People Retention Strategies That Do Not Involve a Wage Increase

While you may put considerable effort into hiring the best people, you should also give equal focus to employee retention. However, giving out raises may not always be in the budget, and may not always be what employees expect. How can you address retention without increasing wages?

Improve Your Benefits Program

Now is a great time to review your benefits program. While many employers offer the standard medical, dental, vision, and life benefits, you may want to include additional offerings. A recent survey from Voya Financial revealed that 63% of workers said they are more likely to work with an employer who offers voluntary benefits. Popular voluntary benefits include identity theft protection, accident coverage, critical illness plans, and pet insurance. 

Improve Time Off

When was the last time you reviewed your PTO or vacation policy? Time away to fully unplug gives employees the opportunity to reset and return refreshed and ready to give focused attention to their work. A minor adjustment to time off and holidays can increase employee appreciation and retention, so evaluate whether you are competitive amongst your industry and community. Lastly, consider whether your company culture encourages or subtly discourages time off. Time off is only valuable if it is taken. 

Issue Bonuses 

Call it what you want but there is something to be said for money in your pocket. While an increase in base pay is nice, it is not always feasible, so consider a one-time bonus. This can help an employee replenish their savings account, put aside money for an upcoming vacation, or help offset rising costs of gas and groceries. HR note: make sure you understand how bonus plans impact overtime pay for non-exempt employees. 

The war for talent is with us for the long haul. Implementing these and other strategies will help you win!