With a potential recession on the horizon, we know you want resources to help your business master the moment. We've put together our Agility & Excellence Resource Center to bring you strategies and solutions with a finger on the pulse of what's ahead.
While most employers project salary increases this year, many are looking beyond pay alone to help attract and retain talent. The economic downturn has exacerbated the importance of taking a total rewards approach to meeting employees’ expectations, and having a strong, multi-faceted benefits program is an essential perk. Read on to explore four benefits beyond compensation that employers should consider leveraging to enhance retention amid a recession.
1. Redesigned Flexibility
Flexibility in the form of remote and hybrid work arrangements continues to be a top employee benefit. Along with these more traditional forms of flexibility, some employers are getting creative and embracing outside-the-box options, such as a four-day workweek.
These work arrangements not only grant employees more freedom but also save time and money by cutting down on commutes and reducing or eliminating the need for childcare.
While many employers are offering redesigned flexibility as an added benefit, the desire to have employees return to the workplace remains for some organizations. It’s essential to strike a balance between giving employees the freedom to choose and ensuring organizational goals are still able to be achieved.
2. Mental Health Support
Taking a proactive approach to employee mental health is an effective way to show current employees and potential candidates that you genuinely care about their wellbeing, not just their productivity. When organizations go above and beyond to build out the support systems necessary to help their workforce achieve holistic health, employees are more likely to stick around.
Consider enhancing your approach to employee mental health by expanding employee assistance programs, introducing behavioral health anti-stigma campaigns and training your team members to recognize peer behavioral health issues before they snowball.
Find out how you can leverage data to enhance your workplace wellbeing program in this on-demand webinar featuring CBIZ’s Director of Wellbeing and Population Health Management.
3. Learning & Development Opportunities
Learning and development (L&D) efforts have increased in recent years as employees seek professional growth opportunities from employers. However, many organizations are also leveraging L&D opportunities to enhance retention. Upskilling, for example, is an L&D initiative that has become increasingly popular in recent years.
Upskilling refers to the practice of teaching current employees new skills to help them better succeed in their current position or confidently take on expanded capabilities. As technology evolves and the workplace becomes more reliant on digital tools, employees may no longer be equipped with the skills necessary to do the job they were initially hired for. Instead of seeking outside hires to fill these positions, you can choose to upskill your current workforce.
A proper upskilling initiative can help employees learn new skills that will allow them to develop professionally while increasing your ability to hold on to top talent.
4. Increased Focus on Belonging
Belonging is the experience of employees being wholly accepted and included by those around them. While belonging doesn’t necessarily come with a price tag, employers can invest resources into ensuring their workplace is inclusive, collaborative and connected.
Implementing or expanding employee resource groups (ERGs) at your organization is an effective way to cultivate a sense of belonging among employees. An ERG creates the opportunity for employees to connect over shared interests, identities and experiences. ERGs may look different from organization to organization, but their common purpose is to bring people together. Successful groups should be voluntary, open to everyone and adequately supported by your organization.
Want to learn more about ERGs? Check out BIZTips Episode 19: What Are ERGs & Why Do They Matter?
While increasing compensation is an effective tactic to enhance retention, it may not be the most feasible strategy for employers looking to contain costs as we navigate a recession. By thinking beyond compensation and effectively leveraging employee benefits, your organization can create a positive employee experience while protecting your bottom line.