For many small and medium-sized employers, success depends on building a strong, committed team. Hiring skilled people is only the first step. Your vital next step is focusing on employee retention. Offering a robust benefits package is one key strategy that can help you retain your top talent.
At People Corporation, we’ve helped many employers design benefit plans that align with their retention goals. The nature of benefits is shorter-term, with annual renewals and emerging costs. Employers can't put benefits plans on autopilot. Constant and continual effort is needed, along with a strategic plan to stay competitive.
Here are three retention strategies to consider:
- Offer paid time off and leave policies that support work-life balance
Life happens - employees face situations like caring for a sick family member, dealing with a personal illness, going through a difficult pregnancy, or needing time to cope with a personal crisis. With adequate paid time off and empathetic leave of absence policies, employees will feel supported through such challenging circumstances. This tells staff you value them as humans, and will earn you loyalty that’ll pay back many times over when they transition back into their role.
Proactively manage potential prescription drug costs
A common worry for employers is rising prescription drug costs. The inclination may be to scale back coverage, but employees value robust benefits. The key is striking a balance between coverage that drives health outcomes while managing costs. Benefit consultants are experts who can help achieve that balance through tools like stop-loss insurance, prior authorization, mandatory generic drug coverage, and step therapy.
Offer phased retirement options to retain experienced talent
With Baby Boomers retiring, employers risk losing valuable institutional knowledge. The good news is, many want to stay on but explore alternative work options. Consider what phased retirement could mean for continuing benefits eligibility and retirement savings. With proactive planning, you can retain experienced talent in mentorship roles longer.
The right benefits package will go a long way to drive retention. When designing your benefits plan, focus on showing employees they are valued and supported. Go above and beyond basic legal requirements to provide the kind of coverage that demonstrates your commitment to their well-being.
Interested in support to help make retention an integral part of your benefits philosophy? Let's make it happen together. Connect with us to get a transformative discussion started.