The Great Reshuffle has made retaining employees more challenging than ever. For organisations still providing basic pay and run-of-the-mill benefits to their employees, it’s about time to overhaul their retention strategy and pay attention to their benefits package. Why? Because benefits are one of the key aspects of good employee retention. Even stats point towards this: compensation and benefits were two of the top reasons Millennials and Gen Xers would choose to leave or stay in an organisation, as per data compiled by LinkedIn in 2020.
The need to review employee benefits package
Basic employee benefits, such as health coverage, paid leaves, PF, etc., are no longer on the list of the most desired benefits among employees. While they may be a good starting point, employees want more than just the staples today. So, employers need to put additional effort into creating their benefits package and should revise it once a year to remain competitive and avoid losing quality talent to their competitors that are willing to offer better compensation and benefits.
Physical and mental health programs, work-life balance, and skill development are a few of the benefits that employees look for when considering an organisation. Many employees also want work flexibility or the option to work from home, which has now been normalised thanks to the pandemic. If your benefits package doesn’t include such perks for employees, it’s high time to revise it while keeping in mind the emerging needs of your employees.
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- Trends Shaping Workplace Retention in 2023
- 5 Best Employee Retention Strategies 2021
Should you include philanthropy-as-a-service in your retention strategy?
You probably didn’t know this, but today’s politically active and socially aware employees also look for a way to offer targeted donations while working in an organisation. So, employers can include Philanthropy-as-a-service or PhaaS in their retention strategy and improve their employees’ experience and retention. But what does PhaaS stand for, and how does it help?
Just as what SaaS (software-as-a-service) does for technology, PhaaS does for philanthropy. SaaS companies help organisations struggling with creating tech solutions in-house. Likewise, PhaaS eases the intricate business of corporate philanthropy and optimises it off-site, taking all the technological, legal, and logistical responsibilities off of the shoulders of organisations.
Organisations using a PhaaS as a retention tool can let employees donate to the targeted charities while distributing the responsibility of selecting where charitable funds should go. This also decentralises the old-world donation process and empowers employees to play a role in choosing where their funds go and which organisations they support through their donations. Plus, it turns corporate philanthropy into an employee benefit.
It’s no secret that benefits packages are key to an effective retention strategy. A good set of benefits can make employees feel that their organisation cares about them. If you want to recreate your benefits package, start by ensuring that basic benefits are available and up to date. Also, consider adding perks such as work-from-home and flexible work options, mental and physical health programs, and targeted giving as a CSR-inspired perk. Don’t forget to invite your employees in on your philanthropic efforts and make them feel valued for a better employee experience.
References:
- How to Decentralise Corporate Charity and Boost Your Benefits Package | Sofia Hernandez | 20 June 2022
- 10 Employee Benefits That Matter Most in 2022 | Cinnamon Janzer | Jan 06, 2022
