Did you know that by 2025, up to 22 lakh employees are likely to leave their jobs? Almost 50% of IT professionals say that the biggest reason for talent exodus is the lack of better employee benefits and compensation. From this, you can understand that providing opportunities for learning and career growth is not enough to retain employees.
So, here are 3 effective tips to boost employee loyalty in your company.
1. Offer Financial Security to Your Employees
Financial worries are a major cause of stress for most people, including employees. Taking care of that is a great way to win their loyalty. For that, consider covering them under group insurance.
It will offer financial security to your group members and employees in the form of coverage based on their annual income. Regarding your company’s coverage, you can select the amount as 1-3 times your annual salary as per the chosen schedule of coverage. Make sure that the coverage for your employees doesn’t surpass your company’s maximum scheduled amount. Partners and proprietors of your company under a particular age can be covered under a group life insurance policy regardless of their earnings.
Depending on your dependents and annual gross income, you can pick from dependent, supplemental and basic coverage. The sum assured of basic group insurance depends on your gross annual income. A supplemental plan offers 1-3 times the basic coverage. A dependent plan allows you to choose a specific sum assured for your spouse and kid depending on your marital status.
A group life insurance policy can be categorised as:
- Contributory Scheme: Here, both you and your employees need to pay a premium to keep the plan active.
- Non-Contributory Scheme: Here, the entire premium must be paid by you or the nodal agency, a directly concerned office responsible for the execution and consultation of the government-initiated projects.
You can choose the most suitable scheme based on your preferences.
2. Offer Incentives And Perks
Besides group insurance, you should also offer financial incentives and other benefits to motivate your employees. Apart from the year-end bonus, you can consider the following incentives for your workforce:
- Recognition and rewards
- Referral programs
- Professional development
- Health and wellness programs
- Tuition reimbursement
- Bonuses and raises
- Fun gifts
- Gym memberships
3. Be Human-Centric
Always, prefer a human-centric over a profit-centric approach towards treating your employees. By showing humanity and empathy, you can change the way your employees feel about working for you. Here are some great ways to do that:
- Engage them in team-building activities like games, picnics and visiting local attractions
- Talk to your employees about their interests outside the scope of work
- Encourage collaboration and communication between siloed departments
There are various other things you can do to retain your employees. For instance, you must ensure that the work environment is safe and positive. You should provide all the resources that your employees need to communicate every day, solve problems and contribute to your organisation’s knowledge base. Alongside, make sure to offer them financial perks like group insurance from a reputed provider.