Employee retention is a serious issue for businesses these days. It can be costly to replace employees, and it’s essential to do what you can to keep your current workforce happy. One way to do this is by offering alternative benefits programs. We will discuss some of the best alternative benefits programs out there and how they can help improve employee retention rates.
Many jobs do not require the employee to be in the office every day. They can work from home or anywhere else that is appropriate. This arrangement works incredibly well for jobs that are otherwise difficult to fill. It’s also highly beneficial for parents who have young children since it allows them to be with their kids when they need to instead of arranging childcare.
2. Employee Discounts
Offering your employees discounts on company products and services is a great way to show how much you appreciate their loyalty. It also encourages them to continue performing well since they’ll want to keep getting these discounts in the future. Some businesses may even offer deeply discounted goods and services from time to time as an added incentive.
3. Ensure Equal Employment Opportunities
No matter what type of company you have or what industry you’re in, it’s essential to ensure equal employment opportunities for employees. Allowing discrimination and creating a hostile work environment can result in legal trouble that could cost your business dearly and lower employee morale and productivity. Ensure every employee knows what to expect regarding work experience and behaviour and that all employees are treated equally.
4. Alternative Investment Options
Employees increasingly want different investment options towards their retirement years. This is a request that many employers are seeing from younger talent. Employers have started creating matching programs towards things like employees’ cryptocurrency investments and first home purchases.
5. Allow Flexible Schedule
Flexible schedules are beneficial for both the employee and the business since they help reduce stress. They can vary from very liberal arrangements, in which workers have free reign over their time off, to more rigid rules that only allow employees to take certain days off work. What’s important is that both sides feel like they’ve agreed on the issue.
6. On-Site Medical Care
Offering or arranging for on-site medical care is a great way to reduce stress and improve morale among your employees. If they’re not worried about their medical bills, they’ll be more motivated to work hard. This type of program is usually expensive, but it’s one of the best alternative benefits programs around.
7. Day Care Services
Offering daycare services is another excellent way to help parents balance work and family life. This can be done at your business or allow employees to use local resources during work hours. Either way, it’s something that workers are sure to appreciate at least some of the time.
8. Recreation and Social Clubs
Recreation and social clubs give employees a place to take their minds off work, as well as to build camaraderie with one another. This can be as simple as offering access to workout facilities or sports games during lunch or more involved activities like organized vacations.
Alternative benefits programs are a great way to make your business stand out from the competition. They also happen to be a good way of retaining high-quality employees. Whether you want to offer employees assistance in finding their way through work-related stress, or you want to give them opportunities to learn and grow, there is something out there for every type of company.