Being proactive is a key part in retaining employees. Top talent doesn’t come by often, so consider the following retention incentives for employees to improve your business — big or small.
The Value of Staff Retention Incentives
Maintaining happy employees is an ongoing effort and is one that doesn’t stop after they’re hired. You can reduce turnover by having employees complete an employee engagement survey and review the feedback to see where they may have concerns. Often, the results lead to a need for retention incentives to keep employees.
Top 6 Retention Incentives for Employees
Here are our top six recommendations when it comes to offering the best employee incentives for your business.
1. Skill-Building and Training Opportunities
Some employees want to further their skills and providing training opportunities both online and onsite is a great way to get them involved. Offering management training and skill-building opportunities can foster ideas and inspiration in employees. Through training opportunities, employees may look at ways to set goals for themselves or find ways to grow internally in the company. It’s important to make clear that internal mobility is an option and to provide guidelines and tips for employees to do so. Those that move internally are looking to build their skillset with a company they trust.
2. Flexible Work Schedules
Offering your employees the flexibility to go to doctors appointments and be available at home while a sink is repaired is essential in today’s environment. Offering hybrid or remote work options allows your employees to take care of what they need to at home while also performing successfully at work. This approach may even mean employees work outside of the standard 8-5 schedule to meet their needs. Offerings options like flex schedules, condensed work weeks and telecommuting can reduce the stress employees feel and result in a higher appreciation for their job.
3. Competitive Compensation
People come to work each day because they get paid. This is the simple transaction and basis to all employee agreements. When employees feel they’re being underpaid, either compared to newer employees or compared to the industry, their eyes start to wonder to job boards. Other factors like inflation and cost of living can impact the way employees feel about their pay. Consider offering a cost-of-living adjustment, bonuses at the end of the year or quarterly based on performance.
4. Recognition and Rewards
Employees like when they’re noticed for their hard work. Many employees tend to leave when they feel that their contributions go unnoticed. A few ways you can recognize high performing employees is through monetary rewards such as higher bonuses, raises or gift cards.
Recognition doesn’t always have to come with a check. High performers can also be recognized in a company email, at a celebratory lunch or by spending a few minutes in a team meeting highlighting how their work has benefited the team.
5. Employee Benefits
In addition to offering a competitive salary, the benefits you offer to employees are just as important. All employees need health insurance, which can be costly depending on the plan. Other than health insurance, employee benefits such as 401(k) match, life insurance, vision and dental coverage are also important. All of these are things new employees look for and current employees notice when reviewing their finances. Don’t be afraid to offer other benefits outside of the norm such as a free or discounted gym membership, merchandise discounts and social activities to get the team involved.
6. Generous Paid Time Off
Work life balance is always an important factor when employees accept a new position. To attract and maintain great talent, it’s important to give your staff generous PTO, if possible, to reward your employees for their hard work. Providing your new team members with competitive PTO is a great way to start their employment off on the right foot and is a way to ensure current employees don’t become burnt out. Companies that offer more PTO tend to see higher employee productivity.
Protect Your Talent
Don’t lose out on top talent because of your benefits package. Farm Bureau Financial Services is here to help protect your business and employees. Review our employee benefits and ask your Farm Bureau agent about working with a qualified IRA to get started.