In the United States, one-third of new employees quit their jobs after 6 months, according to the Job Openings and Labor Turnover Survey conducted by The Bureau of Labor Statistics. One of the key reasons for this not-so-appealing trend is a failure by companies to deliver the benefits promised to a given employee.
Employee retention (or more accurately, a lack thereof) is a costly expense, and it benefits businesses to ensure they keep their employees around. According to Forbes, it costs businesses about 33% of an employee’s annual salary to replace him or her. In most industries, an employee retention rate of 90% is considered good, and delivering on company promises to provide (and upgrade) benefits is the best way to keep this number high.
Here are the top 9 benefits employees look for when deciding to stay with their company or move elsewhere.
Home Office Perks
Year over year for the past decade, the remote office has become more of a regular arrangement, and flexible work schedules are also much easier to offer when there are no set office hours involved as with a brick-and-mortar setting. As most employees know that company money is being saved by not being tethered to an office, home office perks such as equipment stipends or paid tech updates are becoming increasingly sought-after by job seekers.
Like the remote office setting, a focus on mental healthcare has also been steadily increasing over the last decade. Many new employees hold a focus on mental health at the very top of their “Desired Benefits” lists, and a mental health focus in the workplace has proven to be something that results in a more engaged and driven workforce.
One commonly-cited reason for leaving a job early is a feeling of disrespect in a given workplace. Though “shows employees respect” is not a perk that will likely be touted in an employer benefits package offering, it is something that potential employees will be likely to ask your current team members about. Building a culture based on mutual respect will lead to higher retention rates. On one end of the extreme, unlimited PTO has been a model for success in some high-stress industries.
One way to show that you respect a teammate is by telling them they are doing a great job. A good, old-fashioned pat on the back still serves as a motivator and makes employees feel seen and appreciated. Money talks too, and bonuses and extra days off in response to exemplary performance are becoming more common, and will certainly be another part of company culture that potential talent will likely consider when vetting your company as a potential employer.
Goals are difficult to meet when you’re unsure of what they are. Workers have responsibilities and personal endeavors beyond the walls of the office, and letting them know exactly what is expected of them while they are within those walls (or logged in to the remote office) allows them to focus their attention in the right places. Providing a suggested path to reach these goals is also a motivator, but it needs to be done with a grain of salt to avoid being perceived as a micromanager.
The “unlimited PTO vs. a set number of days” debate continues to pick up steam. By most accounts, the right answer seems to vary, and is more industry-dependent than a “one size fits all” solution. More potential employees are at least looking for open discussions about time off, as “me time” also assists with mental health concerns and invites a sense of being appreciated.
Business communication is a constantly evolving language. With discussions increasingly being held from afar (Zoom, email, cloud-based collaboration, etc.), defining preferred communication methods and doing your best to cater to your team members’ requests should be built into your company’s culture. It won’t always be possible to meet everyone’s requests, but finding an effective communication workflow is a good practice in communication and respect.
Having a well-trained team is paramount for success, but in order to entice people to buy in to work-related development, it’s important to offer opportunities to grow as individuals as well. Upskilling and tech-related training are sought-after hybrid options that help with both personal and professional development.
Professional growth through training is also mutually beneficial for both a company and its employees. With the expansive capabilities offered by online training programs, it’s now easier than ever to educate a large group of people in a relatively short amount of time.
Providing a steady mix of both personal and professional growth topics in your training curriculum is a smart way to help keep your team members informed and to ensure they aren’t looking for work elsewhere.
You can take a look at the robust archive of KnowledgeCity’s course offerings here.
Ultimately, almost all of these perks revolve around growth, or at least putting individuals in a position where they want to grow with a company. Flexible training options are something employees look for, and providing multiple options for what to learn as well as different ways how to learn will help your company appeal to the 84% of employees who say they look for quality training programs when deciding whether or not to take a job (or stay with one).
For other tips on how to engage employees beyond quality training, download our free employee engagement ebook here.