Employee Benefits: The Only Guide You Need

Achievers - Recruiting

The term “employee benefits” is used regularly, but often with a limited, traditional definition in mind. The traditional concept refers to legally mandated benefits plus a few voluntarily added by employers. With a new generation of employees, soon to become the majority of the workforce, and a competitive, global labor market, comes new workforce needs and expectations. What are employee benefits? . What are benefits that are voluntary?

Employee Retention is Everyone’s Responsibility

HR Bartender

I came across this article recently on Undercover Recruiter titled, “ Why Employee Retention Should Be a Talent Acquisition Responsibility ”. My takeaway was that talent acquisition professionals play a role in employee retention. Lastly, they make sure the transition from candidate to employee is a smooth one. Talent acquisition professionals aren’t the only ones responsible for employee retention. Employees get the brunt of that anger.


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3 ways to address – and correct – turnover


Turnover is a reality of every business. While periodic change can be beneficial to growth, unexpected or constant turnover is a serious problem. Today, we’ll explore three ways to help cut down on turnover and examine how they can bolster your bottom line. Meet staff demands for new benefits. Improving employee retention helps you reduce the costs associated with hiring new employees. Obtain the insight needed to address high turnover.

What Does Employee Retention Have to Do with Your Star Employees?

Get Hppy

Employees are the soul of a company; without them, your company or organization would not function. Keeping your employee for as long as possible is a daunting task. Employee retention is becoming a common practice in a business, large or small. Benefits.

How Smart is Your Employee Benefits Strategy?

Tandem HR

How to use an employee benefits strategy to boost morale, retention, and profits. Did you know that 8 out of 10 of your current employees would choose additional benefits over a pay raise ? While salary is important, never underestimate the power of a robust employee benefits strategy. How does your employee benefits strategy compare? Is your current benefits package generous or lacking? Benefit packages benefit employers.

5 Timeless Employee Retention Strategies That Work

Career Metis

Applying effective retention strategies within your company is key to ensuring your success. Good businesses understand the importance of maintaining employee engagement and satisfaction over a long period of time, rather than band-aid fixes. Not only does this increase company performance overall, but you’re also more likely to gain loyal and motivated employees, who feel secure within their place in your company. What Is an Employee Retention Strategy?

10 Employee Benefits To Support Mental Health


1 in every 5 Americans has a mental health condition, and there’s no better time than Mental Health Awareness Month to evaluate your benefits package and ensure that it supports employees holistically. Open enrollment will be here before you know it , so now is the time to refresh your benefits strategy! How well do your current benefits offerings address the mental health of your workforce? Employee Assistance Program (EAP). The key to managing employee stress?

Employee Benefits In 2016: Perks Or Expectations?


Are employee benefits today considered perks, or are they expected? Not surprisingly, the history of employee perks involves World War II, the burgeoning tech industry and women. I say not surprisingly because these same key elements like a reduced workforce, new technology, and women in the workforce are still driving factors in why many businesses today are upping their game when it comes to employee perks. Today’s top employee benefits and perks.

Employee Benefits Addressing Financial Wellness Show Care, Drive Retention, Says Research

HR Daily Advisor

Replacing employees is expensive. In a time of low employee retention and high turnover, employers are striving to improve programs with a positive impact on employee engagement. According to Gallup, only 33% of American employees are engaged and slightly more than half (51%) report that th ey are actively looking for a new job or watching for openings. Some 38% of employees say they’re more engaged with benefits.

10 Employee Benefits Stats You Can’t Ignore In 2020


A quick internet search will yield plenty of results for searchers seeking up-to-date facts and statistics about the current state of employee benefits. We’ve cut through the noise with 10 thought-provoking employee benefits stats to consider for your 2020 planning. 43% of employers increased benefits in 2019 in order to stay competitive in attracting and retaining talent. When’s the last time you evaluated and revamped your employee benefits?

Best Employee Benefits in Protective Services

Winston Benefits

Security companies often struggle with high turnover rates, and HR leaders may feel like raising wages is the only solution. But the wide range of employee benefits that security companies offer shows that there’s plenty of opportunity to use benefits as a recruiting and retention tool. If you work in the security industry, review your employee benefits offerings regularly to make sure they match up with some of the leaders in the business.

Keeping Millennial Workers: How to Improve Employee Retention

Get Hppy

The constant turnover of millennial workers is both tiring and expensive for company hiring managers. A new employee can cost a business around 1.25 This is due to the cost of the base salary plus recruiting costs, taxes, employee benefits and the physical equipment required for each new employee. To entice and obtain the Millennials’ gifts, an increasing number of corporations are redesigning criteria intended to keep millennial employees.

