In the workforce today, employers have made things very difficult for themselves when it comes to finding and keeping quality, committed employees. Employers lose up to $11 billion every year due to such high employee turnover.
When it comes to the millennials who are presently in and continuing to enter the workforce, they have very low loyalty to any company. According to a recent survey, almost half of all millennials expect to change jobs within two years, if they are given the opportunity.
One of the deciding factors for an employee deciding to leave or come to a certain company has to do with the company’s full time employee benefits. When a business offers 11 benefits or more, 66% of employees see that as a great attribute and would say that their company is a great place to work.
As the Baby Boomers continue to retire, Generation X is beginning to concern itself with what their golden years will look like. They would like to continue to remain with a company until retirement but if the company’s full time employee benefits don’t do all that they need them to do, Gen Xers will find someplace that can. And Millennials are following right along in the footsteps of their Generation X parents, combing the workforce landscape to find the best full time benefits program they can find.
An employee’s benefits plan is a very important feature of how comfortable she is at her workplace. In this day and age, all it would take for many people is an accident or an illness that puts them in the hospital for any length of time for them to go totally bankrupt. Without quality group insurance or individual health insurance, many people would lose everything in an instant.
For an employer looking to increase the productivity and morale of their workforce, offering the kinds of full time employee benefits that make an employee feel safe and secure will all but do the trick. When an employee feels like they are being looked after and that they are being provided for in their compensation package, she will be more committed and loyal to the company.
There are many different types of benefits that employers are offering in the workforce today that are very important to employees. Paid leave is probably the benefit that is provided most often by companies. In addition, other very important employee benefits include paid holiday time, which over three-quarters of employees can be eligible for, as well as paid vacation time. This is also offered to roughly three-quarters of all employees.
It is no easy thing to run a business these days. People come and go and do not have the same type of loyalty they once did to one specific company or even one line of work. If you have a business, consider what you are offering in the way of benefits to your employees. If you offer it, they will come, and most importantly, they will stay.