Being a manager in any industry is tough. Being a manager in the retail industry is especially so considering challenges caused by high employee turnover rates. At 60.5 percent, the retail and wholesale industry has the highest turnover rate of any industry, and it’s triggered by employees wanting more workplace flexibility, better pay and compensation, more opportunities for career development, or more personal fulfillment at work.
To mitigate persistent turnover in the retail sector, it’s imperative to tackle the root causes prompting employees to depart, all the while deploying effective strategies to attract and retain top talent. Implementing these benefit trends may help retail managers achieve their hiring and retention goals in 2024.
Explore Innovative Approaches to Voluntary Benefits Beyond the Conventional Offerings
Employees in the retail sector who interact directly with customers face heightened health risks compared to their counterparts in office environments, particularly during currency transactions. Offering benefits like Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) allows employees to save money for health expenses tax-free. However, it’s imperative for retailers to think outside the box and go above and beyond for their employees with unique voluntary benefits.
Look to offer benefits that allow employees to focus on their well-being. This could include mental health support and financial guidance — or even pet insurance, identity theft protection, wellness programs, and tax preparation services. Voluntary benefits have gained popularity, allowing employers to offer additional value while aligning with possible budget constraints.
The Restart of Student Loan Payments Offers Employers a Benefits Tool
Late last year, the COVID-19 payment pause ended, and student loan payments restarted. For most borrowers, the first payment after more than three years was due in October 2023. This restart impacted individuals of all ages. Helping your employees pay down their student loan debt is a way to improve your employee benefits program for a large percentage of your employee population.
There are a few specific ways employers can offer student loan repayment as an employee benefit:
- Set monthly contributions: Employees receive a monthly stipend. Contributions can be increased based on tenure.
- Matched percentage of the employee’s monthly paycheck: Like a 401(k), the employer matches a percentage based on the employee’s monthly paycheck. Through a sliding scale system, each employee receives a tailored amount to fit their individual needs.
- Option to match contributions to a retirement fund or student loan repayments: Some employees you manage may decide to contribute to retirement accounts, while others will prefer student loan assistance. Let them make that choice.
Homeowner Assistance Could Be Exactly What Your Employers Are Looking For
Employees could contribute a portion of their income to a homeowner savings plan. Types of homeowner assistance programs include:
- Down payment assistance: Funds would assist employees with the initial down payment.
- Shared ownership: The employer purchases a share in the property, which the employee can buy out over time.
- Guaranteed loans: Lower interest rates could be secured on a house if an employer guarantees or subsidizes the housing loan for their employee.
The Rise of Family-Centric Workplace Benefits Cannot Be Understated
In today’s rapidly evolving workplace landscape, family-centric benefits are becoming increasingly essential for attracting and retaining talent at any stage of their careers. Family comes first for most people, and employees of all generations value benefits that support their work-life balance and individual family needs. Consider offering fertility benefits, family and parental leave, adoption benefits, and other family-friendly benefits when evaluating your benefits offerings to attract and retain top talent from all generations.
John Newcome’s experience in employee benefits and insurance allows him to bring a wealth of knowledge and understanding to the clients he serves as vice president and senior consultant with Kelly Benefits Strategies (KBS).
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