10 Employee Benefits For Better Mental Health


1 in every 5 Americans has a mental health condition, and there’s no better time than Mental Health Awareness Month to evaluate your benefits package and ensure that it supports employees holistically. Open enrollment will be here before you know it , so now is the time to refresh your benefits strategy! How well do your current benefits offerings address the mental health of your workforce? Here are ten employee benefit programs to better support mental health: 1.)

How to reduce new hire turnover


This awkward situation is called new hire turnover. New hire turnover is common. About 20% of employees leave within their first 45 days of employment. Although there’s no explicit definition, “new hire turnover” usually refers to the number of employees who leave a company within their first year on the job. Here’s a guide to the most common reasons new hires leave and how to prevent new hire turnover: Why do new hires leave?

Webinar: How to Dramatically Reduce Turnover with the Right Employee Benefits


Find out how high-performing companies crack the benefits code and increase business performance, recruiting effectiveness and retention rates. Skip is Paycor's resident benefits expert. With over 7 years experience in the HCM industry, Skip leads Paycor's Benefits and HR product strategy Speakers: Skip Young.

Improve Turnover with Employee Benefits


Diverse benefits plans are widely seen as one of the most important tools employers can offer to attract top talent—but companies shouldn’t ignore the impact benefits can have on retention. Paycor examined our customer base of more than 30,000 medium and small businesses and discovered that as organizations offer more benefit plans, there is a significant improvement in turnover.

7 Employee Retention Strategies and Secrets

Career Metis

In 2018, leading employee retention researchers estimated 42 million Americans would turn over. The same reports also estimated that 77% of this turnover is preventable. As an employer, what does employee turnover mean for you? But salary isn’t as important to retaining employees as it is to attract them in the first place. T hese 7 factors influence employee retention much more than salary or compensation does: Recognition and Appreciation.

Tackling Total Rewards: A System for Communicating Employee Benefits

ClearCompany Recruiting

Total rewards is a system that looks beyond the paycheck and examines the comprehensive benefits an employee receives, or that an employer offers. Some companies take time annually to send their employees a “statement” that delineates these tangible rewards like: tuition reimbursement, PTO, cell phone allowance, alongside their actual compensation. Some people come by their total rewards packages internally, building them specifically to attract a certain type of employee.

Student Loan Repayment 101: The Lowdown on 2020’s Hottest Employee Benefit


Chances are, you’ve probably heard about student loan repayment as an employee benefit. Many large employers have rolled this handy financial wellness perk into compensation packages as a way to attract and retain talent (notably, millennials) and provide better financial wellness support to employees across the board. . While innovative, student loan debt repayment as an employee benefit might not make sense for every employer.

Employee Retention: Reduce Turnover With These 5 Tips

Effortless HR

Hiring new employees can create a substantial strain on your company’s time and resources. Depending on the complexity of the job, it might be six months or longer before a new employee is fully independent and able to contribute in a significant way to daily operations. Coming up with effective ways to make good employees stay longer should be front and center of a business owner’s thoughts. What better way to find out what employees really think about the place they work?

ExitRight® Norms and Retention

HSD Metrics

Data-driven Ways to Improve Retention. Our article about the most important turnover causes for employees in 2017 illustrated trends across all industries and drew out some interesting exceptions. ExitRight® now offers industry specific norms to help our customers benchmark their organization’s turnover trends against peers in their industry. Learn What Matters to Your Employees; the Benefit Myth. There are many myths as to why employees leave.

ExitRight® Norms and Retention

HSD Metrics

Data-driven Ways to Improve Retention. Our recent article about the most important turnover causes for employees in 2017 illustrated trends across all industries and drew out some interesting exceptions. ExitRight® now offers industry specific norms to help our customers benchmark their organization’s turnover trends against peers in their industry. Learn What Matters to Your Employees; the Benefit Myth. There are many myths as to why employees leave.

A Comprehensive Look at Current Trends in Turnover


Generation X employees averaged only two jobs in their first ten years in the workforce. Gallup estimates Millennial turnover costs the U.S. For employers to stay competitive, it has become essential to confront turnover head-on. While total turnover has risen within recent years, voluntary turnover has increased by more than 48% in less than a decade. The post A Comprehensive Look at Current Trends in Turnover appeared first on HRsoft.

How to Retain Hourly Employees

Best Money Moves

How to retain hourly employees. Research by Shiftboard uncovered what matters most to these workers to help you improve job satisfaction and reduce hourly worker turnover. Half of hourly employees would take a pay cut for more control over their schedule or better health benefits, according to recent research by Shiftboard. Exploring scheduling options that give hourly employees more control is a strategy that could potentially reduce turnover.

