3 Employee Benefits That Can Improve Your Retention Rate
Losing any technology employee costs your organization in a myriad of ways. These losses include training expenditures, a decrease in productivity, and finally, the resources spent re-engaging the company’s staffing process to replace the departed. It’s something that places the onus on your business retaining its best and brightest talent.
With an engaged and professionally satisfied workforce in mind, here are a few employee benefits worth adding to improve your company’s retention rate. In addition to saving money, the organization also benefits from higher productivity as well as happier clients and customers. Ultimately, investing in your team in this fashion pays off in the long run
Offer A Robust Retirement Savings Plan
Encouraging your employees to invest in a company-provided 401(k) plan remains a great way to build loyalty. You need to offer a generous matching policy to incent these investments. Adding a vesting program to employer contributions also helps build your retention rate, as an employee may lose some of their money if they leave before reaching full vesting.
A recent survey noted that nearly half of all respondents felt good retirement benefits were an important reason they are staying with their current employer. This is a big factor in improving your retention rate.
Provide a Career Ladder With Training and Tuition Reimbursement
Most technology professionals thrive on learning new skills and even earning an advanced degree. Your company needs to provide a robust training program, encouraging your staff to become certified in the latest skills relevant to their career path. This helps prevent a skills gap from hampering your organization’s growth and profitability.
Additionally, offer a tuition reimbursement program allowing employees to earn an advanced degree in a business or technical discipline. An agreement requiring them to stay with your company for a period of time after receiving the reimbursement also directly boosts your retention rate.
Simply Pay a Higher Salary
While not a benefit per se, a generous salary plays a big role in the happiness of your employees. This is especially the case in a technology world that is generally immune to economic downturns. As a rule, try to pay a bit more than the average salary for the job role, while taking into account the cost of living of your location.
Additionally, annual or project completion bonuses also help improve employee morale. Also, consider awarding a profit-sharing bonus to your staff after any successful year for your business.
If you need help building a great IT team at your company, connect with the staff at Digital Prospectors. As one of the leading technical staffing agencies in Boston, we provide great candidates able to make a positive impact for you. Schedule some time with us soon.