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Boosting Your Employee Retention Rates with Low-Cost Incentives

Employee Benefits

In today’s increasingly competitive career market, highly qualified candidates are looking for more than just a steady paycheck. They are seeking the opportunity to work for employers who offer something beyond the standard benefit and compensation package. It’s increasingly important that your company finds ways to attract and retain the best employees with cost-efficient employee perks.

Whether you are a small business owner or a benefits administrator at a large company, it’s possible to add more value to your employee compensation with a few incentives. Here are some ideas.

Onsite health and wellness support

To help employees become happier and more productive in the workplace, adding the benefit of corporate support for health and wellness goals can be highly effective. Implementing health and wellness programs at work can reduce employee tardiness and absenteeism, plus it can save as much as $1 for every $3 spent on health care premiums, according to an International Foundation of Employee Benefit Plans report.

Employee paid supplemental benefits

If your current employee benefit plan covers just the basics of health care and retirement, you can augment these benefits. Supplemental benefits give employees the chance to buy extra insurance like dental, vision, life, and to obtain catastrophic illness care plans at group discount rates. The employees choose what they want and contribute out of their own paychecks using payroll deduction, so there’s no added cost to you.

Self-service benefits and payroll 24/7

Today’s employee is on-the-go, trying to find that balance between the demands of a professional and personal life. To add a perk to your current benefits, allow them to access benefit and payroll information from a secure Web-based portal. Give employees the option to view pay stubs, set up direct deposits, and get important benefits information.

Corporate sponsored celebrations

Enjoying the fruits of labor is one of the benefits of team work. Your business can make it a point to thank your hard-working employees on a regular basis with celebrations. They can be as involved as something such as planned activities or entertainment, or they can consist of employee downtime.

Employee rewards and certificates of achievement

Make it a point to notice the efforts and achievements of your employees with perks such as rewards, gift cards, or printed certificates. Your employees can shine in front of their peers and they will appreciate the added attention. Work with your management team to devise a way to add more recognition into the routines of each team.

Creating a workplace where people love to work is made easier when you look for ways to improve employee incentives. Take the time to add new perks to keep employees engaged.

This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.