Worried About Employee Retention? Consider a Holistic Benefits Package

We all know money talks. And people will almost certainly leave a job if offered more of it. But general attitudes toward compensation are changing as younger generations join the workforce. At FORTIS, we’ve noticed a rising interest in more holistic benefits that aim to improve an employee’s health, wellness, and other more specific needs. Of course, this is in addition to more traditional elements like bonuses, benefits, and retirement plans—not instead of.

We’ve even seen this trend in our own backyard of Southern California, where “…workers got an average 5% increase in wages and salary last year compared with 4.6% nationally,” as reported by The Orange County Register. This is a welcome increase given the local cost of living, but it doesn’t address the yearning for something more that many workers experience.

In fact, according to a recent study by SHRM, 44% of workers feel burnt out from their work, making them nearly three times more likely to search for another job. With or without a salary increase, employees today want to feel taken care of in more ways than one. Let’s examine what goes into building an ideal holistic benefits package—one that acknowledges these feelings while helping you retain your best talent.

Start by Listening

Regular surveys are an essential tool in discerning what employees want. By conducting annual surveys, employers can gain insights into what their employees value and what they don’t. This data-driven approach enables you to create a ‘menu’ of benefits, where employees can choose what suits them best. It’s about getting ahead of the curve and acknowledging that the base package may not please everyone.

For example, one employee might prefer a gym membership or student loan repayment assistance, while another employee with a family might prioritize comprehensive health insurance and flexible working hours. By offering a variety of benefits, you demonstrate that you understand and value the diverse needs of your workforce.

Acknowledge Caregivers

The added emphasis on work-life balance and flexibility is especially significant for parents and other caregivers in the workforce, who are often expected to juggle professional and family responsibilities. The option to work from home, once a rarity, is now a vital component of an attractive compensation package. In fact, companies that want to keep their workforce happy and cohesive should consider offering customizable benefits.

This could include paid parental leave, childcare subsidies, or even on-site childcare facilities. By recognizing the challenges faced by working caregivers and offering solutions, you show that you value their contributions and are committed to helping them succeed both at work and at home.

Prioritize Mental Health and Wellness

Mental health has become a major focus in recent years, and for good reason. Stress, burnout, and mental health issues can significantly impact an employee’s productivity and overall well-being. By offering benefits like mental health days, employee assistance programs, and access to therapy or counseling services, you show that you prioritize your employees’ mental health and well-being.

Additionally, wellness programs that encourage healthy habits, such as fitness challenges, healthy snack options, or stress management workshops, can help create a culture of wellness within your organization. When employees feel that their employer cares about their overall well-being, they are more likely to feel valued and engaged in their work.

Encourage Social Responsibility

Offering paid volunteer days as part of your benefits package is a great way to connect with employees who value community engagement. This approach demonstrates your company’s commitment to social responsibility and can enhance employee satisfaction and loyalty.

Start by organizing company-sponsored volunteer events that enable employees to collaborate on community projects. This not only supports the community but also fosters a sense of unity and personal fulfillment among team members, which in turn leads to increased engagement and retention.

Foster Growth and Development

Providing opportunities for growth and development is another key aspect of a holistic benefits package. This could include tuition reimbursement for employees who want to further their education, professional development workshops or conferences, or mentorship programs that pair junior employees with more experienced colleagues.

By investing in your employees’ growth and development, you not only help them acquire new skills and knowledge but also show that you are committed to their long-term success within your organization. This can lead to increased job satisfaction, engagement, and ultimately, retention.

Wondering What’s Next? FORTIS Can Help

By listening to and acknowledging the varying needs of your staff, you open doors to new and compelling holistic benefits packages. You’ll not only improve employee retention in doing so; you’ll attract top talent looking for an employer that values their well-being and success.

So, yes, money talks. Just maybe not quite as loud as it once did. As a business owner or HR leader, locking in your salary budget and building your benefits package are two of your most important priorities. But we understand how difficult and time-consuming it can be to successfully run a business in California—especially if you’re located in an economic hotspot like Orange County, Los Angeles, San Diego, Inland Empire, or Northern California.

That’s why we developed a resource to help: The 2024 FORTIS Salary Guide.

We created our first-ever salary guide to help California business owners and professionals navigate the hiring complexities of our state’s finance, accounting, and human resources sectors. It’s a robust collection of detailed salary breakdowns, industry trends and insights, and strategic hiring advice you can put into practice today.

Get your copy of the 2024 FORTIS Salary Guide and take the first step toward transforming your hiring approach.