The HR Playbook: Reduce Turnover with Employee Benefits
The HR Playbook: Reduce Turnover with Employee Benefits

The HR Playbook: Reduce Turnover with Employee Benefits

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.

Reduce employee turnover with benefits!

More to Discover

Banker

3 Reasons CFOs Should Care About Employee Benefits

3 Reasons CFOs Should Care About Employee Benefits

If you think the realm of employee benefits is strictly HR’s domain, it’s time to change your thinking. Labor costs, including employee benefits, is often the largest expense of any organization and should be closely watched by both HR and finance. More financial leaders are taking an interest in human resources and starting to expand their influence outside the traditional areas of accounting. A recent Robert Half survey showed CFOs are more likely to expand their reach into HR more than any other department. 39% of CFOs said their role expanded into HR the most Source: Robert Half If you’re hands-off when it comes to employee benefits, it’s time to get his/her attention. Here are three reasons why a CFO should care: A Healthy Workforce...

CFO

5 Cost-Containment Strategies to Make Benefits a Competitive Advantage

5 Cost-Containment Strategies to Make Benefits a Competitive Advantage

A diverse mix of benefits are one of the most critical tools employers can offer to attract top talent—but companies can’t ignore the impact benefits have on retention. Still, some financial leaders hesitate to invest in a variety of benefits packages due to the costs involved. Paycor analyzed more than 30,000 medium and small businesses and found that as organizations offer more benefit plans, there’s a substantial improvement in turnover. Specifically, organizations offering six benefit plan types saw turnover improve 138%. Check out our infographic below which examines five cost-containment strategies CFOs should consider to avoid breaking the bank.

Communicating Benefits to a Multigenerational Workforce

Communicating Benefits to a Multigenerational Workforce

Your clients spend $11.60/hr. (on average) per employee on benefits, which represents a huge investment for small and mid-sized businesses (Bureau of Labor Statistics). But as you know, there’s also an investment of time; think of the many hours you spend guiding your clients through the process of crafting a benefits strategy that addresses the needs of the 5 generations in the workforce. But here’s the problem: if a tree falls in the woods, does anyone hear it? If open enrollment is confusing for your clients, imagine how their employees feel. Without the right education, employees stick with the benefits they know, and they may never know that there was a better option for them. According to Aflac, 46% of Americans take less than 30...

Webinar: How to Dramatically Reduce Turnover with the Right Employee Benefits

Webinar: How to Dramatically Reduce Turnover with the Right Employee Benefits

Find out how high-performing companies crack the benefits code and increase business performance, recruiting effectiveness and retention rates. Speakers: Skip Young Skip is Paycor's resident benefits expert. With over 7 years experience in the HCM industry, Skip leads Paycor's Benefits and HR product strategy.