Are Employee Benefits a Factor in Staff Retention?

According to a recent research report by the life insurer, MetLife, 43% of employees believe that their employee benefits are a very important reason why they remain with their current employer.

It could be said that a well rounded employee reward scheme has a key role to play in job satisfaction and can help employees retain their top staff through these difficult times.

We all know given the economies make up of SMEs and sole traders it is going to be the growth of these companies and their development that will provide the crux of the stimulus for us to pull ourselves out of this dip.

“Retaining top talent and increasing employee job satisfaction are two strategies that may help small business employers face this challenge successfully,” said Scott Beck, vice president of MetLife’s broker and consultant strategies group.

Scott went on to say the protection employee benefits and other non-medical schemes, such as life insurance and voluntary offerings, will play an increasingly significant role in driving employee loyalty, retention and engagement in the current economic climate.

An interesting report published by Badenoch and Clark found that organisations are increasingly offering alternatives to direct cash incentives to make up the pay cuts which were introduced for many in response to the economic climate.

We are seeing greater emphasis placed on the additional benefits one might receive from their organisation, it is important for any business to recognise their employees’ demand for employee benefits and ensure they are catering to those needs in the most efficient manner.