Worried About Employee Retention? Try Benefits
You will often hear business owners using sports analogies when talking about their “team” of employees. They will gladly ramble on about the talent that they have assembled, and how every member of the team consistently gives 110%. The clichés are thrown around all over the place, so it shouldn’t come as a surprise when your team members suddenly decide to start acting like pro athletes., with the most common trait being that they ask for more while threatening to move to a team who will fill those needs. There is a reason why it’s so tough to be a repeat champion in sports, and that is because it is tough to always retain the most talented players.
If you are a business owner worried about keeping your team together, maybe you need to look at treating everyone a little better. We are not suggesting that you make it rain with huge raises across the board, but benefits are always a good starting point. The question now is about how to implement those benefits. We have some definite ideas:
- Start with the basics – Vacation days and paid time off (PTO) are a great way to start when adding benefits. You can also look into adding some basic health options, such as medical, vision, and dental with a low deductible. You do not have to spend a small fortune to sget these basics in place, and you will see an immediate positive response from your people. Let’s face it, you are better served to give PTO than having to deal with one person spreading strep throat through the office faster than a zombie virus.
- Give your team options – Benefits that work for one person may not be so great for another, so consider coming up with different packages for your employees to choose from. People like to feel that they are in control of their circumstances, so put some of the options in their hands.
- Be aware of the needs of your team – When putting together a benefits package, it’s not a good idea to focus on your own needs. Consider talking to each person in your team to find out what they would like to see in a benefits package. There are going to be a few things that everyone asks for, so it stands to reason that offering as many of those as possible is going to make the total package that much more attractive. There is also a reduced chance of rebellion and potential mutiny if it appears as though you are listening to the needs of the team.
- Enhance the offerings – Basic benefits are a nice little carrot to dangle in front of your team, but a nice steak is likely to get more attention. Add some meat to your benefits package by adding things like bonuses and paid training and education.
- Talk to other business owners – It can be tough to know where to start when putting together a benefits package for your team, so get out there and do some networking. Track down other business owners who have implemented a package and ask them how they navigated the waters in the early going.
A great team can be kept together indefinitely if every member is treated right, and that all begins by upping the benefits ante.