The Importance of Employee Retention: Taking Care of Your Own

The Importance of Employee Retention: Taking Care of Your Own

Once you have employed the perfect staff, you might have to go above and beyond to keep them on your team. Employee retention begins with excellent benefits packages.

As the economy grows and the Bay Area reaches its maximum employment levels, employers need to create strong employee retention strategies to keep their strongest team members. You’ve built your ideal team; now you have to provide incentives that encourage your top talent to stay put. At Canopy Health, we believe exceptional compensation and benefits packages, coupled with a healthy workplace culture, are key elements of any retention plan.

The three most common reasons employees leave their jobs are:

  1. Better compensation and benefits
  2. Career development
  3. A desire for a new experience

While some of these factors are outside an employer’s control, small changes to your employee development systems, workplace culture, and compensation structures can have a dramatic impact on retention.

Provide Opportunities for Professional Growth and Development

About three-quarters of high-risk employees leave their job because they don’t see potential for growth and professional development in their current roles. You should look for meaningful leadership opportunities, career development programs, and mentoring relationships that can provide insight and motivation to your team.

Give Employees Meaningful Feedback and Recognition

Most employees want to do their best and make a positive impact. When you interact with your team members, give them constructive feedback, and celebrate their successes — they’ll notice. Research suggests that regular feedback sessions improve engagement and retention, compared to the more traditional annual or biannual performance review.

Value Their Work-Life Balance

Many HR managers believe burnout is a factor in half of all employee departures. Too many employers expect immediate responses to late-night emails, long hours, and weekend work sessions. Today’s workforce wants to balance their professional life with their family’s needs.

You should create a culture that values personal time. You might offer telecommuting opportunities, flexible work schedules, paid parental leave, and systems that empower caregivers and other employees to thrive in the workplace. One study suggests that offering telecommuting options can reduce turnover by as much as 25%.

Offer High-Quality Employee Benefits

According to a 2018 survey, their employer’s health plans are a key factor in 56% of employee’s job-related decisions. When employers strategically craft benefits programs, they can bolster employee retention.

Between 2017 and 2018, more than one-third of businesses increased their benefits packages. 46% of these businesses increased their wellness benefits, and 72% of employers expanded their benefits offerings for employee retention purposes.

If you’re looking for cost-effective and high-quality healthcare, consider a health plan that includes the Canopy Health alliance of hospitals, medical groups, and providers. Canopy Health is the largest high-performance single-provider healthcare network in the Bay Area. Our members can choose from nearly 5,000 physicians, 18 hospitals, and dozens of outpatient care centers located across eight Bay Area counties.

How to Join Canopy Health

To join Canopy Health, your employees must enroll in a qualifying health plan from one of our select carriers:

  • Health Net: Large group employers can offer their employees Canopy Health membership through its SmartCare HMO
  • UnitedHealthcare: SignatureValue Advantage plans offer the same benefits as a traditional UnitedHealthcare HMO at a lower price
  • Western Health Advantage: Both small and large group employers can choose from a variety of traditional, deductible, and high-deductible plans

To learn more about these plans and their pricing details, please contact your insurance broker or the carrier directly. Or, you can click here for an overview of each.

Encourage Open Communication within Your Workplace

Modern employees want workplaces that are inclusive, transparent, and mission-driven. One study suggests that managerial transparency can reduce turnover by as much as 30%. If your employees don’t feel like their opinions matter or that their efforts don’t impact your business’ overarching goals, they’ll lose motivation and might look for new opportunities.

You should assess your employee communications. Does your team understand your mission and buy into your strategic plan? Do they understand how their jobs contribute to your business’ success? Do they have safe and effective ways to voice their concerns and ideas? Positive answers to these questions could make a big impact on your company’s culture and bottom line.

Create a Culture That Fosters Health and Wellness

Your employee health and wellness programs should involve more than a health plan. While health insurance is incredibly important to most employees, top employers are doing more. You might offer wellness programs that subsidize fitness center or class fees, offer health coaching services, or run wellness challenges that incentivize positive lifestyle changes.

If your health plan offers some of these incentives, educate your employees about these resources. Many plans that include Canopy Health’s alliance offer incentive and discount programs to members.

Canopy Health: Let’s Build a Healthier and More Productive Bay Area

Canopy Health is one of the newest and most innovative healthcare options in the Bay Area. Our alliance includes 5,000 respected physicians, 18 award-winning hospitals, and dozens of outpatient care centers across eight counties where your employees live, work, and play.

If you’d like to learn more about our transparent, high-performance approach to healthcare, please complete this brief online form or call us directly at 888-8-CANOPY.

References

2018 employee benefits: The evolution of benefits. (2018, June). Society for Human Resource Management. Retrieved from https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/2018%20Employee%20Benefits%20Report.pdf

Carrera, L., Luss, R., Wang, J. (2015, June 19). Seven things to know about employee retention risks. Willis Towers Watson. Retrieved from https://www.towerswatson.com/en-US/Insights/Newsletters/Americas/insider/2015/06/seven-things-to-know-about-employee-retention-risks

Employee retention report. (2016). TINY Pulse. Retrieved from https://cdn2.hubspot.net/hubfs/443262/pdf/TINYpulse_Employee_Retention_Report.pdf

Global state of remote work. (2018). Owl Labs. Retrieved from https://www.owllabs.com/state-of-remote-work

Gouthro, D. (2017, January 9). The employee burnout crisis: Study reveals big workplace challenge in 2017. Kronos. Retrieved from https://www.kronos.com/about-us/newsroom/employee-burnout-crisis-study-reveals-big-workplace-challenge-2017

The value of employer-provided coverage. (2018, February 6). AHIP. Retrieved from https://www.ahip.org/esi-survey/