Solid Retention Benefits

Employee Benefits: The Company should consider and perform a cost benefit analysis for offering better benefits for employees.

Offer a competitive benefits package that fits your employees’ needs. Providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees and bonuses. But other perks, such as flextime and the option of telecommuting, go a long way to show employees you are willing to accommodate their outside lives.

Some involve clients in planning for service provision and in such activities as Advisory Boards and others. What is the benefit to clients of such opportunities?

Benefits specialists can reduce the company’s costs associated with turnover, attrition and hiring replacement workers. They are important to the organization because they have the skills and expertise necessary to negotiate group benefit packages for employees, within the organization's budget and consistent with economic conditions. They also are familiar with employee benefits most likely to attract and retain workers. This can reduce the company’s costs associated with turnover, attrition and hiring replacement workers.

Hire/Retain: In most cases it’s best to retain your employees. Keeping your employees for the long run can help the company out tremendously. It can help save money and your keep your employees with the experience, which can help your customers. It is best to offer benefits and rewards to retain your employees

When an employee must leave, the employer encounters substantial costs in relation to hiring new employees to replace those who have left. Additional costs such as temporary employees can also accrue, when there is an immediate need for replacement, and training for new hires is significant. One way employers are attempting to retain employees is job perks. Employee perception of the benefits they receive can impact how long they stay with a particular employer. According to the Aflac Workforce Report, employee perception of wellness programs can lead to employee retention through job satisfaction and morale (Aflac, 2012).

Jackson, Schuler, & Werner explain, “Retention includes all of an employer’s activities to encourage qualified and productive employees to continue working for the organization” (Jackson et al., p.188). This comes down to that particular organization’s willingness to motivate and make those employees who are high performing and productive satisfied enough to continue to work there at that same level if not higher level. Improvements in productivity, reduction in labor costs, and a competitive edge are all the things that can be attributed with a successful recruiting and retention program. This in turn makes your organization more alluring to those on the outside looking in.

Chapter conclusion: Benefits for employees are very important for companies. Benefits for employees include various insurance plans, paid vacation days, paid sick leave, paid days off, etc. Different companies need to establish different benefit plans based on their company conditions. In brief, benefit in one of the bridge between employers and employees.

Workforce turnover is a complex and important issue amongst today's organisations. It is perhaps one of the most often cited cause of increased cost and decreased productivity. No wonder people management has become an important frontier to extract and create more value from company assets. On comprehending the articles, it has become evident that organisations have moved beyond the traditional approach of only investing in core business activities, to invest in employee retention strategies. Many organisations, for example St. George Bank

Many companies look to salaries and benefits as the first places to cut back when looking to make changes that involve cost-saving. When this happens, it is inevitable that some employees will leave the company to seek employment elsewhere. The employees that remain, whether they stay voluntarily or because they could not find employment elsewhere, are often resentful. Motivation decreases, taking job performance along with it. Employees lose their company loyalty and may even become angry enough to purposefully sabotage the company.

Understanding the reasons people leave is the first real step in addressing the issues of retention and attraction. Once you have

Pay and rewards attract and retain employees. Having the right pay and benefit for employees motivate them. This helps employees feel valued and can remove animosity between employee and employer. Training and development has a positive impact on employees, this shows investment from the employer and enhances career progression.

Employee retention has always been an important focus for human resource managers. Once a company has invested time and money to recruit and train a good employee, it is in their own best interest to retain that employee, to further develop and motivate him so that he continues to provide value to the organization. But, employers must also recognize and tend to what is in the best interest of their employees, if they intend to keep them. When a company overlooks the needs of its employees and focuses only on the needs of the organization, turnover often results. Excessive turnover in an organization is a prime indicator that something is not right in the employee environment. We will look at

A great opportunity lay in employee recognition. Employee recognition will be nonfinancial benefits offered to employee. This non-financial benefit allows management to proper recognize and foster employee loyalty as well reinforce positive work behavior and encourage for repeat performance in all areas of the job (Henderson, 2006). Another non-financial benefit for employee is training. Training will allow employee gain additional knowledge and expertise and to be up to date with new technology open opportunity to advance in their career. These non-financial benefits allow management to make sure employees are value. Including employee in department meetings and allowing employee to have a say so in decision making demonstrates respect for employee and it allow the

Benefits play a major role towards employee satisfaction and how they behave in an organization. Employee satisfaction is necessary for the success of any organization. Keeping employee satisfaction should be a priority for every employer. There are many reasons why an employee can become discouraged with their jobs. Some include: lack of communication within the organization, high stress levels, lack of recognition, or limit opportunity for growth.