They’re also having a hard time hanging onto the talent they have. In many ways, this problem can be compared to the challenge of attracting new customers. It is many times more expensive and time-consuming to earn a new customer than it is to retain that customer. To test this principle, call up your ISP and tell them you’re going to quit their service. See what their customer loyalty department
offers you in the way of discounts and special perks. It’s the same with top talent. Once you have one in the fold, you really want to be able to hang onto them. In this effort, many employers are resorting to heretofore unknown benefits and compensation plans. Financial aid and coaching.
Employers are starting to offer lots of different financial resources to their employees, all of which will help them build wealth, eliminate debt, or accomplish their other financial goals
. Some of these include student debt repayment, matched retirement savings, personal finance education, and other helpful and valuable financial perks. This is a great thing for employees who want to make the most of their time spent building a career. After all, most people don’t have a career for its own sake. Instead, they are acutely aware of the money they make, and how much of it they need. If they can be made to understand new ways that they can stretch their money, or get extra financial compensation on the top of their salary, they may be more inclined to stick around. Health and wellness programming.
Millennial employees have been shown to value employer benefits that give them help in their personal betterment
. These can include wellness programs that help them get fit, prevent disease, or achieve a healthier state of mind. These can also include practical advancement opportunities, which focus on core competencies. When employees feel valued and invested in, they are much more likely to feel loyal to the company that is providing them with this aid.
There are many options for benefits. The best ones are the ones which inspire employees to hang around the job for the long term. When benefits aren’t competitive with others offered in an industry sector, employees are probably looking for an opportunity to find a better situation. Employers who know the value of smart and talented people will do well to give them the best benefits possible. After all, it’s a lot harder to recruit and onboard a new employee than it is to retain one that is currently on your payroll.