A recent study by Microsoft reveals that 43% of workers are likely to consider leaving their jobs in 2023. So it appears the Great Resignation that plagued businesses in late 2021 and early 2022 has not entirely vanished.
Considering it takes 42 days on average and more than $4,100 to hire a new employee, you should do everything it takes to retain employees. One way to achieve that is by using value-added services.
It’s unusual to say that as value-added services are typically in place to retain customers. But here’s how value-added professional services can help retain employees in your company.
What are Value-Added Professional Services?
Value-added professional services are features or noncore amenities employers can offer their employees over and above what workers expect of them. The goal is to improve the workers’ quality of life, which makes your workplace desirable for employees.
If your company offers these value-added services that no other does, it incentivizes employees to remain in your firm.
Ways Value-Added Professional Services Enhance Employee Retention
The most effective value-added services you could offer your workers include the following:
1. Provide employee health benefits
Healthcare benefits are such a crucial factor for employees. According to a survey, 56% of the respondents said that how good their health benefits are will determine if they stay at a job or not. In addition, 46% said health insurance was the most significant determinant in choosing their current career over another.
The trend is highly understandable because healthcare has become so expensive. Besides, employees accessing quality healthcare means receiving better treatment and getting sick less often, ensuring they spend more time at the workplace.
2. Flexible work arrangements
The goal is to ensure employees work when they feel at their optimal best. For example, if a good worker is not a morning person, it would be best to allow them to report to work two hours later and make up for it later.
Similarly, you can incorporate a hybrid workplace where employees can spend some days of the week working at home. Moreover, you can provide other incentives, such as allowing workers to leave early on their birthdays or anniversaries.
3. Offer professional development
A 2020 LinkedIn report says that 73% of employees would stay at a company if it offered more opportunities to build their skills. Additionally, one of the top three reasons for millennials leaving their jobs was to seek opportunities for advancement.
You must provide continuous learning, competency development, and skill building if you wish to retain them, giving workers a chance to learn and advance their careers.
4. Caring about the employees well being
Poor employee health reportedly costs employers $575 billion annually. It would help if you catered for worker programs that improve employee well-being, as healthy employees spend more time at work.
You can achieve this through workers’ well-being programs, such as free gym membership. Further, you could include a mental health-friendly workspace or an employee assistance program.
5. Improve communication
It’s impossible to overstate the importance of effective communication to the success of a business. If employees feel like they are not heard or have difficulties passing information, there’s a high possibility they will abandon your workplace. Therefore, creating online forums that encourage dialogue and employee feedback would be best.
6. Provide mentorship programs
Pairing employees with senior employees will improve their skills and knowledge, enhancing their output. In addition, learning from experienced employees will encourage leadership development and enhance productivity and onboarding.
To improve employee retention, introduce enticing value-added professional services such as professional development and mentorship programs, healthy work-life balance, enhanced two-way communication, and meaningful health benefits.
Contact Health Consultants Group
To learn more about how you can continue providing value-added professional services and other essential HR issues, visit our contact page or give us a call at (800) 367-2482.