Tag Archive for: employee retention

Rewarding Employees – What Works and What Doesn’t

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Most employers understand the benefit of rewarding employees. A well-planned, strategic employee reward system increases productivity, encourages teams to work harder, and may help employers attract and retain top talent. Unfortunately, 82% of employed Americans don’t feel that their supervisors provide adequate recognition for their efforts. This is bad news for employers, as employees that feel unappreciated are more likely to leave their current job.

Developing an Effective Employee Reward System

It’s not that hard to provide employees with proper recognition. However, employers need to take some time to learn what their staff actually wants. It’s also important to determine how, when, and what employees will receive. The right employee rewards system should compensate employees for both performance and behavior.

While it’s easy to recognize and address employee performance, deciding which behaviors to reward is a little more challenging. Employers should focus on rewarding behaviors or activities that benefit the company or its employees.

Although giving out generic rewards to every employee may seem like an easy-to-manage solution, this won’t motivate all employees. Each employee is unique. Employers that offer personalized rewards tend to see better results.

Types of Employee Rewards

When considering employee rewards, most employers think of financial compensation. Although it’s true that most employees appreciate this type of reward, it’s important to develop a reward system that addresses short-term as well as long-term company goals.

Providing regular feedback, even negative and neutral feedback helps employees better understand how they’re doing and where they need to improve. Feedback helps keep employees engaged and teams motivated. A simple acknowledgement or recognition of a job well done could go a long way towards improving employee satisfaction and retention.

Benefits are an important part of any strategic reward system. Many employers require employees to work a specific length of time and/or put in a certain amount of effort before they can access certain benefits. While this can have a positive impact on employee retention and performance, employers should take care when choosing the employee benefits they offer. Employers that do not offer comparable benefits to their competitors will probably find it difficult to attract good employees.

Experienced Employee Benefit Specialists

MEBO offers employee benefits packages, custom-tailored to the unique needs of organizations today. Our benefits specialists have years of experience working with employers from a wide range of industries. Our approach ensures employees receive the benefits they want, with the price and transparency employers need. Please contact us to schedule a consultation.

 

 

 

Quantifying the Benefits of CSR Initiatives

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Throughout the pandemic, many U.S. companies made contributions in the name of public health and well-being. As we near the end of the public health emergency and begin to adjust to our new normal, companies need to consider the business value and ROI of their CSR initiatives.

Although most leaders understand the benefits of implementing a Corporate Social Responsibility program, determining its business value presents a challenge. Most social impact activities are assessed for their social value only. This makes CSR activities much harder to quantify than other types of benefits.

What is CSR?

Corporate social responsibility (CSR) includes the strategies a company puts in place to ensure their operations are beneficial and ethical for society. Although CSR programs can vary from one company to the next, the main goal of CSR is to ensure operations occur in an economically, socially, and/or environmentally sustainable manner.

Why is CSR Important?

American consumers place a high level of importance on CSR. According to a study by Cone Communications, 63% of Americans would like to see businesses drive social and environmental change forward. This same study found that 87% of American consumers will purchase a product or service if the company advocates for an issue that they care about.

Despite what many leaders believe, it’s not just consumers that care about a company’s CSR initiatives. According to Cone Communications, 82% of millennial workers consider the CSR efforts of a company when deciding where to work. As many as 70% of millennial talent will take a 30% pay cut to work for a company with strong social values.

Choosing Causes to Support

While it’s important for companies to implement an effective CSR program, leaders must be careful to evaluate the causes they support. 76% of American consumers will refuse to purchase a company’s product or services if the company supports an issue contrary to their beliefs.

Many employers choose to partner with a foundation or hospital. These partnerships improve employee engagement, increase brand awareness and trust, while providing much needed support to programs that benefit the local community.

Determining ROI of CSR

When determining the value of acting, leaders must look at multiple factors. Research shows that employee engagement improves when employees share values with the company they work for. Increased engagement improves productivity. According to Gallop’s 2019 Employee Engagement Survey, highly engaged teams are 17% more productive. It’s common knowledge that increased productivity improves earning potential. Engaged workplaces are also safer for employees. Safer workplaces experience less accidents and lower healthcare costs.

Please click here for information about determining the ROI of a well-planned CSR program.

Employee Benefit Specialists

MEBO provides employee benefit plans customized to the needs of our clients. We assist companies with determining the value of their existing CSR initiatives. We also help businesses looking to plan or start an effective CSR program. Please contact us for information about our services.

