ResourcesNewsletterWeekly RoundUp - July 15, 2024

Retention is tied to benefits packages. Is yours competitive?

Attracting talent comes down to offering the right benefits. Here’s what you need to know.

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attract talent. keep talent. it's all about benefits.

The average annual turnover rate in the U.S. is 47%. Every year, this costs US businesses $1 trillion...yet it can be prevented.

Small and medium-size businesses can face challenges when competing for the best talent. You simply don’t have the same resources as big companies do.

But there is one resource at your fingertips that has grown in value since the pandemic and continues to be of utmost importance to job seekers: benefits.

This week, we’ll explore the relationship between benefits and retention and how you can create a strategy to draw and keep the candidates you want.

The Impact of Employee Benefits on Recruitment and Retention

Ever since the pandemic, inflation and salary increases have moved differently. In 2022, the average salary increase was 3.4%, while the inflation rate was 7.9%.¹ Although the gap is starting to close as inflation seems to be slowing down and salaries appear to continue to increase, many employees are focusing more on benefits and it’s becoming an increasingly important part of their compensation package. The importance of employee benefits in recruitment and retaining top talent for small to medium-sized businesses (SMBs) is, therefore, something to pay attention to. Here, we'll provide a deeper look at the impact of improving employee benefits packages for SMBs.

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“We want happy employees. We want them to have the right benefits. And we want to do it in the easiest way, both for the employee and for the company, and TriNet allows us to do that. It allows us to stay focused on our customers."

Ben Weintraub

Founder & CEO, Kajeet

This case study shows why benefits are so important for keeping the best talent happy long term and how TriNet supports SMBs with access to competitive offerings.

See The Case Study →

Fringe benefits:

Can you name which of these benefits are
now commonly offered by SMBs as incentives?

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□ 401(k) plans

□ Paid family leave

□ Flexible or remote working options

□ Fitness or healthy lifestyle incentives

□ Childcare benefits

□ Student loan repayment aid

If you chose all of the above—you’re right! They’re part of a great benefit strategy.

“We try to be consistent and competitive with the best brands out there in terms of our benefits and you know, we're still a relatively small company, but I think what we offer our staff has been, you know, fairly competitive in that front. So, you know, benefits, flexibility, the ability to work remotely, all of those things help in hiring the best talent.”

Mike Kurtz, Founder, Mike’s Hot Honey

Listen to this sweet episode of TriNet PeopleForce Podcast with Michael Mendenhall featuring Mike’s Hot Honey Founder, Mike Kurtz. Not only will you learn about how hot honey is made, you’ll hear why Mike makes sure his team is buzzing over their benefits.

Listen To The Podcast →

of job seekers think it's important that prospective employers offer employee wellness programs.

Cigna Healthcare, “10 Stats That Demonstrate Which Benefits and Perks Today’s Job Seekers Value Most.”

Strategy: Make morale matter.

Currently, 51% of employers with 50+ employees offer some type of wellness program. Moreover, 91% of employees shared that they had goals for their overall well-being. Although it's easier for big companies to offer their team non-traditional benefits, SMBs can boost employee morale and reap the benefits of adopting some strategic programs even more. To help you maintain a competitive advantage and manage healthy employees, here are a few key pieces of insight on wellness programs and how they affect your SMB.

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