What is the corporate benefit that reduces turnover?

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What is the corporate benefit that reduces turnover?

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It is not new that retain talent is one of the great challenges of HR. Therefore, many professionals ask themselves: what is the main corporate benefit that reduces turnover? Actually, there is not only one, but some that stand out in the control of the turnover.

With this in mind, we will explain in this article three benefits that are able to keep an employee longer in the company. Interested? Stay with us!

What are corporate benefits?

Corporate benefits these are advantages that companies offer to employees to supplement their wages. Some of them are mandatory by law, such as transportation vouchers and food allowances, whether in the form of meal vouchers or a restaurant on site.

However, the big secret to reducing turnover is betting on Additional benefits. Although not required by CLT, they are strategic to increase employee satisfaction. With this, the company is able to generate more engagement and productivity in the team, essential factors to attract and retain talent.

The possibilities are many. The company can invest in benefits as a focus on physical and mental health, schedule flexibility and various treats. The important thing is to be creative and relevant, so that employees really value the advantages offered.

What corporate benefits reduce turnover?

Now that you’ve understood the basics of benefits, it’s time to delve into some of them. Next, you’ll learn more about on-demand salary, career path and performance awards.

On-demand salary

O on-demand salary is a form of payment in which the employee can receive the money for the days already worked at any time of the month, without waiting for a fixed date.

But why is this a corporate benefit that reduces turnover? To understand the reason, it is necessary to carefully observe the UK residents worker’s relationship with money.

According to a survey by Getúlio Vargas Foundation (FGV), over a quarter of UK citizens live under financial stress style=”font-weight: 400;”>, either by contracting debts or spending your reserves on basic expenses.

In another recent study, gives Career Builder, 78% of respondents said that the salary they receive is not enough to pay the bills for the month, and about ¾ have accumulated debts.

These problems end up having a serious impact on professional life, since the constant concern with finances can lead to a drop in productivity and concentration. However, the on-demand wages may be the key to transforming this scenario.

The possibility of receiving your salary whenever you want offers a lot more freedom and flexibility for the person to organize their budget and plan their spending.

One of the most common problems in the worker’s life is not being able to cmatch the maturity date of the accounts with the company’s payday. As a result, it becomes necessary to enter the overdraft, which bears interest of around 300% per year.

With the salary on demand, the person has access to payment on the day that is most convenient, without having to resort to expensive credits to pay basic expenses.

Another common situation is unforeseen situations. Everyone goes through emergencies, but there is not always cash on hand to deal with them. Anticipating the receipt of a part of the salary can give the person the respite they need to afford an extra expense without having to be in the red.

How it works?

0To offer salary on demand, you need to rely on a specialized tool, such as the HR Consultant UKy app, from HR Consultant UK. Through it, the employee is able to view all his earnings throughout the month, being able to request payment for days already worked at the time you want.

Upon receiving the request, the app takes care of sending the money to the employee, without changing the company’s payment routine in any way. When HR makes full payment of the salary, the advance is returned to HR Consultant UK.

The fee charged per operation is low and fixed, with no interest or pleasant surprises, ensuring the transparency of the partnership.

Career path

Another corporate benefit that reduces turnover is the career path, a program that sets goals for each position that the employee wants to achieve in the organization. It is a fundamental instrument to stimulate satisfaction and internal competitiveness.

To develop a career plan, you first need to have a organizational structure with well-defined positions. From there, assess the behavioral and technical profile required in each position, and then analyze where each professional in the company can fit.

It is also important know the career expectations of each employee, in order to establish goals that motivate them to grow in the company. The evolution of the structure depends solely and exclusively on the fulfillment of these goals, making it possible for professionals to dream of a promising future within the business.

This is a corporate benefit that reduces turnover because makes employees loyal. They learn that they are valuable assets and that their efforts are rewarded, because they know exactly what they must do to get where they want.

Obviously, the career plan must be accompanied by constant feedbacks and by initiatives of training and development. After all, it is not enough to establish the goals for the employee, but it is also necessary to offer the tools he needs to be able to achieve them.

Performance awards

Implement a performance awards policy it is also considered a corporate benefit that reduces turnover.

The great advantage of this measure is the increase in employee motivation style=”font-weight: 400;”>. When realizing that it can be compensated, the employee is even more dedicated to obtain better results.

In the same way as the career plan, bonuses also increase talent retention style=”font-weight: 400;”>, as company members know that their efforts are seen and valued by the company.

To offer this kind of benefit, the first thing to do and decide which model will be adopted. Will the bonus be for goals achieved? What will these goals be? How long will the payment be? Will the goals be individual or team?

These questions are essential to define the productivity indicators. They must be transparent and communicated to the entire team, so that everyone knows the evaluation criteria.

It is also important to define how the bonus will be paid. The prize is not always awarded in cash. It can be a trip, participation in free courses or whatever else your creativity allows.

Whichever option you choose, always remember to adjust it to the budget, so as not to have any unpleasant surprises in the future.

What’s up? Which corporate benefit that
reduces churn most fits your company? You can choose one of them, the three or look for other alternatives, but be sure to consider a good benefit plan a priority in people management style=”font-weight: 400;”>. With this mindset, you are sure to achieve great results in turnover control.

Did you like the article? Leave a comment below and tell us what corporate benefits you use to retain talent!

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