 

 

 

 

 

 

 

Increase Employee Satisfaction with These Affordable Benefits

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Employees today care more about benefits than ever before. A recent study by the Society for Human Resource Management (SHRM) found that 92% of employees believe that benefits are important to overall job satisfaction. Companies that offer benefits like health insurance and retirement accounts are more likely to attract and retain employees. In fact, according to a recent study by Jobvite, a leading recruiting software provider, more than half of recruiters list medical and dental coverage and a 401K plan as the most effective benefits for attracting employees.

While most companies already understand the top benefits of offering health insurance, offering additional benefits could help employers maintain a competitive edge. These additional perks cost employers very little, but provide significant benefits to employee satisfaction.

Wellness Programs

Perhaps one of the most popular and affordable modern benefits, wellness activities and programs improve productivity, reduce the number of sick days, and help employees develop healthy habits that last a lifetime. Adding wellness activities doesn’t have to take a lot of time or effort. Many companies encourage group walks at lunchtime or offer yoga classes in the morning. Even companies that have not returned to the office can promote wellness activities. Groups can meet and track their progress through apps or social media. Some companies even organize fitness challenges, where employees compete against each other for a prize.

Snacks

Many companies now offer employees free meals or snacks throughout the day. This small investment could have a major impact on the way employees view their work and engage with others. Offering free snacks to employees increases job satisfaction and may make employees more productive.

Casual Dress Code

An increasing number of companies are letting go of their professional dress code in favor of more casual styles. This employee perk costs employers nothing. Casual work attire can put employees at ease which can make them more relaxed, creative, and productive. According to a recent study, more than one-third of job seekers expect employers to allow a casual dress code.

Signing Bonus

Although a signing bonus isn’t necessary, recruiters agree it’s an effective benefit. Offering a signing bonus may make it easier for candidates to accept a job offer.

Employee Benefit Specialists

MEBO offers employee benefit packages, custom tailored to the needs of each organization we work with. Our team of benefits specialists works directly with employers to analyze their needs and develop a comprehensive solution. Please contact us to schedule a consultation.

 

 

Top Reasons Your Company Should Offer Health Insurance Benefits

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Employers have many choices when it comes to the benefits they offer. While paid vacations and retirement plans can help attract top talent, nothing entices new hires more than health benefits. Providing a quality health plan reduces the number of sick days employees take. It also increases productivity and morale.

Although large companies with 50 or more full-time or full-time equivalent employees must provide health benefits per ACA rules, many smaller companies choose to offer benefits as well. According to the Kaiser Family Foundation (KFF), 31.2% of California businesses with less than 50 employees offered health benefits in 2019. According to Mercer’s Global Survey, 19.88% of all U.S. businesses are currently considering updating their benefits plan to better meet employee needs and 12.8% have already expanded healthcare support or benefits. An additional 16.4% plan to add or expand voluntary health benefits in 2021.

Business owners still unsure of whether to offer health insurance to their employees might want to consider the following reasons.

Saves Money on Taxes

When it comes to taxes, offering an employee health plan provides significant benefits. Employers that offer health insurance can take advantage of massive tax breaks.

Employer-provided health insurance premiums are tax-exempt, meaning employers can reduce or eliminate their tax duties altogether. Another benefit, employers can deduct any contributions they make on behalf of their employees. Paying for health benefits saves employers money over paying for higher salaries. Money spent on health benefits isn’t subject to payroll taxes or worker’s compensation premiums.

Provides Access to a Larger Network of Doctors & Hospitals

When employers purchase group insurance they gain access to a much larger network of doctors and specialists than available through individual health plans. In California, individual networks are generally two-thirds the size of group insurance networks.

Increases Productivity and Employee Morale

Offering health insurance provides employees with access to preventative care. Receiving regular check-ups helps catch health problems sooner, reducing sick days and the likelihood of serious illness.

Healthy employees have better focus and less stress. This boosts productivity in the workplace. Most employees state they would prefer good health benefits over higher pay. Offering health benefits improves employee satisfaction and helps attract new candidates.

Help Is Available

Employers often struggle to understand the different options and terminology associated with choosing a health plan. Fortunately, organizations do not have to go through the process alone. An experienced employee benefits specialist can help employers determine the right insurance plan for their organization. These individuals have years of experience and understand how to set everything up and ensure compliance with state and federal laws. They can also help answer questions employees might have regarding their health benefits.

MEBO offers employee benefit plans customized to meet the needs and requirements of businesses both large and small. Please contact us for information about our services.