A year into the “great resignation,” employers are still struggling to retain and recruit talent. With 46% of workers actively seeking new jobs in late 2021 and 4.5 million quitting in November alone, it’s clear that workers are prioritizing their needs over paychecks. To combat this, employers must adopt effective employee retention strategies that go beyond compensation, such as voluntary benefits, employee assistance programs (EAPs), and employee education.
VOLUNTARY BENEFITS: A COST-EFFICIENT SOLUTION
Voluntary benefits are becoming a cornerstone of many companies’ benefits strategies due to their cost efficiency and portability. These benefits allow employees to choose from a variety of options, offering value with minimal effort and cost to employers.
Benefits of Voluntary Offerings:
- Reduced group rates
- Payroll deduction convenience
- Enhanced work-life balance (e.g., educational assistance)
- Multiple options in one place
Traditional voluntary benefits include dental, vision, disability, and life insurance, while non-traditional options may include pet insurance, financial planning, and identity theft protection.
EMPLOYEE ASSISTANCE PROGRAMS: SUPPORTING WELL-BEING
EAPs provide critical support services for employees dealing with health, family, financial, or stress-related issues. These employer-sponsored programs are tailored to meet company needs and should include:
- Confidentiality standards
- Defined scope of services
- Guidelines for evaluating program effectiveness
EAPs demonstrate an employer’s commitment to employee well-being, fostering loyalty and retention.
EMPLOYEE EDUCATION: MAXIMIZING BENEFIT UTILIZATION
Educating employees about their benefits is essential for retention. If employees don’t understand their options or how to use them, they can’t fully appreciate the value of what’s offered.
At Kapnick, we provide tools to engage and educate employees, including:
- Worksite well-being newsletters, webinars, and challenges
- Compliance alerts and webinars
- Diversity, Equity & Inclusion newsletters
- Monthly benefits education emails to help employees make informed decisions
To learn more, reach out to our Cannabis EB expert, Adam Blitchok by email or connect with him on LinkedIn.
