Many organizations are having trouble retaining talent as employees are quickly moving on to shinier, better companies who can offer them more. The job market is still extremely tight, and companies are recruiting employees directly from their competitors now more than ever. So what can you do to make your employees stay?
Remember that compensation goes way beyond salary, and you really need to make sure your company is offering the absolute best employee benefits possible to keep your high performers from leaving.
Here is what employees are looking for in 2019:
What you assume they want: Higher pay. Although it’s no longer the deciding factor for everyone, it’s important to always make sure your salaries are at or above market range. A decent salary will always be attractive.
What they actually want: Flexibility. This is currently the most desired benefit that makes employees want to stay with their employers over any other perk. There’s more to work-life balance than just an option to work from home or flexible start/end times, though. Paid maternity/paternity leave and generous PTO is a huge part of it, as well as the option to volunteer on company time.
Other perks/reasons employees stay?
- All things health! Offering health insurance benefits is the most popular, but vision and dental coverage are great additions employees love. Other perks would be: pay for their gym membership, have an on-site gym, or provide healthy snacks in the office if possible.
- Student loan repayment.
- A clear path for advancement, as well as, exciting, challenging work.
- A strong and positive company brand. It’s more attractive to work for a company that is well-known and has a good reputation in the area.
- A well-staffed team = no burnout and less stress
Offer what you can, but be honest and upfront with potential candidates. The quickest way to lose your best employees is promising them amazing benefits in the interview only to not deliver.
If you’re struggling to get candidates to apply to your open positions, you should make mention of everything your company offers their employees in your job postings. If you are working with a staffing agency, make sure they know all of your perks and benefits so they can sell your company to candidates in the best light possible.
Happy employees will stay!