4 Benefits That Will Keep Your Top Talent

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by EdgeLink on Feb 15, 2022 in Job Market

With an increase in demand for workers in almost every industry across the country, leaders are concerned with how to keep their current top talent. According to the Washington Post, about 4.4 million Americans quit their jobs last September, following another 4.2 million in October. Most employers are eager and ready to hire, but employees are considering their best options. As leaders, it’s time to look at concrete steps on how to keep your top performers – it’s time to examine your benefits.

WHY BENEFITS MATTER

Good benefits attract the best talent because timely and relevant support demonstrates a business’ willingness to invest in people. And if employees are content, they will be less likely to consider incoming offers, minimizing turnover. In short, benefits are paramount. The question is, which are key?

While there is an element of subjectivity in that answer, what’s clear is that leaders are starting to do a deep dive into which benefits to include or adjust. Harvard Business Review found that 98% of surveyed leaders plan, at minimum, to incorporate a new offer or enhance at least one employee benefit, prioritizing what employees deem most important.

That last bit is worth pausing on for a moment. While research is relevant, even necessary, it’s vital to start with your employees when pinpointing your next steps for company benefits. How are they doing? What do they appreciate about the current structure, and what is lacking? Listening to their input will speak volumes about any company’s leadership. While you may not be able to make every idea a reality today, this open line of communication helps employees feel heard, keeping them more engaged in their current position.

After those ever-important conversations, here are the four benefits we believe can be most beneficial for your business.

4 BENEFITS TO KEEP YOUR TOP TALENT

Childcare and Family Care Benefits
During the pandemic, working parents and caregivers faced complex challenges. Balancing work from home and school closings while supporting their household brought unique stressors. Cleo, a family benefit program, saw 167% increase in membership in 2020, showing how much families crave support. Forbes believes this topic will be an ongoing conversation for many employers. A survey by Sage found that 27% of businesses invested in less than traditional benefits like childcare stipends, and 99% of those who implemented these new benefits plan to continue them moving forward.
Mental Health Support
As one researcher from a McKinsey study states, “If team leaders are educated to understand behavioral-health issues, they will be able to spot problems early and […] reduce the stigma that may inhibit colleagues from asking for help.” And many companies are making positive strides in improving this benefit.Hartford’s 2021 Future of Benefits Study reported that 70% of workers believe their mental health is just as important as their physical health. The good news is 59% have found their employers to be more accepting and supportive of assisting with mental health needs. Leaders set the tone and play a vital role in helping their employees, especially in this area.
Work-life Balance and Flexible PTO
In the past year, The Hartford Financial Services found that 75% of employers have enhanced or added to paid time away from work, including: medical leave, sick time, family leave, or parental leave. While remote work has been advantageous for some, that may not be the clear-cut answer for all flexibility needs. As Forbes highlights, leaders can help tremendously by giving employees the freedom to define their work/life priorities, focusing on what they can control, and always encouraging conversations for improvement on current work conditions. For example, your company could decide to only hold meetings in a certain window of time to create a better balance for family needs, especially with remote work dynamics. You could give reminders of the value of keeping boundaries – hearing a leader say something like, “You don’t need to answer emails after 5:30” can go a long way to alleviate stress. And having consistent conversations on what is going well, what’s a current struggle, and what they would like to see improved or introduced into the company will keep employees engaged and valued, which leads into our last benefit.
Employee Resources
Often this can be connected to professional development goals, which can set a strong foundation for employee engagement in an organization. How do you define these goals? Well Anne Jacoby, CEO of Spring Street, a consulting firm that specializes in improving culture, creativity, and organizational effectiveness, defines it this way: “Professional development goals are individual objectives for growth [that aim] to either improve one’s performance in a current role or advance one’s career.”This makes these efforts a positive endeavor for both the company and the employees. It may be as simple as having a conversation with employees to decipher some SMART goals (Specific, Measurable, Achievable, Relevant, and Time-Bound).
From those ideas of what employees want to accomplish, you can pinpoint ways you can help them, whether that’s getting your team connected with programs in local chamber of commerce groups, furthering education or certifications, or perhaps offering training and mentoring programs inside your own company. The sky is the limit with this one, but it’s important to continually ask how your business can be changing and evolving to help your people.

Hopefully these four benefits provide some encouragement and food for thought as you examine your current conditions. Naturally, there are more benefits to consider, more questions to ponder, and if you are looking to continue these conversations and find ways to strengthen and expand your workforce, we are here to help you with that important endeavor.