How to Improve your Retention Rates
In a tough candidate’s market, employers need to be strategic in their hiring and retention plans or risk losing out on top talent. During the Great Resignation, many companies found their employees exiting in droves. But now we see 50% of Canadians are re-entering the workforce in the first half of this year. While the talent pool is opening up again, we caution employers to avoid using the same hiring tactics. What once worked before the pandemic probably won’t have the same effect today.
Candidates, especially those who stepped away from work, have higher expectations and new priorities they are looking for their employers to meet. While a nice paycheck always helps, it’s not the end all be all to your retention strategy.
Consider adding some of the following perks and benefits to boost employee morale and wellness and stake your claim as a competitive employer.
10 benefits and perks to add to your hiring plan
- Paid time off
- Educational assistance
- Retirement savings plan
- Remote work options
- Flexible work schedule
- Paid parental leave
- Volunteer time off
- Subsidized meals
- Employee discounts
- Disability insurance
Paid time off
Paid time off (PTO) is always highly welcomed by employees. It allows them time off for reasons like vacation or illness and is a great way to prevent burnout. With two weeks being the standard for new employees, tacking on a few more weeks can draw in talent and set you apart from your competitors.
Educational assistance
Investing in your employees’ education can help promote upskilling and reduce any skill gaps in your organization. Whether it’s reimbursing employees’ post-secondary tuition or helping pay back a portion of student loans, this is an excellent incentive for employees to advance their careers further.
Retirement savings plan
Eventually, we all want to settle down and retire, but we need financial stability to do so. Matching contributions will attract candidates and provide an incentive for them to stick around long term.
Remote work options
Offering remote work options will help you appeal to all types of workers. Since the start of the pandemic, remote work has become the norm. Over half of Canadians say they would like to continue working remotely beyond Covid-19.
Flexible work schedules
While there’s nothing inherently wrong with the 9 to 5, many employees prefer choosing their own schedule. Flexible work schedules can give a better work-life balance and allow employees to take back control of their lives.
Paid parental leave
Aspiring parents might feel conflicted between choosing their career or their dreams of a family. The solution to this dilemma: paid parental leave. While not every employee will benefit from this, you will stand out to those planning to start a family.
Time off for volunteering
More commonly known as VTO, volunteering time off, this perk will encourage employees to help their community without worrying about using their PTO. This perk is a great addition to your employee value proposition.
Subsidized meals
Helping employees refuel during the day with a snack or paid lunch will seldom be turned down. You can offer meals delivered to their homes or grocery stipends for your remote employees.
Employee discounts
Offering exclusive discounts on big-ticket items is sure to get candidates eager to sign on and keep current employees loyal. Purchases like phones, houses, cars are costly, and company exclusive discounts can help alleviate that financial burden.
Disability insurance
You never know what’s going to happen in the future. Offering disability insurance will give your employees and their families peace of mind that they’re protected against the unknown.
You don’t need to be a large-scale company to incorporate a few additional perks or revamp your benefits package. Listen and get feedback from your current employees to better serve their needs.
IT Recruitment Agency in Canada | About Live Assets | IT Staffing Solutions
Live Assets is a boutique IT Staffing/Recruiting firm specializing exclusively in building IT teams of excellence for the Information Technology sector.
We are a small, but productive team that works closely together and has had a 96% success rate for the past number of years!
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