How is Communication related to Retention?

A recent study was done showing that more than 40% of employees do not comprehend their benefit plans.  With this trend, another trend has emerged.  Another survey shows that job seekers put the company benefit plan and workplace culture above annual pay on the things they are looking for most in a new employer.  Let’ take a look at some published standards:

The Eight Elements of a High Retention Organization

  1. Clear sense of direction and purpose
  2. Caring management
  3. Flexible benefits and schedule adapted to the needs of the individual
  4. Open Communication
  5. A Charged Work Environment
  6. Performance management
  7. Recognition and Reward
  8. Training & Development

The items in blue incorporate some aspect of employee communication to be successfully implemented.  Therefore, just through this simple example we can show that improving the quality of your employee communication plan as a part of your overall employee benefit strategy is a necessity and directly impacts your retention rates 100% of the time!

Outside of some of the more obvious communication strategies that we may advise be incorporated into your benefit strategy, here are some fun examples of some creative retention strategies:

• Employee recognition and award programs.

• Job switch days (mentoring or shadowing).

• Job sharing.

• Telecommuting.

• 360 degree feedback.

• Exit interviews (see examples).

• Surprise “spot” recognition for a job well done.

• Employee sport teams.

• Include family members in agency functions.

• On-site massages (Wellness Expo).

• Open communications—Newsletters, intranet, social collaboration

• Flexible schedules.

• Employee Assistant Programs (counseling for everything from drug and alcohol problems to

finances).

• Onsite amenities (dry cleaning services, day care)

 

Need help devising a strategy to effectively communicate your benefit plan to attract and retain quality personnel?  Contact us today for an evaluation!

 

 

Megro Benefits Company

Two Radnor Corporate Center
Suite 110
Radnor, PA 19087
610-567-0175
800-527-3615

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