Competitive Benefits for a Competitive Job Market


If you want to attract top-tier talent and hold onto them, then offering competitive benefits that support overall happiness and well-being is an absolute must. According to research , happy employees work 12% harder and take up to 10 times fewer sick days. reducing turnover rate Turnover turnover rate what employees want employee benefits Employee Retention financial wellness how to help employees new benefits Recruiting reduce turnover employee loyalty

Offering Child Care Benefits to Employees

Best Money Moves

Offering child care benefits to employees. Employers can address work-life balance and aid recruitment and retention efforts with child care benefits for employees. Both parents are employed in more than 60 percent of American families, yet only 6 percent of companies offer child care benefits, according to research by Clutch. Offering Child Care Benefits to Employees. More on Topics Related to Offering Child Care Benefits to Employees.

7 employee retention strategies from employee experience visionaries


If employees are your source of innovation, it’s important to retain them. However, employee turnover is in many industries is high and costly in time, money, and resources. The Society of Human Resources Management (SHRM) suggests that direct replacement costs can reach as high as 50%-60% of an employee’s annual salary, and total costs associated with turnover ranging from 90% to 200% of annual salary. Request a demo of the Benefits Optimizer today!

7 Ways to De-Stress Your Workplace


Furthermore, high employee stress levels can lead to higher rates of employee turnover and absenteeism; who wants to work at a job with constant stress? Follow my 7 tips below to help your employees bounce back and minimize unneeded stress: Get Creative. Consider implementing a few creative strategies to lighten your employee’s mental load. Given the statistics above, there is much you can do to help your employees meet their financial goals.

3 Reasons CFOs Should Care About Employee Benefits


If you think the realm of employee benefits is strictly HR’s domain, it’s time to change your thinking. Labor costs, including employee benefits, is often the largest expense of any organization and should be closely watched by both HR and finance. If you’re hands-off when it comes to employee benefits, it’s time to get his/her attention. Keep in mind: benefits don’t necessarily require an out-of-pocket expense. Employee engagement.

Full-time vs. Part-time Employee Benefits: How to Offer Both


The employee-driven economy drew businesses into fierce competition for talent. Benefits, perquisites (perks), and one-time bonuses were currency for attracting new hires and retaining current staff. They should also know what their benefit options are. Employee discounts.

Employee Benefits: Definition, Examples and Best Practices [+INFOGRAPHIC]

Semos Cloud

Employee Benefits: Definition, Examples and Best Practices . Employee benefits are important to your present and future employees. Employee benefits are offered together with salary as a company’s compensation package. Employee Benefits Defined .

4 Things Your Employee Benefits Program needs to Have in 2018 and Beyond

HR Daily Advisor

It has never been more important to keep up with the recent trends surrounding employee benefits. After all, employee benefits are not as simple as a 401(k) plan and a healthcare plan anymore. Businesses are expanding their employee benefits and offering more resources every year. For the companies that want to improve employee retention and productivity, it is time to take notice. Family Leave Benefits. Low employee loyalty.

PeopleStrategy and Peanut Butter Partner to Bring Student Loan Assistance Programs to SMB Employers


June 4, 2020 /PRNewswire/ — PeopleStrategy, Inc.® , a full-service brokerage and provider of comprehensive, cloud-based human resource (HR) solutions, and Peanut Butter , a leading provider of student loan assistance in the form of resources and repayment plans, have partnered to provide small and medium-sized employers with one of the top benefits college-educated talent wants. In 2019, more than 76% of employees cited student debt as the leading cause of their financial worries.

Support Your Employees’ Financial Health


Even though financial stress and strain may not be apparent among members of your workforce, studies show that about one-third of employees believe their financial concerns are negatively impacting their lives. While financial concerns may vary by employee age and stage, they are common stressors for many employees across all industries. Ultimately, feeling financially capable and secure is sought after by most employees.

Best Employee Retention Ideas You'll Read in 2020

Vantage Circle

The cost of Employee Turnover goes farther than it appears. Employee retention, therefore, is the top priority of HR managers everywhere. The simplest way to manage turnover is to develop a plan to make employees stay. Studies and surveys have revealed some common drivers of retention. Keeping these drivers in mind, we have listed 10 highly effective employee retention ideas. 10 Lesser-Known Employee Retention Ideas.

How Healthcare Employers Can Overcome Unprecedented Turnover


How Healthcare Employers Can Overcome Unprecedented Turnover Oct. It’s not just your organization — turnover is rampant across healthcare employers. And while those numbers apply to all healthcare employees, the stakes get even higher when you look at care providers. A report from NSI Nursing Solutions says the average cost of turnover for a bedside RN can range from $38,900 to $59,700, with the average hospital losing $5.1 Here are some tips for lowering turnover.

5 Effective Activities for Onboarding in High-Turnover Industries


The reasons that employees are leaving vary – everything from better pay and benefits to more supportive management. Regardless of the reason that employees are leaving, one thing is certain: the key to keeping employees is formal strategic onboarding programs. In a survey from Korn Ferry Futurstep, ninety-eight percent (98) of senior executives feel that onboarding has a positive connection when it comes to employee retention.