Canada’s labour shortage is at an all-time high, and it’s predicted to stay that way for at least another decade. That means that in many industries, there are more job openings than there are unemployed people to fill them. Companies are at a greater risk of losing employees to other opportunities. For small businesses, workforce turnover can be more costly since each role has a great impact on the company.
But, there are still many things you can do to keep your top employees happy. And it doesn’t always involve increasing their salary. Although it’s important to pay your employees their worth, there’s so much more that they value aside from a salary raise, and money alone is not enough to keep them around. Here are five ways you can improve employee retention.
1. Offer opportunities for professional and personal growth
One of the main reasons people leave their jobs is to experience new opportunities or advance in their careers. It’s important for managers to regularly check in with their employees and chat with them about their career goals. That way, they can help them find opportunities within the company.
aEmployers can help train employees for other opportunities within the company, whether it’s moving into a higher role or changing careers and moving into another department. Sometimes, though, employees may need to obtain certification to take on a new role. Luckily, many employers recognize this and encourage their employees to seize continuing education opportunities by providing funding. Companies can easily reimburse employees for this type of expense, and many others, by making use of free Honeybee Allowance Accounts. The financial support for education can also help employees advance in their careers by taking classes to upgrade their skills or gain new ones.
An Allowance Account can also help cover expenses related to personal activities and hobbies, like taking a guitar class, or vacation funds to experience a trip abroad. These personal opportunities are just as important to employees as career advancement or change.
2. Support work-life balance
According to LinkedIn, work flexibility is now more common than ever. In two years, the professional networking platform has seen a 78% increase in job posts mentioning work flexibility. If you’re not offering your employees flexible work options, then you could risk losing them. In fact, a global study by Deloitte found that millennials are more likely to stay with a company for at least five years if they’re given more flexibility in where and when they work.
Giving your employees the option to work from home, or providing perks like Summer Fridays or a compressed work schedule shows your employees that you value their life outside of work. It also encourages them to work harder and be more focused on bringing results rather than punching in hours.
3. Make mental health a workplace priority
Stress is a big problem in North America and the workplace has a large part to play in the issue. In fact, one in four Canadians admit to leaving their job due to work-related stress. It’s in both the company’s benefit and the employees’ for employers to play an active role in helping their workforce manage stress.
Wellness programs and benefits can help reduce stress and increase an employee’s chance of feeling more fuelled at work. Here are a few things you can do or offer your employees to improve their mental well-being:
- Incorporate mental and physical activities like meditation or yoga in the office.
- Provide funds in your employees’ Honeybee Allowance Accounts to cover fitness classes or wellness services.
- Provide benefits that make it easy for employees to proactively look after their mental and physical health. Flexible health spending accounts (like Honeybee Health Accounts) make it easy for employees to access services such as psychiatric therapy and massages.
- Offer an Employee and Family Assistant Program (EFAP), which provides confidential services and support related to mental health, such as professional counselling and stress coaching.
4. Acknowledge good work
Another common reason employees leave a company is because they feel underappreciated. Feeling appreciated at work can make a big difference and good managers understand the need to have positive one-on-one communication with their team.
It’s important to be providing your employees with constant feedback, which includes verbally acknowledging their good work. For example, when you’re evaluating your employee’s work and providing constructive ways for them to improve, don’t forget to mention the things that are working, in other words, the great results they’re bringing.
Take your employees out for coffee or lunch and just get to know them. This helps open the door to better communication, so employees feel like they can share their opinions and ideas with you. It’s also good to ask your employees for feedback, too. Set up meetings, for example, for employees to share their thoughts on projects or even suggestions to improve the workplace culture – this shows them that you value their input.
5. Offer competitive benefits
When it comes to employee benefits, you need to listen to what your workforce wants. Providing competitive benefits means investing in the well-being and success of your employees. One way to do this is to provide personalized benefits that fit the individual needs of each employee, allowing them to get the most value possible from the benefits you offer. With a Honeybee Allowance Account and Health Account, employees have the flexibility to use their coverage the way they want and only towards the expenses they need.
Many companies are now also offering lifestyle benefits as a way to promote and complement workplace culture. For example, perhaps well-being and professional growth are both important parts of your company culture. As part of this, your company offers lunch and learn opportunities and healthy snacks in the office. On top of that, you could provide employees with a monthly allowance to spend on fitness and education opportunities of their choosing, using a Honeybee Allowance Account. This shows them that you value their well-being and support their personal and professional success.
Let us show you how Honeybee can help you attract and retain top talent.
Book a demo today to start using our Allowance Account platform for FREE, plus get access to exclusive offers that your workforce can use to get more out of their flexible benefit dollars!