For any business owner looking to grow their team, attracting top-notch candidates is only half of the battle. Think of all the time you have spent creating job postings, reviewing applications, reading resumes, and holding interviews. Getting new employees through the door is a feat in and of itself, but companies need to make an effort into retaining these employees for years to come. While most companies understand how offering a comprehensive employee benefits package is key to getting the attention of quality candidates, what most business owners don’t realize is how powerful benefits are in terms of diverse employee retention.
As a whole, employees want to feel valued and trusted by their employers. Actions speak much louder than words, and it is up to business owners to provide employee benefits packages that meet their employee’s needs not only on their first day of work, but as their needs change and grow. According to Metlife’s 15th Annual U.S. Employee Benefits Trend Study, a full 72% of employees say that having the ability to customize their benefits would increase their loyalty to their current employer, which goes to show how important benefits are for employee retention.
With this in mind, there is a need for employers to change their mindset from using employee benefit plans as an attracting tool, to one that works in their power to retain employees as well. Here are 5 ways employee benefits can help to retain diverse talent to your organization.
Why is Diversity Good for Business?
Not only do business owners have to focus on retaining talent, but they also need to put their efforts into incorporating diversity into their teams. Diversity in the workplace means that businesses are employing those of all ages, genders, races, cultural backgrounds, sexual orientations, and national origins. There are many advantages of having a diverse workforce, including:
When employees of all cultures come together, there is more opportunity for creative viewpoints to mesh and solve problems.
Diverse employees bring different perspectives, experiences, and skills to the table, which will enhance your organization’s decision-making processes.
Increased employee engagement and job satisfaction.
Employees will feel happier, comfortable, and at ease in inclusive job environments. When employees work on teams with others that look, think, and work as they do, they are more likely to enjoy their job, and stay loyal to their employer.
There’s a lot of benefits that come with promoting a diverse place of work, so make sure to use your employee benefits packages to your advantage. Here’s how adding employee benefits can help to retain diverse talent.
Including Maternity and Paternity Health Benefits
It is common for employers to provide maternity benefits, but additional paternity benefits are quite rare. Offering both maternity and paternity benefits, such as extended paid time off when a child is born or adopted into the family, will show your employees that you understand the need for being close to family during this challenging yet exceptional time in their life.
This is also an important benefit to offer as it provides inclusivity to your employees that are in a same-sex relationship. Most employers only allow for one type of parental leave, but providing both allows for new moms and dads of all relationships to recoup after their new bundle of joy is brought home, without having to sacrifice their paycheck.
Offering Voluntary Benefits
Voluntary benefits are supplemental benefits offered by an employer and are seen as additional ‘add-on’ benefits. Some examples of voluntary benefits include pet insurance and short and long-term disability coverage. These are popular with many employees as these benefits give them the option to take advantage of a group rate that would be hard to find on their own.
Opening Health Savings Accounts (HSAs)
HSAs are medical savings accounts that allow employees to put aside money on a pre-tax basis to pay for qualified medical expenses. The funds that are put in an HSA are not subject to federal income tax, which can help employees financially every year. It can be challenging for individuals to set up HSAs on their own, so when their employer helps them enroll in one, this can go far in making an employee feel valued and trusted. HSAs are tied to high deductible health plans.
Providing Comprehensive Workman’s Compensation Insurance
Workman’s compensation insurance is a special type of coverage that protects employees from any injuries or hardship directly sustained from their place of work. Providing comprehensive worker’s comp insurance gives your employees peace of mind that they will be covered by you financially in case anything accidental happens to them on the clock. Showing your support will go far in retaining employees as they will see firsthand how much you care.
In summary, employee benefits plans can help to retain diverse talent, once the foundation is built to do so. By adding all-inclusive employee benefits packages to your organization, you will notice how your employees will thrive and push your business to new heights.