//How to Attract and Retain Valuable Employees With Benefits?

How to Attract and Retain Valuable Employees With Benefits?

Recruitment is getting harder and harder, and high turnover rates cost companies large sums of money. Here’s how to tackle these problems. To begin with, recruiting is extremely difficult, especially with the current aging population. Now, the competition between companies looking for good employees might be as fierce if not fiercer, than the competition between people for jobs. It might not be that companies are now accepting any person who applies for the job, but it is getting harder and harder to convince quality people to join you over all the other companies that want them too.

After recruiting, the time and money will be spent training these people. And if they leave within six months, it would all go to waste, costing your company unnecessarily. Retention is difficult too, and hence, it is important to have the various benefits and incentives to convince people to stay. There are various aspects to this. One of the most important ones is ensuring that people enjoy their job. No matter how good the remunerations package, if people feel like their lives are a misery working in your company, they will leave sooner or later, and the resources poured into adjusting them to your company would go down the drain just like that.

Another problem with high turnover rates is the lack of continuation when it comes to customer service. If a customer should deal with a new person each time the quality of your customer service can only be so good. Each time, the person would need to explain the situation to a new person all over again, and may get annoyed with having to do so after a while. Hence, not just to cut losses and make life easier for your HR department, putting in your best effort into retaining quality employees will benefit your company as well, ensuring the smoothness of operations and customer satisfaction as well.

While you’re looking for your dream employee, make sure you’re a dream employer as well. Here are some ways to both attract and retain quality employees that are so highly sought after. While you’re looking for your dream employee, make sure you’re a dream employer as well.

Provide healthcare and medical benefits

Obviously, taking on a job at your company has to be rewarding enough for them to join you. Paying the market rate and benefits packages are a must, and that includes providing healthcare and medical benefits for your ideal candidate and their family. That way, you give them reason to consider your job offer seriously, and keeps your job offer competitive.

Most employers these days include medical insurance, some even including dental, as part of their remuneration packages, so this is just a bare minimum for your offer to even be considered. That said, the more the merrier, and some companies go the extra mile to include dental, or extend the medical benefits to the families of employees as well.

Flexible work arrangements

With all the emphasis placed on having a healthy work-life balance, it isn’t surprising that employees are beginning to be more mindful of the lifestyle they take on when they take on a job. Allow for flexible work arrangements, such as less rigid working hours or allowing your employees to work from home. This way, employees with other commitments such as young children or elderly at home will still be able to stay and contribute to the company even if they cannot physically be in the office all the time.

This also reduces the working stress of employees, keeping them happier and healthier, and making them less likely to leave. It also allows you to accept a wider range of candidates who may be equally competent at the job, as promoted by TAFEP. This is also good for your corporate image as it will enforce greater equality at your workplace, following the trend of current social movements.

As a bonus, the government is also looking forward to such initiatives, and have started up the work-life grant to encourage employers to adopt flexible work arrangements. The developmental grant aims to help companies kickstart their flexi-work arrangement programs while the FWA incentive is available to help companies expand their existing programs. More companies are beginning to adopt such schemes, with about 92% of firms providing compassionate leave, 74% providing marriage leave and 40% providing study or examination leave, according to the latest conditions of employment survey conducted by the Ministry of Manpower (MOM).

Give recognition and have awards

People need to feel like their hard work is appreciated and valuable to the company. It doesn’t have to always be just a cash reward or a bigger bonus, get creative! Even things like a simple verbal commendation or an award with an unusual trophy (but relevant) token can make people feel like they are making a difference in this company.

Of course, remember to cater your awards to your employees. Ask them how they would like to be recognised- you’ll be surprised to find out how simple it might be. For example, tech giant Google doesn’t hand out awards, but it has things like the 150 feet from food rule, ensuring that employees stay full and motivated throughout the day.

This way, people will start to take pride and ownership of their work and put in their best effort to contribute to the company. This will ensure that your employees stay motivated and perform as the quality employees you expect them to be. They will also feel appreciated and be less likely to leave as there will now be a sense of belonging.

Provide opportunities for professional and career development

Nobody wants to be stuck doing the same old job for the next forty years of their life with no career development or advancement. Pay raises aside, provide opportunities for your employees to get promoted as well, to serve as motivation for them to keep improving themselves, and to let them feel like the company is seeking to grow them too.

Besides, if people realize they’re going nowhere in your company, they’ll start looking for jobs outside and elsewhere as well, and once again you will have employees leaving, even though you can provide the exact same opportunities for them within the company.

Provide retirement savings and planning

Retirement is on everyone’s minds. It’s a great way to attract and keep the experienced employees, and for the younger workers, it can be an attractive way for them to join (and stay with) your company as they may find it as a great way to grow their wealth.

As the cost of living goes up, having a retirement plan as part of the employee perks is a great way to appeal to your employees. This assures them that the company will continue to ensure that they are taken care of even after they retire.

While we have the CPF program in Singapore, it is not as flexible or independent as the 401k programs available in America, and companies could consider providing financial planning and training programs instead. This will ensure that they can handle their finances well and avoid any unnecessary stress plaguing them.

Build strong team relations

Nobody likes to work with unpleasant people. While it may be difficult for you to build relationships with every employee in your company, at least ensure that people are working directly with people they can work with. Managerial training is very helpful in this aspect, as they will be the seniors that every person who is new to the company will look up to.

This will also improve the team culture, and the work environment overall. Success of the company should be a team effort, and hence it is worth it to take the time to cultivate strong relationships between your employees and emphasize on the importance your business places on working together. Especially if your employees have very strong bonds with each other, they will enjoy their time in the company better as well, and be more likely to stay.

Survey

If you’re still puzzling over the high turnover rates, it might be an unusual problem within your company that is the root of the problem, and exit surveys are a good way to find out what’s going wrong. ‘Stay’ surveys might be useful too. Ask employees who have stayed with your company for a long time about why they’ve stuck around for so long to find out what you’re doing right. Employee satisfaction surveys are a good way to check on how your employees are finding their job as well.

After all, the most important point of view here is that of the employee since you’re looking to attract and retain them. Of course, there should be a balance between what benefits the company and satisfying your employees, but you can’t satisfy them without knowing what they want. It could also save you money so that you don’t waste money on things they don’t want or need in the benefits packages as well, and you will be able to better cater to their needs. Communication is key!

2018-05-12T15:10:28+00:00

About the Author:

 

DAVID HO

Employee Medical Benefits Designer

I am a specialist in employee medical benefits designer and my clients know me as a Employee Medical Benefits Designer. Areas of expertise include Health, Life, and Disability Insurance among other employee benefits.



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