If you are having trouble retaining employees, there is a chance it is due to your company's benefits package. The following are three steps you can take to improve the benefits you are offering your employees.
Make sure you are not offering unwanted benefits
It is easy to increase your benefits package; it is only a matter of financial investment. However, you want to get the maximum value for your investment. This can be measured by employee satisfaction, and this can be quantified with your turnover rate. So before you start thinking about which benefits you can add to your company's package, you need to first look at what you are already offering. It is possible that you have a benefit that is not wanted. One example might be a profit sharing program you have in place, but employees would rather have a good 401k program. By eliminating an unwanted benefit, you can use the money you've saved for a benefit more desirable to your employees.
Add to or change a retirement plan
If your company currently does not have a 401k program, then this is the first place to start increasing the quality of your employee benefit package. In fact, without a retirement plan, you will not likely attract talented people. This is critical for a small business when it begins to grow. Right at the time you need your best employees the most, you could lose them to another company, simply because the other company has a better retirement plan. If you already have a retirement plan for your employees, there are many ways to improve it. Namely, you can increase employer contributions to the plan. The best approach to implementing a new plan or improving an old one is to speak to a specialist at an employee benefit services company.
Sign your company up for a credit union plan
If your employees do not have access to a credit union, this is something that most of them will want to be a part of. Credit unions offer low interest rates for car loans and attractive interest rates for deposits, as well as lower fees for many financial services found at commercial banks. Even small businesses can participate in a credit union. It is simply a matter of finding one that is compatible with your business.
The time to start looking at your company's benefits package is today. The problem of employee retention is something that is best done with foresight to prevent a large problem that can hinder your company's growth. Contact local benefit companies to learn more.
Share30 September 2015
