March 27, 2019 The days when a worker would forge a relationship with a company, work there 50 years and then retire are long gone. By contrast, today’s average tenure at a business hovers at around four years. And, in more and more cases, employers are reporting that employees in high demand fields are likely to quit abruptly without notice. Each time a quality employee leaves your company, they take with them knowledge, skills, and experience. Training new people to do their jobs requires a significant investment in both time and money. It makes sense for employers to put more resources into keeping the quality employees that they have. Monetary compensation is just one way to keep quality employees, and often not even the most effective one. Instead, consider providing employee perks that will make the people who work for you happier and more likely to stick around. Offering perks that your team will value can significantly increase employee retention. A Flexible Schedule In many businesses, tradition is the only reason to stick to a conventional 9 to 5, Monday through Friday schedule. International collaboration and ever improving digital workspaces mean that people don’t have to be in the same office at the same time to work together well. Trusting your employees to get the work they need done on their own timetable allows you to keep some of your most productive workers happy. Night owls can produce valuable work in the evening hours. Parents can fit in time off for school events and balance the time off with longer hours on other days. Continuing Education In a recent Gallup poll, 87% of Millennials said that opportunities for professional development were very important to them. Continuing education programs allow them to develop new skills and feel that they are continually moving forward. In some cases, employers find that the option that works best for them is in-house training. This can allow you to offer specialized courses and trainings that allow employees to become more proficient in the specific skills associated with their jobs. Other employers find that a continuing education allowance is a better fit. This allows employees to choose the courses that appeal to them the most. While some employees may use skills they attain to seek another position, others will choose to move up within your company with their newfound knowledge. DOWNLOAD NOWYour Definitive Guide to Industry Terminology Health Incentives Work is the place where most of us spend the largest waking chunk of our time. If we’re going to find the motivation to get healthier, this is the place it is most likely to take root. People who are in good health are more likely to report lower stress levels, higher levels of work satisfaction and lower levels of maladies like anxiety and depression. And, when people are happier in general, they are more likely to be happy at work, too. Plus, health incentives can make for a healthier workforce, which can reduce healthcare costs. Health incentives can take a number of forms. One popular form is weekly walking challenges. Using workplace issued pedometers or employees’ own fitness trackers of choice, keep a running tally of which employees take the most steps every week. Provide prizes to those who exceed personal goals or who take the most steps in any given week. Health incentives can also take the form of subsidized gym memberships and physical activities. Coupons for a local climbing gym, for instance, offer physical activity and novelty. Empowering Employees to Make Decisions Bosses who micromanage every action are likely to cause unhappy employees who will soon dread coming to the office. Experiment with giving employees more leeway in how their jobs get done. As long as the results work with your company’s needs, you may find that your employees are more enthusiastic about the job. They may even come up with processes that are more effective than the ones you currently have in place. Recognition Programs It’s no secret that people like to have their good work recognized. Put recognition programs into effect that show that you notice and appreciate what your employees bring to the workplace. For instance, a mention of quality work in the employee newsletter means that everyone can see that you appreciate quality results. You should also make a point of showing appreciation one to one on a regular basis. There is no one set of perks that will please everyone in every workplace. Instead, employers should try a mix of incentives to see which works best for them. Over time, a good set of employee perks will lead to happier workers as well as ones who are more likely to stay with you for the long haul. Are you ready for more industry tips? Here is a free download we created that may come in handy: A Definitive Guide to Industry Terminology DOWNLOAD NOWYour Definitive Guide to Industry Terminology Let the professionals at ESIS help you find the right benefits programs for your business. Contact us today or schedule a call to learn more.