September 2, 2022

The Ultimate Guide to Improving Staff Retention with Employee Benefits

Employee turnover is a big problem for businesses all over the UK. With recruitment costs high, and the job market increasingly competitive, poor staff retention has the potential to severely impact growth and profit. But persuading employees to stay doesn’t have to be difficult; a comprehensive range of employee benefits can make all the difference.

HWWA Consulting advises and supports employers all over the UK on the implementation of their benefits package. We also offer bespoke engagement and education sessions, making sure businesses and employees alike capitalise on the benefits available.

In this blog, we explain the importance of staff retention and how to improve it using a range of different benefits.

What is Employee Retention?

Employee retention refers to the ability of a business to keep hold of its talent by fostering a desirable employee experience. To do so, various strategies can be used, the most effective of which is employee benefits. Simply put, these benefits make staff feel supported and valued by their employer, and consequently more company loyal.

Importance of Employee Retention

A study by the Society for Human Resources Management found that the average cost of a new hire is £3,223 in the UK. With the average annual turnover rate standing at 19%, that means a company with 100 employees could face costs of £61,237 per year just replacing lost employees.

Aside from the cost savings, there are numerous other advantages to improving your business’ rate of retention, including:

  • A strong employer brand.
  • Engaged employees.
  • Improved corporate culture.
  • Better company cohesion.
  • Fewer absences & sicknesses.
  • Increased productivity.
  • Reduced stress amongst staff.

Employee Retention Strategies

Providing employee benefits is one of the most impactful ways to drive staff retention. Here are some top tips from the experts at HWWA Consulting on the ones you should consider.

Tailor Benefits Package

When it comes to employee benefits, many employers take a ‘one-size-fits-all’ approach. However, by checking that your employee benefits package resonates with the wants and needs of your employees, you’ll be making the most of your investment. You could do this by offering staff the option of selecting the ones they want, or asking for feedback on a number of suggestions you provide. That way, you’ll ensure the benefits you do implement truly have an impact on employee wellness, morale, and loyalty. After all, the goal of any employee benefits package is to solve problems and enhance the lives of the people who work for you.

Offer Health Benefits

Group Private Medical Insurance is a popular employee benefit – and for good reason. Not only does offering free access to private medical care support employee wellness, but by speeding up access to healthcare, it shortens recovery times and reduces the chances of lengthy absenteeism. Another option is to implement a health cash plan. This allows employees to claim back the costs of some routine medical expenses like dental appointments, eye tests, and physiotherapy. At a time when living costs are become more and more difficult to manage, offering this lifeline of support can make a tangible difference to your employees’ everyday lives.

The Ultimate Guide to Private Health Insurance for Employers >

Consider Wellness Support

Of course, wellbeing doesn’t stop at physical health; there are other perks and initiatives you could look to implement to cultivate a more holistic sense of workplace wellness. Some businesses encourage exercise through organising activities like yoga sessions or walking groups – which also helps to bond employees together. You could also encourage cycling to work through taking part in a cycle to work scheme or simply installing secure bike storage and showers. Going beyond exercise, make sure you have clear procedures in place for supporting mental health. And don’t forget the low cost perks: creating a ‘quiet zone’ or providing a subscription to a meditation app, for example, can contribute to overall wellbeing. In fact, a study found that just adding plants to an office could increase productivity by 15%!

Promote Financial Wellbeing

Financial insecurities can be a huge cause of stress; in fact 1 in 4 employees say money worries affect their ability to do their job. This doesn’t have to be the case; you could empower your workforce to make better, more informed financial decisions through seminars, workshops, one-to-ones, or even by sending out educational information. At HWWA Consulting, we specialise in holding education and engagement sessions with employees on a range of financial matters online or in person at your work address. We also offer support when it comes to communicating your benefits provision with the workplace, making sure your investment has a true impact on their wellbeing, and your rate of staff retention.

Get in touch to find out more >

Allow Flexible Working

8.7 million full time employees are looking to work flexibly either now or in their next role. For some, this is due to caring responsibilities making a regular 9-5 tricky. For some, this is down to the cost of living driving people out of the cities, and leaving them with excessively long commutes. To support the work-life balance of your staff, you could consider overhauling your current working arrangement and facilitating remote or hybrid work. Doing so means your employees will be able to fit work around their personal lives, and have more time to pursue hobbies, interests, and physical health.

Provide Training Opportunities

To persuade staff to stay with your company, training and development opportunities are key. If employees feel like they’re stagnating in their current role, they may feel less motivated, undervalued, and driven to look elsewhere. However, 94% of employees say they would stay with a company longer if it invested in their training. And, of course, learning and training opportunities lend themselves to internal mobility; companies who excel here retain employees for an average of 5.4 years. Whether you have the budget to send staff on training courses or would rather pay for a subscription to an online class provider, any steps you can take to promote learning in the workplace will motivate employees, and ultimately improve their output.

Protection for Dependants

For many employees, knowing their family and dependants will be looked after if something should happen to them can provide invaluable peace of mind. One financial product on the market that you could look to implement is Group Life Assurance which pays out a tax-free lump sum in the event of an employee’s death. Sometimes, employees fall ill or are injured and find themselves unable to work. In this scenario too, they may worry they can’t support their families. Group Income Protection Insurance provides a replacement income to employees if they can’t work for a long period of time. A willingness to offer this kind of financial support will prove to employees you truly value and care for them.

Improve Your Staff Retention with Expert Employee Benefits Support

HWWA Consulting is committed to making the provision of employee benefits as easy as possible for employers. We take a personalised approach, and aren’t tied to any providers. That means you can feel confident in achieving the most effective package of employee benefits – sure to retain your workforce for years to come.

Talk to us about our services today!

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