These days, it takes more than just a high salary to attract top talent. Staff members also want to feel valued. Here’s where core employee benefits come into the picture.
They can be the difference between retaining your top talent or losing those employees to a competitor.
The good news is that these benefits don’t necessarily have to be linked to finance. The modern workforce cares about much more than that.
Instead, you can make your staff feel valued by aligning with their values, showing them you care about their work day, and by improving overall team morale where possible.
What are the negative impacts for businesses who lose top talent?
As touched on, businesses that don’t value their employees are bound to lose them. This is truer now than ever before, with a phenomenon known as ‘the great resignation’.
This refers to the trend of employees reconsidering their employment post-covid. Statistics show that more and more are making the move to find greater happiness in their work life.
If you don’t think that your best employees quitting is something you should be worried about, then think again. Here are just a few of the ways it can affect your business.
Costly
Reports have shown that the actual or real cost of employee turnover can be estimated to be between 33% to a whopping 200% the employee’s annual salary. Thus, the financial expense of losing staff is massive.
Not only that, but it also takes new employees are certain amount of time to get up to speed. During that time, their work is unlikely to be of the same standard as the outgoing member of staff.
You also run the risk of losing the new staff member once they are trained if you don’t offer core employee benefits.
Lost Knowledge
As touched upon, losing top talent can lead to a loss of knowledge in an organization. Every staff member that leaves for pastures anew is bringing with them a wealth of experience.
Not only that, but they are also dismantling a cog in your working machine and lessening the overall team ethos of your organization. Of course, they can be replaced, but it takes time to build both the personal and business relationships that long-term staff members have.
Boost employee retention & morale with parking benefits
Discover how Wayleadr's parking benefits can help you improve employee retention and morale
Learn MoreCompetitive disadvantage
When you are not offering core employee benefits, you are at a competitive disadvantage as other organizations in your field will be able to attract the talent you can’t. Your employees may also have their eyes turned by competitors who make their staff feel more valued.
Helping employee retention with core employee benefits
As obvious as it sounds, the flipside is that core employee benefits will help you keep your best staff. That is because when you have the following in place, employees will feel valued and as though their voice is being heard.
Here’s what you should do…
Embrace great communication tools and policies
Businesses lose too many good employees by having poor communication policies. Your staff members should feel like they have someone to go to with their ideas, problems and more.
There is technology that can help with this too, with the likes of Slack offering managers the option of a digital ‘open door policy’ for their staff.
If you get communication right, everything else will fall into place. It is a core employee benefit that you really have to embrace.
Get the basics right
Core employee benefits don’t have to be complex. They can be as simple as ensuring that there are adequate break room facilities. Or that there is plenty of natural light in working areas.
In the hybrid landscape we’re in, employing software that allows for staff members to book workspaces could also be important. It doesn’t get more ‘core’ than providing an adequate working space for employees when they choose to come to the office.
Wayleadr is an example of a software that has the facilities for hot desk booking.
Realize the importance of the commute
There will be staff members who don’t return to your workplace because they have to reengage with the commute. However, it is a portion of the day that doesn’t have to be as stressful as it once was.
For instance, parking management software can allow staff members to prebook their parking spaces before they begin their commute. They can also see live occupancy rates to they can choose an alternative commuting method if the parking lot is full. Such a solution means they reach the office hassle free and ready to be productive.
Parking management software also offers the option for businesses to connect to their electric vehicle charging facilities. If you know a staff member knows they can book their EV to be charged while they’re working, then the idea of the commute feels less stressful.
Understand that greener is better
Nowadays, more and more staff are looking for businesses that align with sustainable policies. Ensuring your organization is as green as possible will not only attract staff, but it may also help you keep the ones that are currently in the business.
Wayleadr can help you fit policies that reduce the number of cars travelling to your offices each day. For employees conscious of the negative impact of commutes, this tool shows them that your business cares about the same things they do and as one they want to work for.
Be flexible
It goes without saying, but flexibility is the new standard since COVID-19. Employees expect the option of being able to work from home. Obviously this can cause logistical problems for businesses, but there are easy tech solutions.
A software solution like Wayleadr can help you use data to organize your infrastructure so that the hybrid workforce is supported and operating at an efficient level.
The alternative to not offering this core employee benefit is having staff members who look for flexible work elsewhere.
Wayleadr as a core employee benefit
Wayleadr can help your business offer a number of core employee benefits to help you attract and retain top talent. To learn more and schedule a demo, click here.
