What’s the value of loyalty? Society puts a premium on it, and we collectively see it as a virtue, but it may be hard to quantify. However, when it comes to business, there is a definite dollar amount that can be directly attached to each instance of employee loyalty (aka retention): in most cases, it’s less expensive to retain an employee than train a new one.
A recent survey by Corestream interviewed 152 employees and 151 HR professionals in companies of at least 5,000 people. It found that 68% of employees said voluntary benefits positively influence their desire to not only work for a given employer but stay there as well.
Plus, 83% of the HR professionals surveyed said voluntary benefits retain talent while 72% said they attract talent. They also found that voluntary benefits influence how employees work as well: 72% said that they will improve employee engagement and 53% will improve employee productivity. Keep in mind that, in this context, employee engagement and employee productivity are closely related. In other words, more employee engagement equals higher productivity.
Effective employee retention can save a company money and spare them from productivity losses. First, workplaces with high retention rates tend to have employees who are more engaged, likely because they feel like they’ve contributed a great deal of sweat equity to ensure the company’s success.
Second, employees who remain engaged and invested in their work at the company tend to improve customer relationships and elevate any teams that they join (or that naturally coalesce around them), collectively making everyone more productive.
It looks like employers have listened to the greater demand for voluntary benefits. According to a Society of Human Resource Management (SHRM) study in 2022, there was a 41% increase in employers offering voluntary benefits and a 16% increase in employees eligible for them.
Furthermore, a survey by Voya Financial found that nearly half of employed Americans (49%) indicated they are likely to stay with their current employer if they offered access to voluntary benefit offerings.
As the landscape and market for benefits continue to change, it is crucial for companies to stay current and meet employee demand. The positive outcomes of keeping employee retention and engagement high cannot be overstated.
At CoPower, we take pride in providing employee benefit solutions to meet this demand for voluntary benefits and help companies attract and retain the best talent.
Contact your Amwins Connect Sales Representative to learn more about the types of voluntary benefits we offer, including our bundled benefit offerings that can be customized to a company’s particular needs!