You know benefits are important to employees, but you might be surprised how big of an impact they actually have on employee turnover. After analyzing data from more than 30,000 medium and small businesses nationwide, Paycor discovered that as organizations add benefit plans, there is a significant decrease in turnover.
In fact, organizations that offered the right mix of benefits saw turnover decrease 138%.
The key is finding that right mix of benefits. Different generations want different things, and designing a benefits plan that fits a multigenerational workforce isn’t easy, but worth it in the long run in order to retain and attract talent.
And that’s just the beginning. There are several factors to consider when designing competitive benefits, from cost to implementation, but it’s most important to understand what your employees want and need. From there, you can spread the word and make sure your workforce is engaged in the process of learning about and selecting the benefits that work best for them.
Check out our guide on The HR Playbook: Reduce Turnover with Employee Benefits for more insights and expert advice.