Posted on: August 3, 2018
Employee engagement is a hot topic that weighs heavy on the minds of business leaders. Research shows that engaged employees outperform those that are not by 202 percent. There are many reasons why employees decide to stay at a job or seek a different job opportunity. But, a key contributing factor is the benefits they receive from their employer. Let’s consider four unexpected ways benefits can encourage employee engagement.
It’s an employee job market. There are lots of job opportunities in every industry, so employees can afford to be choosy. Research shows that within the first two months of taking a new job, employees know whether they are going to stay or look for a different position.
Nearly 24 percent of employers say employee turnover is their #1 challenge. About 40 percent of employers with a large group of employees ages 30 to 34 are concerned about turnover.
Employers can increase their success in recruiting and retaining the best employees by offering benefits workers want. Business experts report that most employers regularly update their products and operations to remain competitive. But, they lag behind in their approach to employee benefits.
Younger employees want help in repaying student loans, especially since about one-third of them have college debts of over $35,000. Employees without student loans may want the choice to invest in other plans, such as college savings 529 plans. That’s why employees and employers are interested in the financial benefit choices that BenefitEd offers. Employers can make payments to eligible employees’ student loans or set up other savings programs.
These benefit choices go a long way in keeping employees engaged. In fact, one study found that employees with student loan debt would stay with an employer offering repayment help for at least five years.
Attract top talent
Employees want to work for an employer that cares about the minds and hearts of their workers. They want recognition for their work and contributions to making the business a success. When employees feel connected to their jobs, they become more engaged.
Research shows that one-fourth of the workforce is looking for a different position. But, employer benefits can influence their decision to stay. Employees want benefit choices that can be customized to their needs, not a one-size-fits-all program.
Keep employees focused, not stressed
Employees are stressed about their finances. It’s a problem that keeps them awake at night. Often, it’s on their minds throughout the workday. Employees say they spend several hours daily worrying about how to pay bills, provide for their families, and save for the future. Many have less than $1,000 saved to cover unexpected expenses.
Financial well-being programs can help employees learn to manage expenses, live on a budget, and put money away for the future. Employees say that when they have a plan for resolving money woes, they are less stressed and better able to focus on their work. Personal performance improves and often they become more engaged with their work.
Become an employer of choice
Employees who are happy with their benefits and work experience are more likely to recommend their employer to others. These employees also are more engaged. One study showed that highly engaged employees are emotionally committed and can boost business performance by as much as 30 percent.
Engaged employees are loyal and willing to take on leadership roles to contribute to their employers’ success. And they seek to create a supportive work culture for other employees. The positive attitude of employees will be noticeable to customers and prospective workers, which will boost the company’s reputation as an employer of choice.
- Smart Business
- Employee Benefit News
- Plan Sponsor
- Twin Cities Business