Comprehensive Benefits Boost Employee Happiness

With the U.S. economy relatively healthy, employees are voluntarily quitting their jobs at high rates, according to the HR consulting firm Mercer. To attract and retain the best talent without adding to payroll, companies must offer desirable benefits.

According to a survey by the job search site Glassdoor, more than half of employees (57%) said that benefits and perks are a key factor in deciding whether to pursue a particular job.

Though providing benefits can seem expensive, compare this to the cost of employee turnover. Replacing a single employee costs approximately 20% of that employee’s salary, according to estimates from The Center for American Progress.

Replacing a single employee costs approximately 20% of that employee’s salary.

Benefits cost money but reduce turnover, perhaps leading to more revenue for your company.

Benefits cost money but reduce turnover, perhaps leading to more revenue for your company.

Consider paid maternity leave, a widely discussed benefit in the U.S. The benefits of offering more than what the law requires are both attractive and financially feasible.

Sonya Merrill of ZestFinance, an AI automation company, said that the cost of offering extended, paid maternity leave is sizable but ultimately worthwhile – especially if it can prevent an employee from leaving the company.

“The important question really is: What’s the cost of not offering these extended benefits?” Merrill said. “The several months it would take to find a replacement, along with the cost of manpower to recruit and interview, heavily outweighs the cost of providing this benefit.”

Excerpt from: Clutch – Full article: What Do Employees Value Most in Their Job?

Remind your employees that they have access to travel and entertainment benefits through your organization. Contact your Client Services rep for assets to help them take advantage of their travel and entertainment benefits.

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