According to the Society for Human Resource Management, employee retention is critical for organizations of all sizes. The cost of losing an employee can range from 16 percent of the employee’s annual salary for lower-wage workers to 213 percent of the yearly salary for highly compensated employees.
This situation means that employee retention is essential not only from a moral standpoint, but also from a financial one. By helping employees feel connected to their work and coworkers, employers can create a more positive and productive work environment that reduces the likelihood of employees leaving. However, another element is seemingly becoming as essential as anything else in the employee package.
Employees have kids dependent on them at all times, which can be an ideal benefit target for companies. By offering help to employees with their children, you give them one less thing to worry about during the day and show that you genuinely care about their well-being. The following are some of the best ways to provide this type of support.
Health Insurance Dependent Program
The first way to help employees with their kids is to offer a health insurance-dependent program. This benefit helps employees financially by allowing them to enroll their children in the company’s health insurance plan. Sometimes, the company will even pay a portion of the premium.
It is a precious benefit because it can help employees save significant money on their monthly health insurance costs.
It can be an attractive benefit because not every company offers it. There will be plenty of employees who would gladly switch to a company that did offer this benefit. It can even be part of your job ads, making your company more attractive to top talent.
Child Care Assistance
The second way to help employees with their kids is to offer childcare assistance. This benefit allows employees to pay for child care to go to work without worry. It is a precious benefit because it can help employees afford quality child care.
This benefit can also be attractive because every company does not offer it. If you want to attract and retain the best employees, this benefit can help you do that. However, you will have to partner with a kindergarten school to offer this benefit. The academic institution will have to be accredited, and it will have to meet the state’s requirements. When parents focus on their work, their children can also learn.
Tuition Reimbursement
One of the most attractive benefits you can offer employees is tuition reimbursement. This benefit helps employees pay for their children’s education.
It is a precious benefit because it can help employees save significant money on their children’s education costs. It can also be an attractive benefit because not every company offers it. If you want to attract and retain the best employees, this benefit can help you do that.
Education is one of the most costly things a family has to pay for, and by offering this benefit, you show that you remain invested in your employees’ children’s future.
Paid Family Leave
Employees must enjoy plenty of leave benefits like sick leaves, bereavement leaves, and emergency leaves. However, they should also have access to paid family leave. This benefit allows employees to take time off to care for their children without worrying about losing their job or income.
It is a precious benefit because it can help employees feel supported during difficult times. It can also be an attractive benefit because not every company offers it. If you want to attract and retain the best employees, this benefit can help you do that.
Paid family leave is a new but essential benefit for companies to offer. With it, you show that you care about your employees and their families.
Work-Life Balance
The final way to help employees with their kids is to offer a work-life balance. This benefit allows employees to maintain a healthy balance between work and personal life.
It is a precious benefit because it can help employees avoid burnout. It can also be an attractive benefit because not every company offers it. If you want to attract and retain the best employees, this benefit can help you do that.
A work-life balance is essential for all employees, especially those with children. By offering this benefit, you show that you understand the importance of maintaining a healthy balance between work and personal life.
Final Thoughts
There are plenty of ways to help employees with their kids. These are just a few tactics you can use to attract and retain the best employees. However, you can also come up with more. There will be plenty of employees who would gladly switch to a company that does offer these benefits.