3 Benefits You Need to Offer to Improve Employee Retention

September 15 2022

3 Benefits You Need to Offer to Improve Employee Retention

Now more than ever, employers must offer a holistic employee benefits package to attract, retain, and nurture their workforce. Competitive perks can counter the Great Resignation - an ongoing economic trend in which workers have voluntarily resigned from their jobs in record numbers.

Businesses need to enable the shift from the Great Resignation and enter the era of the Great Retention – a time dedicated to increasing employee retention by making workers feel valued, appreciated, and supported.

In response to the tight labor market, businesses can enhance employee benefits to promote retention and loyalty. Here are a few employee benefits that’ll encourage workers to remain with your organization for years to come.

3 Types of Perks to Improve Employee Retention and Satisfaction

Employees are searching for positions that offer the ability to work remotely and the perks that enable a better work/life balance. Here are a few types of employee perks that’ll increase workforce retention and satisfaction.

1. Financial Benefits

Financial perks are a top priority for employees. According to a Betterment survey, 68% of employees would prioritize financial wellness benefits over an extra week of vacation. Financial benefits go beyond fair compensation – they provide employees opportunities to secure long-term financial stability and retirement readiness.

Here are a few of the most desirable financial perks:

  • 401(k) matching
  • Health Savings Accounts (HSAs)
  • Flexible Spending Accounts (FSAs)
  • Commuter expense reimbursement
  • Financial literacy workshops and one-on-one financial training

2. Physical Wellness Benefits

There are many benefits of promoting employee physical health. According to the National Library of Medicine, physical activity is associated with enhanced cognitive processing, productivity, and performance. More active employees also have stronger immune systems and will take fewer sick days.

Here are a few of the most desirable physical wellness perks:

  • Team building activities
  • Meditation and yoga sessions
  • Incentive programs for fitness
  • In-office nutrition educational programs
  • Rebates for gym equipment and fitness center memberships

3. Mental Health Benefits

Stress, uncertainty, and fear about COVID-19 is having a profound impact on employee mental health and addictive behaviors. According to a McKinsey report, 3 in 5 employees are experiencing systems of depression, anxiety, or both. Mental health support is now a must-have resource for employees. According to Harris Poll, 37% of employees would like to see their employers prioritize enhanced mental health benefits in 2022.

Here are a few of the most desirable mental health perks:

An Overview of Impact Fire's Holistic Employee Benefit Package

At Impact Fire, we understand the importance of making our employees feel valued, appreciated, and supported. Recognizing the intrinsic connection between employee satisfaction and retention, we have created a holistic employee benefits package to support our workforce’s physical, mental, and financial well-being.

Here is an overview of Impact Fire’s comprehensive employee benefits package.

Medical Plans - Provides employees with three options for medical coverage. Each plan has its own set of copays, deductibles, out-of-pocket maximums and coinsurance, and preventive care is covered at 100% when you use an in-network provider. Two of the three medical plans available include a Health Savings Account (HSA).

Dental Plans - Provides employees with two options for dental coverage. Both options are administered by UnitedHealthcare, giving access to more than 94,000 providers nationwide.

Flexible Spending Accounts (FSAs) - Provides employees with the option to enroll in three FSAs, including Health Care FSA, Limited-Purpose FSA, and Dependent Day Care FSA. FSAs allow employees to set aside pre-tax dollars to pay for eligible expenses when enrolled in the benefit.

Mental Health Support Program- Provides eligible employees with behavioral health support services, including virtual therapy, text-based therapy apps, and interactive self-help programs.

Discount Marketplace Program - Provides discounts, rewards, and perks on thousands of brands in various categories, including travel, electronics, entertainment, restaurants, and more.

Employee Assistance Program - Provides an array of confidential services, including in-person help for short-term issues and unlimited phone access to legal, financial, and
work-life guidance.

Care Management Programs - Provides several additional services to help employees proactively manage their health. Care management programs include:

Additional Benefits - Provides employees with competitive benefits including 401(k) with a 4% company match, Paid Time Off (PTO), vision plan, life and disability insurance coverage, and commuter benefits.

Related Resource

Related Resource

Impact Fire’s holistic employee benefits package

Check out the complete breakdown of Impact Fire’s holistic employee benefits package. Learn More →

Supporting Employee Satisfaction: A Long-Term Commitment

At Impact Fire, we’re constantly revisiting and revamping our employee benefits package to best meet the evolving needs of our diverse workforce. While the initial investment requires time and money, the long-term payout is a satisfied, productive, and motivated workforce that values their work and the creative environment they are a part of.

Are you interested in joining the Impact Fire team? See our open positions and learn more about starting your fire and life safety career at a scaling company that delivers competitive benefits, career development opportunities, and industry-leading support.

New call-to-action

Authors

Impact Fire Team

Impact Fire Team

Impact Fire is a leading provider of fire protection and life safety services for both local and regional customers with a growing presence across the United States. Our team is made up of experienced fire and life safety professionals dedicated to developing long-standing relationships with local businesses, and providing superior service and fire protection expertise in the communities we serve. Today, the Impact Fire team works to maintain more than 30+ districts across Arizona, Colorado, Connecticut, Florida, Massachusetts, Nevada, New Hampshire, New Jersey, New York, North Carolina, South Carolina, Texas, Utah, and Vermont.