Friday, Aug 18 2017

The Most In-Demand Employee Benefits That Could Affect Your Retention

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Employee Benefits

 

IT professionals know that the ball is in their court when it comes to choosing to stay with an employer. With unemployment among these workers sitting near 2.5 percent, there’s no shortage of opportunities for highly skilled tech pros. While salaries certainly factor into an employee’s decision to stay with a business, many companies are also including more options in their compensation packages to lure in the best and brightest.

 

It is important to determine what benefits are considered in-demand by your workers and adjust accordingly to stay competitive. To help you choose the right options for your team members, here are some of the most in-demand employee benefits that could affect your retention rates.

Student Loan Repayment

It’s no secret that many Millennials are plagued by student loan debt, and they aren’t necessarily the only ones working to pay back thousands of dollars for their education. With that in mind, some companies are developing student loan repayment programs for employees that meet certain requirements.

 

Often, these benefits are tied to specific metrics, such as performance ratings or tenure, so payment doesn't have to be made early in the individual’s employment.

Early Reviews

Most employers tie performance-based raise opportunities to reviews. By offering new hires the chance to be reviewed in six months instead of at the year mark can entice candidates to come on board. If you extend the option to existing employees by holding semi-annual salary reviews to ensure your rates are competitive, this could have a positive effect on retention efforts over the long-term as well.

Education and Training

Most top performers aren’t satisfied with stopping their career where they are today. Instead, they are looking for chances to improve their skills and grow professionally. Having an education and training program can give them an avenue to meet their goals while making them more valuable to the organization as a whole.

 

These benefits can be administered as a tuition assistance program as well as with formal training budgets. Since IT is an ever-evolving field, having the opportunity to earn additional certification opportunities could be highly valued by tech workers looking to stay up-to-date and competitive in the field. Some other methods can include mentorship opportunities or the ability to job shadow other workers who function in the employee’s area of interest.

Paid Time Off

This classic part of the benefits package can be used as a retention tool as well if the company is willing to exceed what is offered by competitors. Providing more than the standard two week vacation time or considering unlimited options can set your business apart from others operating in your area. These offerings can be applied companywide or scaled based on tenure. However, if you use the tenure-based approach, make sure the starting rate is sufficient to attract new talent, and that incremental increases begin early in the process.

 

If you would like to learn more about retention techniques that can help your business or are looking for a new employee to join your team, the experienced professionals at The Armada Group can assist. Contact us to discuss your needs and see how our services can help you reach your hiring and retention goals.