Career Advice

Want to Ensure Employee Loyalty? You Need to Offer Them These Five Benefits

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As a small business owner, it’s understandable to be frustrated when trying to build the perfect team of employees to help you run your company. Not only do you face the unique challenge of trying to find the ideal candidate to fill the role, but you’re also competing with other organizations that are trying to do the same. Securing your employees’ loyalty can seem like an almost insurmountable obstacle, especially in today’s post-coronavirus landscape.

Fortunately, getting (and maintaining!) a team of happy and loyal staff does not need to be an impossible task. One way to help ensure that your employees remain committed to your business’s success is by providing them with an array of essential benefits. However, it’s important to note that not all benefits are the same, and some employees may wind up more miffed than grateful if you offer them the wrong type.

If you’re looking to establish a team of hard-working, loyal, and capable workers, then you need to be able to both speak their language and understand their needs. That is, you must give them something they can’t find anywhere else. By offering your employees these five benefits, you can help make sure they remain by you and your company’s side through thick and thin — and they won’t stray when you need them the most.

A Retirement Plan or 401K

Many people worry about their future, even when the present is seemingly doing just fine. Nevertheless, insecurities about what may transpire ten or twenty years down the road are still a very valid consideration for most employees. If you want to make sure your employees remain with you for the long haul, then you need to give them that much-needed peace of mind about their futures. One of the best ways you can do this is by providing them with a retirement plan.

By offering your employees these five benefits, you can help make sure they remain by you and your company’s side through thick and thin -- and they won’t stray when you need them the most.Click To Tweet

Research has shown that over two-thirds of employees who do not have a retirement plan in place through their employer feel as though they will not be able to retire comfortably. And of these numbers, nearly one-third of them are thinking about finding another job that does offer a retirement plan. The takeaway is simple; if you want your employees to stick around, then you absolutely must offer them some sort of assurance about their future through a retirement or 401K plan.

If the COVID-19 pandemic has taught us anything, it’s that when an employee says they’re sick, we need to take them seriously. Gone are the days of asking staff to suck it up and come in, even when they’re feeling only mildly under the weather. Not only does that expose you to liability if your other staff become ill, but it can also severely harm your team’s morale. If you want your staff to know that you genuinely do care about them and their wellbeing, then you must provide them with paid sick leave.

Giving your employees paid sick leave isn’t just about showing them that you care about them, either. The impact of having to work when sick isn’t just physical, either. It can also cause serious damage to their mental health, too. In turn, they may not work as hard as they should, become resentful, and may start looking for employment elsewhere. To avoid having contagious dissatisfaction spreading among your staff, it’s imperative that they feel safe taking time off when sick.

Healthcare and Life Insurance

If you asked your employees what they wanted from you, you might be surprised to learn that it’s not a raise that they’re secretly yearning for. One poll from Glass Door revealed that 40% of workers wanted insurance more than they wanted an increase in their pay. While this may seem like a stunning revelation, it makes perfect sense if you think about it. Extra pay only goes so far, and if your employees find themselves suddenly facing serious health issues, it’s understandable for them to prefer insurance.

Both health and life insurance are ways of communicating to your staff that you have their backs if anything happens to them. In addition, life insurance indicates that you’re also looking out for the families of your employees. Certain insurance companies offer both term and permanent life insurance policy options; in fact, there are a variety of options on the market, including life insurance without a medical exam. While nobody likes to think about something terrible happening to their employees, it’s always smart and compassionate to provide this option to your team.

Performance Bonuses

Working toward a common goal together with your team can help you establish camaraderie between yourself and your staff. However, if your employees see you reap the rewards of their hard work but they don’t get anything in return for it, it can quickly lead to disillusionment, bitterness, and even have them second-guessing as to why they’re working so hard for you in the first place.

Instead, take the time to thank your employees for their hard work in meeting major deadlines and milestones. Not only should you thank them verbally — which goes a long way in demonstrating your gratitude — but you should also offer them some financial compensation for helping your business succeed. The small percentage of your cut that you give to them will go much further than a pat on the back and a half-hearted thanks.

Vacation and Paid Time Off (PTO)

Curiously enough, one of the best ways you can let your staff know you appreciate having them around is by not requiring them to be around all the time. Even the most devoted and loyal staff wants time away from the office every once in a while and allowing them to take time off for their leisure can speak volumes as to how much you value them.

Studies have shown that by providing your employees with as much PTO that they need, they will become more productive and work harder for you. That said, it’s important to emphasize that by offering them this time off, you do expect them to do something for you in return: they still need to meet deadlines, do their jobs correctly, and not cut corners. However, this paid time off creates a sort of give-and-take that undoubtedly builds unwavering loyalty from your team.

Are Your Employees Content With You?

As an owner or CEO of a small business, your employees are likely your company’s bread and butter. Sure, you could run your business with a lackluster team, but that will only further compound your stress and make your job harder for you. By investing in your staff, you can help make sure they remain satisfied while in your employ. And in turn, you can be confident that your business will continue to flourish as you all work together toward ensuring your business’s success.

 

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