Unlike other industries, construction focuses more on labor and skills than technology. This is exactly why construction companies need to develop better strategies to retain their workforce.
This is where employee benefits come into the spotlight!
The type of benefits that an organization/business offers its employees makes a significant difference in their decision to stay. More and more individuals are focusing towards employee benefits, especially senior employees that need requirement plans and healthcare.
Types of Benefits to Consider
Millennial groups are looking for more than just paid vacations. Most employers make the mistake of awarding monetary rewards to employees. This is not sufficient and does not help employees in the long run!
Research shows that 58 percent of millennials plan to work for less than 3 years in an organization.
In order to cater to the needs and requirements of millennial groups, it’s important to offer benefits accordingly. Here are a few benefits to take into consideration:
Employees nowadays want control and ownership of their working hours. A 9-to-5 work routine does not suffice for every employee. By offering flexible hours, you’re giving employees the option of choosing their own timings.
This helps boost productivity and improves ROI because workers are well-rested and more engaged.
Flexible hours also help promote work-life balance because employees are no longer bound by specific shifts and timings.
Surveys show that 86 percent of employees admitted that they would stay at a company that would help them pay off their loans.
Statistics show that 85 percent of Americans are anxious about their financial situation. Repayment of loans provides sufficient support in debt management and attracts talent.
With financial burden off their shoulders, employees are no longer vulnerable to stress, and are able to perform better.
Millennials prefer insurance plans with low premium and look forward to wellness programs and healthcare like dental and vision. They want the certainty that the business will provide them with physical and mental health support.
By developing a wellness program that provides employee with gym membership, health-related seminars and prevention workshops, employers can successfully retain employees.
JS Benefits Group helps businesses design an effective employee benefits program and HR policies. Call (877) 355-6070 and get a quote if you’re interested in implementing employee benefits to your organization’s policies.