Could employers use flexible benefits to help staff retention in the construction sector?
Many countries face construction skill shortages and, as we continue to move into a market that has limited human capital, the stakes continue to rise.
Human resources professionals use employee retention as a key performance indicator and so must engage employees.
Engagement is fluid and difficult to define and accomplish, but one of the most effective ways is to allow employees to customize their benefits plan to best align with their lifestyle.
Traditional, ‘one size fits all’ plans are ineffective and demotivating.
Choice-based employee benefits
Improved technology makes it easy for employers to offer choice-based benefits and for employees to feel more in control.
These measures are not unique to construction. More and more companies are using choice-based benefits and total rewards statements as a means to communicating with and engaging employees.
And for, the first time, there are four generations in the workforce – baby boomers and those known as generations X, Y and Z.
Each wants or requires very different coverages, so the single, traditional benefits package is unlikely to please everyone.
Offered choices include tailoring life, disability, health and dental cover to employees’ lifestyles, purchasing of additional vacation days – generally between two and four – and even pet insurance is improving employee engagement. Flexible retirement plans may also be offered.
Engage staff to retain staff
It is expected that, in the very near future, employers will begin to offer more and more ‘free’ options, such as discounts at retail shops or services to respond to employee needs.
Whatever the future holds, employers will need to be more creative in relation to benefits packages to recruit and retain the best teams. If the move to online benefits is something you are interested in learning more about, please get in touch.
For more information contact Tim Wade, Sales Leader for Employee Benefits on ClientFirst@jltcanada.com