consider the following benefits to increase the value, but not necessarily the cost of your employee benefits package:
- Vacation time, minus the guilt. There’s no benefit to having vacation time if you can’t use it or enjoy it because you’re being barraged with questions or given a guilt trip for leaving the office. Establishing a work culture that encourages time off will not only make your employees more productive, but it will also make them more likely to stay.
- Telecommuting in some capacity. If the thought of your best employees telecommuting makes you nervous, it shouldn’t—particularly if you have the type of work that can easily be done from home. Telecommuting is a highly coveted perk that goes a long way in establishing staff loyalty, at virtually no cost.
- Work with meaning. Sure, some employees are all about their monetary compensation, but deep down, most people want to come to work and feel like they are making a difference. A good leader fosters this desire, allowing employees to "own" their work, be recognized for their achievements, and to seek out new challenges within their current organization.
There’s no doubt that the rising costs of traditional employee healthcare benefits and other compensation-based incentives are budgetary challenges for most businesses. That’s why incorporating a few alternative high-value benefits can not only help to retain your top talent, but also keep the cost of your employee benefits program in line.