Decreasing turnover is a constant goal for every company. After all, having this number under control is one of the main indicators of organizational health in a business. But how to do this effectively? One of the main ways is to invest in benefits that reduce turnover.
With this in mind, we list in this article the initiatives that bring the best results in retaining talent:
- care for well-being;
- on-demand salary;
- flexible hours and home-office;
- training and development;
- career path.
Do you want to know more about it? Check out everything below!
What is the relationship between the benefit plan and the turnover?
Gone is the time when offering a competitive salary was enough to keep employees happy. Nowadays, offering benefits that reduce turnover is essential for strengthen the bond and engage employees.
In a Insper research, 90% of respondents stated that benefits are the main motivating factor for staying in a company. I.e: for most people they are a priority, not something secondary.
One study by Paycor, in the United States, shows even more impacting data on the relationship between benefits and turnover.
According to the survey, the average turnover for organizations without benefit plans is 157%. On the other hand, companies that invest in this type of initiative show a reduction in 138% at that rate.
It is also important to be relevant in the choice of benefits, without just focusing on basic offers, such as transportation vouchers and health care. Take into account the needs of employees and be creative when setting up your plan, as this can bring great results to the business.
According to Paycor, companies that implement benefits that reduce turnover have 58% better performance than others. In addition, they recruit 19% more efficiently and are 28% more likely to retain professionals.
What are the benefits that reduce turnover?
Now that you know the numbers, it's time to get to know in depth what are the benefits that reduce turnover.
There are a multitude of options available on the market, which can make the choices of the HR when assembling the package. The big secret is assess the needs of employees and implement benefits capable of improving their daily lives, whether inside or outside the company.
Check out some of these benefits below and see how they help control your company's turnover.
Care for well-being
Implement benefits with a focus on take care of the well-being of employees it is an excellent strategy for retaining talent.
Start with the basics: have well-functioning equipment and offer good hygiene and safety conditions in the company. All of this makes the workplace comfortable and influences the way the employee perceives the environment.
But don't just stay there. It is still possible to go further, effectively taking care of mental and physical health of employees. This type of initiative ensures that they are always in full condition to carry out their activities, and it also increases the degree of happiness in the organization.
Some benefits that reduce turnover and have this focus are:
- agreement with gym;
- labor gymnastics;
- creation of sports groups;
- free fruits during the season;
- cafeteria with healthy menu;
- positive organizational climate.
- On-demand salary
Market trend, the on-demand salary it is one of the main benefits that reduce turnover. This is because it helps to prevent the financial stress, something common to most UK residents workers
There are not a few professionals who are steeped in debt, with problems even to cover basic household expenses. Another issue is the difficulty in building a emergency reserve, since financial habits in the country are much more focused on consumption than savings.
All of this makes people turn to credit alternatives like overdraft, with exorbitant interest of 300% per year. This is where the importance of wages on demand comes in, which enables withdraw the payment for the days already worked in the month at any time.
Without having to wait a fixed day to receive, the employee has much more freedom and control over one's finances. In this way, it is possible to align the receipts to the due dates of the accounts or to any emergency, without having to resort to overdraft or any other form of bank loan.
It is also important to invest in other solutions to improve the financial lives of professionals, such as courses on personal budgeting, investments and even specialized consultancy to get out of debt, for example.
These extra benefits are sure to make the employee value the company where he is and remain on the team for much longer.
Flexible hours and home-office
You can't deny that time is valuable in people's lives. So benefits like flexible schedules and home-office they are increasingly important in the daily lives of companies.
In flexible working hours, the employee can work at the time of day when you feel most productive, which helps to improve your performance. In addition, there are other advantages such as avoiding stressful traffic at peak times and better reconciling personal commitments with professionals.
If the employee's activities can be performed remotely, offer the employee the possibility of working in the home office. That way, he can have a more comfortable routine, going to the office only when it is really necessary.
Both benefits are excellent ways to improve the quality of life of the team, an essential factor to retain talent and reduce turnover in the company.
Training and development
In general, employees see initiatives for training and development with good eyes. After all, proper training is the key for a professional to evolve in the company and in his career. Therefore, when there is investment in training, employees feel prestigious and become more engaged, which helps to reduce turnover.
Include in the benefits plan partnerships with universities and educational institutions for free or discounted courses. Also offer training developed by the company itself, in person or through EAD platforms.
With so much support for studies by the company, employees will think twice before considering other job opportunities.
Among the benefits that reduce turnover, one of the most effective is offering a career path consistent. It must be planned in a balanced and personalized for each professional, taking into account the interests of the company and the ambitions of the employees.
That way, the organization's talents will know exactly what to do to get where they want, with the support of their leaders. The career plan must be transparent and accompanied by constant feedbacks, so that professionals become aware of their successes and failures, always looking for improvement.
It is this type of opportunity that keeps good values in the company instead of looking for jobs in other companies.
Now that you know the benefits that reduce turnover, how about putting what you've learned into practice? Before assembling the benefits package, take a good look at the company scenario and the needs of employees. This will be essential to make the right decisions and achieve great results in people management.
Did you like the article? To know more, check out this other post and learn how to structure the turnover management in your company!