Business Owners
Retention is one of the largest headaches and also one of the areas for the greatest potentials for success for business owners. Why do employees stay and why do they go? There is not just one answer. Perception of their supervisor, perception of opportunities for advancement, and whether they feel they are being compensated “enough” are a few significant factors. “Enough” compensation includes benefits. But do they understand what those benefits are? If employees do not understand their benefits, they are unlikely to use them. And if employees do not use a benefit, the benefit ceases to serve as a retention tool.
Who is explaining benefits to your employees? Do you have an HR leader who explains the benefits? When employees have questions about their benefits are they given a 1-800 number or do they have the name of someone they have met who they feel comfortable calling? Do employees really understand their employee retirement savings benefit? Employees who do not understand their employee retirement savings plan (401(k), SIMPLE IRA, ESOP, etc.) are less likely to use it. If they do not use a benefit is of no use as a retention tool for employees.
When I work with participants (employees) in a 401(k), for example, I am in a sense representing the employer. How I work with employees reflects on the employer’s commitment to supporting and valuing employees by taking the time to help them understand what their employer offers and the long-term value of saving for retirement on a regular basis.
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