Be a ‘Great Retainer’! Improve employee loyalty by tackling these 5 key areas

Every employee who feels happy, healthy, and valued at their place of work will likely want to stay there. Thankfully, businesses have plenty of tools at their disposal to cultivate such an environment.

In this blog post, we’ve provided a breakdown of the five key areas that employers need to address if they want to improve employee loyalty within their company.

Need help finding the best employee benefits for your business without breaking the budget? Contact our friendly team of brokers at hello@hoorayinsurance.co.uk or click on the chatbot for no-obligation quotes and FREE one-to-one support.

Health and wellbeing

Addressing the health and wellbeing of your staff is a vital step towards better employee engagement, reduced sickness absence, higher productivity levels, and (you guessed it) employee loyalty.

A survey by Engage Health Group found that nine in 10 employees place health as their top life priority, a consideration which includes both personal and family health.

It’s one of the best ways of demonstrating you are an organisation that cares for staff and are willing to go beyond the pay packet to provide support.

Here are some ways to address employee loyalty through health and wellbeing:

• Business Health insurance: Provide private healthcare to your teams, covering consultations, treatments, scans and more. Learn more about Group Health schemes here.
• Health Cash Plan: Provide support for everyday health needs, such as physiotherapy, mindfulness sessions, acupuncture and more. Learn more about Health Cash Plans.
• Dental insurance: Can be offered as a standalone benefit, or added on to a business health insurance scheme.
• Eye care insurance: As above.
• Employee Assistance Programmes: A systematic way of addressing employees’ emotional wellbeing and general ability to cope with life’s challenges. Learn more about Employee Assistance Programmes.
• Employee Benefits Platforms: Hosts a company’s employee benefits for easy access and management. Learn more about Employee Benefits Platforms.

Rewards and lifestyle

Another way to improve employee loyalty is by providing extra rewards for their efforts and contributions, and by supporting their personal needs and lifestyle.

According to the CiPD, eight out of 10 employees said the ability to work flexibly has had a positive affect on their quality of life. Addressing the needs of employees not only at work but also in their personal lives, shows you are a company that cares about their lives. Who wouldn’t want to work for a business like that?

Ways to address employee loyalty through rewards and lifestyle include:

• Retirement benefits e.g., big pension contributions/financial planning support
• Remote working options
• Flexible working hours
• Extra holiday
• Parental and care leave/support options
• Travel expenses covered
• Employee discounts/voucher schemes
• Bonuses e.g., for hitting targets/providing positive workplace presence, etc
• Cycle-to-work scheme
• Gym discounts/fitness classes
• Pet-friendly workspaces

Financial protection

Health is not the only aspect of employee wellbeing that boosts loyalty when protected. Covering employees, and their families, against loss of earnings caused by suffering from serious illnesses, injuries, and death also improves staff loyalty.

By putting such policies in place, staff will have peace of mind knowing the company they work for has their back.

Ways to improve employee loyalty through protection policies include:

• Group Life insurance: A life insurance scheme designed to financially protect an employee’s loved ones in the sad event of their death. Learn more about Business Life Insurance.
• Group Income Protection / Sick Pay insurance: An insurance scheme that provides financial support above and beyond statutory sick pay, while assisting employees in their recovery. Learn more about Group Income Protection.
• Group Critical Illness: Supports employees should they suffer a life-changing illness or disability (as defined in the policy). Learn more about Group Critical Illness.
• Relevant Life insurance: A single-person life insurance policy, usually best suited to the self-employed or a business that only wants to cover a single employee/director. Learn more about Relevant Life policies.
• Key Person Insurance: An insurance policy designed to protect the business against the loss of income caused by the sudden absence of a key employee/director. Learn more about Key Person coverage.

Need one-to-one advice about employee benefits for your small business? Contact our team of friendly experts for a FREE consultation and FREE quotes.

Career progression and training

Another easy way to improve employee loyalty is by supporting their personal career progression and investing in their skills. In turn, employees are likely to work harder, increase their productivity levels, and perhaps gain promotions within the company.

Here are some ways to address employee loyalty via career progression and training opportunities:

• Free educational courses e.g., at Hooray, we offer the opportunity to study for your CII qualification!
• Personal development days
• External training courses
• Networking events
• 1-2-1 coaching/meetings
• Shadowing colleagues

Working environment

Finally, your work environment needs to be a supportive, welcoming atmosphere which allows people to be at their best. Even the smallest of changes can go a long way in creating a more positive workplace atmosphere – and they really don’t have to cost the world to achieve.

Here are some ways to address employee loyalty through small workplace changes:

• Employee recognition platforms for staff to interact with one another
• Positive leadership & clear communication from the top
• Creating a ‘thank you’ culture e.g., through weekly group meetings
• Sharing customer reviews
• Staff feedback via employee forums, regular 1-2-1’s
• Company parties
• Birthday celebrations
• Early Friday finishes
• Extra paid holiday
• Birthday as paid holiday
• Team lunches
• Company away days

Need help improving staff loyalty?

Seventy-eight per cent of employees said they were consulted about their employee benefits, according to our 2021 survey. This is exactly what any good business should do!

As an employee benefits broker for SMEs and start-ups, we advise companies on how best to support staff through workplace perks.  We understand that what works best for your business will depend on the demographics of your team, your business goals, and the budgetary constraints you’re working within.

The Hooray Health & Protection team is here to find out more about your business and ensure your employee benefits fit perfectly with your staff and company needs – to drive staff retention AND attract the brightest talent to your business.

Call us on 01273 222805 or click on the bottom right chatbox for straightforward advice and the most competitive quotes.