Employee Benefits That Enhance Your Workplace

April 11, 2019 by OSYB Staff

A QuickBooks payroll survey reveals that almost half of the workforce is considering leaving their jobs within the next 2 years. As an employer that should give you quite a pause. Employee Benefit News shares that “It takes about 33% of a worker’s annual salary to hire a replacement if that worker leaves”. Those replacements costs add up, so let’s say you have 20 employees and 8 of them leave and the average income is $50,000, you are potentially looking at replacements costs upwards of $60,000.

So the question becomes what you can do to avert the replacement costs and the loss of valuable employees, etc.? To pre-empt this exodus, Intuit QuickBooks shares 9 employee benefits that you should consider adding on:

• Add flexible work schedules
• Allocate for cost of living increases
• Have annual Performance-based increases
• Share the opportunity for discretionary bonuses
• Recognize performance with prizes and awards
• Working from home is a great benefit
• Have affordable good health and dental coverage
• Offer retirement savings plans
• Increase sick time

Adding on these benefits are not an absolute deterrent to attrition, however, if your employees feel that your benefits meet their needs and the standards of the industry, they may take pause before they even consider leaving you. It’s a good thing to look at your benefits regularly and make the right adjustments to keep your employees happy.

For details: 9 Workplace Benefits to Inspire Employee Loyalty

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