Pension & Benefits News Offering the right mix of benefits is vital to improve retention
Tuesday, August 6, 2019

Offering the right mix of benefits is vital to improve retention

By Pension and Benefits Editorial Staff

In today's highly competitive job market, employers must go above and beyond to attract and retain employees, according to Clarity Benefit Solutions. It is vital to offer just the right mix of benefits—including health, mandatory, and voluntary—to encourage a high level of employee retention. It is important to reach out to employees to gauge what their wants and needs are and use that information to design an exemplary benefits program. Clarity Benefit Solutions says the following six benefits are most likely to improve retention:

  1. Medical benefits. Nearly all employers offer health benefits to their employees. Make sure it is a comprehensive plan that combines a High-Deductible Health Plan (HDHP) with a Health Savings Account (HSA) or Flexible Savings Account (FSA).
  2. Paid time off (PTO). It may be hard to believe, but there are companies that do not offer their employees paid vacation time. Employers who want to keep the best talent will realize the importance of a work/life balance. Furthermore, more progressive employers will offer employees unlimited PTO. Fortunately, most employees are not abusing these policies.
  3. Opportunities to pursue additional education. Forward-thinking employers realize that successful employees may want to further their education and will offer employees funds for educational assistance. The more educated an employee is, the more they will give back to a company—which can prove invaluable for the long-term.
  4. Retirement options. Employers who present their employees with an abundant retirement package will not only offer employees peace of mind when they imagine a time when they are no longer working, it will encourage them to stay with the company. Newer employees should take note of how employers are treating their long-term workers and be inspired to stay the course.
  5. Paid parental leave. This progressive benefit is growing in popularity. Paid maternity leave is on the rise, and fostering, adoption, and surrogacy options are increasing. Offering paid parental leave to employees is a surefire way to encourage employee retention.
  6. Financial counseling. Financial issues could be pressing on employees' minds while they are navigating through their workday. Employers should show employees they are concerned about their financial wellness by proving financial counselor services.


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