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No longer are competitive salaries and basic benefits enough to attract and retain top talent. Flexible Benefits Allowance : Provide a flexible benefitspackage where employees can allocate funds to perks that matter most to them, such as gym memberships, childcare, or health insurance upgrades.
Here, in this article, we will guide you through 6 incredible benefits of keeping employees happy: 1. If you think financialcompensation is enough to make people happy, you’re wrong! According to a study by the Center for American Progress , employee attrition cost about 16% to 213% of the lost employee’s salary.
Though your benefitspackage may be quite substantial, your employees may not know or understand the real value of the benefits you offer. And they may continue to remain unaware of the “hidden” benefits they are receiving even as healthcare costs rise, and you, the employer, absorb the increases. Commissions.
Employee satisfaction is determined by much more than financialcompensation, including factors like organizational culture and environment , opportunities for growth, recognition, and relationships with colleagues and superiors.
This includes opportunities for learning and development, a healthy work-life balance, a positive company culture, and an enriching environment beyond financialcompensation. The Bill & Melinda Gates Foundation provides a great benefitspackage to its employees. Regarding retirement savings, GM provides salaried U.S.
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