I’ve always felt that having a solid staff is one of the biggest keys into turning your organization into a world class business. In order to develop that solid foundation, it’s imperative to keep your staff engaged and happy; motivated and engaged employees work not only harder, but more often than not deliver higher quality work. How to keep employees engaged and happy? Offer the most competitive benefits plan you possibly can, and be creative. Benefits can range from offering a competitive 401(k) contribution to even absorbing the increased cost of insurance plans.
Harvard Business Review Analytic Services just released the findings of a new survey in which three fourths of those sampled reported that benefits contributed to employee retention and 72 percent said they impacted employee loyalty. The majority of businesses polled also provided one-on-one financial help for employees for retirement planning and have added wellness programs.
The study also stated that employers who offered substantial programs focused on the long-term financial health of their workers saw a slew of business dividends as a result, everything from decreased employee departures to improved customer service.
What were some of the results of having generous, competitive benefits? Companies saw:
- Enhanced recruitment
- Committed, engaged employees
- Excellent retention
- Deep organizational expertise
- Safe workplace practices
- Strong customer relationships
At Advantage, it’s tough to be able to offer some of the same benefits that larger organizations can afford to offer. To remain competitive when enticing new employees, we try to differentiate ourselves by offering competitive health insurance options, flexible hours, a yearlong wellness program, fitness competition and more. Don’t think that just because you’re a small business you can’t remain competitive and keep your employees happy and motivated; think outside of the box for innovative ways to keep employees engaged. Happy motivating!