4 benefits to help boost post-COVID employee retention. An employee mass-exodus could be coming to the post-COVID workforce. What can employers do to keep top talent?
According to Microsoft’s 2021 Work Trend Index, 40 percent of the global workforce is considering leaving their employer this year. The mass employee exodus is due in no small part to a changing work landscape and increased employee burnout as a result of the COVID-19 pandemic.
Low employee retention rates cost organizations millions and put additional strain on team members who remain and have to pick up the slack. One solution to increase employee retention is to offer creative benefits that empower employees and make your company stand out from the rest of the job market.
Here are four benefits to help your workforce boost post-COVID employee retention rates.
1. Increased vacation time and bonus with tenure
Most companies reward employees with higher bonuses and more vacation time the longer they stay with the company. To ensure this benefit structure incentivizes early employee retention, companies should have longer vacation time and higher bonuses kick in after just one year of employment.
2. Accessible commuting benefits
The COVID-19 pandemic introduced many employees to the benefits of a commute-free work day. No matter what form it takes, commuting adds stress and hours to the workday. Making it easier for your employees to get to and from work is a productive way to stand out amongst other employers.
Commuting benefits can come in a variety of forms. Some, like public transportation and bicycle-share passes may cost employers up front, but they also signal to employees that their company values their time and money. Other benefits, like public transportation schedule dependent start and end times and company organized carpools, do not cost employers and still look after the wallets and schedules of employees.
If your company can operate remotely, offering employees with long-commutes more remote-work days is also a great way to stand out in the employment market.
3. Physical and mental health wellness resources
Offering employees resources to improve their physical and mental health demonstrates care and prioritization for their wellness outside of the office. While not every company can afford an on-site gym, making room in your HR department’s benefits budget for resources like employee gym passes, access to virtual dietitians and motivational and mental health related speakers could go a long way.
4. Comprehensive financial wellness resources
According to a 2021 Capital One CreditWise survey, 73% of Americans rank their finances as the most significant source of stress in their life. Helping your employees manage their financial stress and reach their financial goals through a comprehensive financial wellness program is one way to help them combat this problem.
Employers looking to increase employee retention must do more than just offer a 401-k and other retirement savings plans and offer employees the resources to empower them financially. Best Money Moves’ insightful, comprehensive, and easy-to-use platform can do just that.
Best Money Moves is a human-centered and individualized approach to financial wellbeing. The comprehensive and user-friendly platform provides a plethora of financial resources and educational tools. The library of resources contains over 700 articles, videos, and calculators. Each Best Money Moves user has their personal feed tailored to the several distinct factors that monitor their personal stress.
Employee information is always private but employers do have access to key analytics that show overall employee financial stress and stress levels over time. The Employer Dashboard also features information on program usage, debt and savings levels and more so employers can see just how valuable Best Money Moves is to their employees.
If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.