According to a Society for Human Resource Management (SHRM) study, 92% of employees consider benefits important when choosing a job.
Benefits play a significant role in employee retention in senior living careers. In a competitive market, every benefit offered as part of the employee value proposition matters. Here are some ways in which benefits impact employee retention:
- Enhance employee satisfaction: Benefits such as wellness plans and paid leave create an attractive work-life balance. When employees feel that their needs are being met and have support in maintaining their well-being, they are more likely to stay with the organization.
- Reduce overall cost: Companies spent over $92 billion in 2020-2021 on training. Integrating a new employee into the organization can also require time and expenditures. Offering benefits packages that retain employees helps organizations avoid additional costs associated with hiring, onboarding, and training.By providing attractive benefits, organizations can create a higher-performing workforce and an environment that employees want to be a part of.
- Provide retirement security: Retirement benefits packages, such as 401(k) plans or defined employee benefits plans, are crucial in retaining employees. These plans offer employees a retirement solution and a safety net that allows them to enjoy life after their careers end. Retirement plans contribute to employees’ sense of security and can be a significant factor in their decision to stay with an organization.
- Meet employee needs: Benefits meet employees’ needs in a way that engages and keeps them engaged. Comprehensive compensation packages that include competitive benefits help organizations attract and retain top talent, leading to greater employee satisfaction and an increased likelihood of employees staying with the organization.
- Improve work-life balance: Benefits like flexible work arrangements, parental leave, and wellness programs improve work-life balance. According to a study published in the Harvard Review of Psychiatry, women who take at least 12 weeks of maternity leave are more likely to return to work and stay longer with their employer; they also experience better health and improved mental well-being.When employees have the flexibility to manage their personal and professional responsibilities, they are more likely to feel valued and satisfied in their roles, leading to higher retention rates.
Benefits play a crucial role in employee retention in senior living careers by enhancing satisfaction, reducing costs, providing retirement security, meeting employee needs, and improving work-life balance. Organizations prioritizing and offering attractive benefits are more likely to retain top talent and create a positive and engaged workforce.
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