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# Thursday, December 5, 2013
Surveys Say … Retention and Hiring Improve With Better Benefits

Surveys Say … Retention and Hiring Improve With Better Benefits

 

According to a study by the Center for American Progress, the average cost of replacing an employee is 20 percent of her/his annual salary for an individual earning $50,000 or less. For executives, it’s as high as 213 percent.

 

Those numbers are nothing to sneeze at—and they assume that worthy replacements can be found with relative ease.

 

So how can you make sure your top talent doesn’t jump ship? The latest research confirms that one of the most tried and true incentives continues to be offering employees a solid benefits package.

 

According to the MetLife 2013 Study of Employee Benefits Trends:

(https://benefittrends.metlife.com/home/benefits-intelligence/improve-satisfaction)

·         Employees who strongly recommend their company as a great place to work are three times more satisfied with their benefits than those who are less positive about their company.

·         61% of employees say that having benefits that meet their individual needs would make them more loyal.

·         59% of employees cite benefits as a very important reason to stay at the company when they are very satisfied with the range of voluntary benefits offered at their company.

 

The 2013 Aflac WorkForces Report (http://www.aflac.com/us/en/docs/workforce/z130249_awr_retail_fs_final.pdf?) reveals:

·   Nearly half of retail employees (48%) say that improving their benefits package is one thing their employer could do to keep them in their jobs.

·   79% of employees agree that a well-communicated benefits program would make them less likely to leave their jobs.

·   59% of retail employees say they are likely to accept a job offer with slightly lower compensation but better benefits.

·   82% of workers say a benefits package is important to their willingness to refer a friend to their organization.

 

The Institute for HealthCare Consumerism reports that:

(http://www.theihcc.com/en/communities/employee_communication_education/five-hr-and-benefits-trends-to-watch-in-2013_hcaqqheh.html)

·         49 percent of U.S. employees say that improving their benefits is one thing their employer can do to keep them in their jobs.

·         Workers who are extremely or very satisfied with their benefits program are six times more likely to stay with their employer than those workers who are dissatisfied with their benefits program.

·         Sixty-one percent of employees believe they’d be at least somewhat likely to accept a job with a more robust benefits package but lower compensation.

 

Clearly, one powerful way to boost your retention and hiring success is to provide a strong benefits package. And it’s hard to ignore the wisdom of doing so when you factor in the costs of replacing lost talent.

 

But, of course, cost is always a consideration. The good news is improving your benefits package doesn’t have to cost big bucks, especially if you get a little creative. Benefits such as flexible hours and job sharing, sabbaticals, office competitions with prizes and identify theft protection can all make your organization a better place to work.

 
About BenefitWerks

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