Benefits and perks are HR leaders' best weapon to combat the Great Resignation
Companies can promote wellness and work-life balance as more employees seek a work environment that prioritizes the health and wellbeing of employees.
After all, more than 4.4 million Americans quit their job in April, following similar amounts in March and February, according to the U.S. Bureau of Labor Statistics. That means nearly 70 million Americans have left their employer over the past year. The historic exodus is a result of the COVID-19 pandemic, which has prompted people to re-evaluate their priorities in life. Employees want higher salaries, better conditions, greater work/life balance and more opportunities to advance their career.
Read more: 12 creative, yet effective strategies to retain employees
It's easy for productivity levels to diminish when employees are stressed and burnt out with work, which is why when employees feel they’re being taken care of by their employer, their employee satisfaction rises, lessening the desire to search for other job opportunities elsewhere. Employers can promote wellness by blasting email reminders on taking breaks and logging off work on time. Plus, they can offer an Employee Assistance Program (EAP).
EAPs provide counseling, referrals, assessments and follow-up check-ins for employees dealing with a multitude of issues: drug abuse, alcoholism, financial problems, legal troubles, job stress, personal problems, separation and loss and family violence. Usually, the program is also offered to employees’ family members who are struggling mentally and emotionally.
The program can be managed by the employer themselves or outsourced to a third-party service provider. Either way, it’s beneficial for companies struggling to keep workers on site and on call. EAPs have reduced absenteeism by nearly 70%, according to a study by the Federal Occupational Health (FOH). That could be a boon to companies looking to increase their retention rate in this highly competitive labor market.
However, employers should note that having an EAP in place without proper research and planning is not enough. Even if companies provide adequate programs, they can turn into failures if employees don’t take advantage.
For 11 other creative, yet effective strategies to retain employees, click here.
