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How Workplace Benefits Can Increase Employee Retention

As ‘The Great Resignation’ builds momentum, 43% of adults in the UK are likely to consider changing their jobs within the next year. But as employers, are there measures we can put in place to increase employee retention?
Increase Employee Retention - Work Colleagues Laughing

In the UK, a shift is happening in the labour market. Since the pandemic, flexibility in hybrid working has seen 24% of workers complete their duties from home. And of that percentage, 84% plan to carry out their arrangements for the foreseeable future. 

A skills shortage, as reported by The Access Group, has posed a threat to the growth of almost 500 medium-sized businesses across England and Scotland. And a newfound notion of ‘Quiet Quitting’ has encouraged 600,000 workers to abstain from tasks beyond their means.

As employees strive to seek better working arrangements, conditions and perks, this shift has seen the average turnover rate increase to 15% a year! Yet, despite the bleak forecast ahead, all hope isn’t lost. Proven time and time again to increase employee retention, workplace benefits are key to ensuring your colleagues remain in their roles for longer. 



Increase Employee Retention - Work Colleagues Laughing

What Is Employee Retention?

A business’s ability to keep their workers and reduce turnover, employee retention is often expressed as a percentage. When employees leave their jobs for other opportunities, employee retention decreases. But when employees stay in their role for extended periods, employee retention increases. 

An important measure of staff satisfaction, your business may look to increase employee retention with workplace benefits if turnover is high. 

 

Why Are Workers Leaving Their Jobs?

In 2022, Robert Half Talent Solutions conducted a job optimism survey to explore the reasons why workers leave their roles. In the top spot, with 65% of the vote, it was found that an inadequate salary was the main turning point. Though a non-competitive perks and benefits package, lack of support and limited career advancement closely followed. 

Dissatisfaction with company culture was another reason for quitting, as was the lack of recognition among middle and upper management. 


What Workplace Benefits Can I Provide To Increase Employee Retention? 

As the price of replacement can cost anywhere between 6 to 9 months of an employee’s annual salary, it’s in every employer’s interest to increase employee retention. Here’s how! 

Credit Cards On A Desk

 

Competitive Pay

In the midst of a cost of living crisis, competitive pay is more important than ever before. Since August last year, inflation has risen by 8.6% but wages have largely remained as is. To compete with rising costs, employees are seeking opportunities with increased financial benefits. However, the desire for competitive pay didn’t begin here. 

For long, competitive pay has helped businesses attract qualified and skilled employees who feel valued in their role. It can motivate workers to invest their time, energy and effort into making the company successful in the long term, and dissuade them from looking for employment elsewhere. 

To increase employee attention, it’s one of the most effective workplace benefits. But if your budget’s already feeling the pinch, it might seem impossible to implement.

If that’s the case, here are some simple savings you can make in the workplace to direct finances back to the competitive pay pot. 

Increase Employee Retention - Workplace Training

Professional Development & Training 

To increase employee retention, professional development and training is key. If your workers aren’t prepared for their role, they may feel the pressure to leave. Moreover, if they feel undertrained, they may pursue opportunities they feel equipped to complete.

The correct training, however, can improve retention rates by encouraging motivation and productivity. Likewise, professional development can help employees progress into new roles within your organisation rather than seek employment elsewhere. 

Coffee Machine Pouring Coffee

 

Food & Drink 

In the UK, 95 million cups of coffee are consumed per day. And as 25% of us regularly enjoy the beverage at work, complimentary food and drink is another benefit guaranteed to increase employee retention. 

The introduction of a stylish coffee machine in the workplace can put your colleagues in a positive mindset and help to improve overall satisfaction levels. More than that, efforts that demonstrate your dedication as a company to employee wellbeing are often noticed by prospective candidates, as well as current employees.

At Oasis, we’ve explored the reasons why the installation of a coffee machine is great for business in our latest blog!

Woman Holding Shopping Bags

Perk Packages 

Finally, perks are a significant part of employee retention. In fact, Forbes found that some workers consider them to be more important than high salaries!  Providing them displays care for your employee’s wellbeing, alongside a sense of security for health, professional development and beyond. Be it a fitness expense programme, access to health insurance, highstreet discounts or free coffee in the workplace, many of us have come to value our benefits that make the working day more comfortable.

At Oasis Coffee & Vending, we realise the benefits of a valued workforce. And with our bespoke vending packages, we’re helping our clients increase employee retention. To find out more about our vending solutions, or book a consultation with our expert team, visit our website.

October 25, 2022

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