How to Increase Company Retention Rates With the Employee Benefits Survey (Part I)

Discussions around employees, workplace atmosphere, employee benefits and retention have always been a hot topic for any company. In current markets, the need for employees and the workforce migration are two trending phenomenons that never stop. One day your company might have just enough employees. On the following day, you find out that 2 employees want to quit and leave for other companies, just when you decided that you need to hire someone for the customer service department. While you can use a job application form for finding new employees, being under pressure due to having to quickly hire somebody is not at all pleasant.

One of the biggest problems of a company is to see valuable employees leave, especially when they do it for other companies, and – in the worst case scenario – for your competition. Repeated research towards employees has showed that satisfied workforce members are more engaged with their company, more devoted and more loyal to it, so that chances for them to leave the company are significantly smaller.

Thus, companies make efforts to find ways for increasing employee retention rates. While these ways can range from making employees feel more appreciated through better communication, up to offering them more perks, a basic tool in the company-employee duo is the employee benefits survey. This type of feedback gathering tool is very valuable, since it shows you how your staff feels towards a wide range of aspects which you can define in the survey.

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No matter what company you are or how many employees you have, their feedback towards their benefits should be important to you. Employee benefits surveys can be carried out in various cases, like in small businesses, global companies, NPOs, educational institutions and many more. And the advantages line up on a quite long list.

Why use an employee benefits survey

As previously mentioned, the employee benefits survey plays an important role in employee retention. The main advantages are:

  • it represents a direct communication channel between employees and management
  • it gathers feedback from the staff
  • it offers employees the chance to express what pleases them at the workplace and what doesn’t, what benefits they appreciate most and what other advantages they’d like to have
  • it provides clear information straight from the source, without risking to be altered by third parties
  • it serves as a foundation for decision making on the management’s side, based on the collected feedback
  • it can help make improvements in terms of correct budget allocation (for directing the budget into the right benefits)
  • it shows employees that the company cares about them and values their opinion
  • it increases employee trust, loyalty and devotion towards the company, plus the overall productivity of the employees
  • it saves precious time, whereas conducting the same type of research through an email, without the help of a well structured online survey, would consume more resources and elongate the response centralization
  • it can be shared with the employees in more than just one way
  • it presents answers in an organized way, moreover, reports allow managers to have a complete overview of both general and more in-depth employee opinions.

Stay tuned to read part II next time, about how to use an employee benefits survey.

This entry was posted on Wednesday, February 26th, 2014 at 4:30 pm and is filed under Business Forms, How To, Online Surveys. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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