How Do Unique Benefits Packages Help Retain Top Performers?
In today's competitive job market, retaining top talent is more challenging than ever. Discover why founders and human resource (HR) leaders are focusing on unique benefits packages to keep their best employees engaged. This article explores eight insightful strategies, starting with implementing executive reimbursement plans and concluding with investing in personal growth and wellness. Read on to uncover all the expert advice and make informed decisions for your organization.
- Implement Executive Reimbursement Plans
- Introduce FlexCare for Work-Life Balance
- Create Custom Wellness Benefits
- Offer Flexible Work and Development
- Provide Personalized Wellness Packages
- Design Parental Support Benefits
- Craft Creative Benefits Packages
- Invest in Personal Growth and Wellness
Implement Executive Reimbursement Plans
"As benefit advisors, we often design unique solutions to help our clients retain top talent, and one impactful example involved an executive reimbursement plan. A client of ours had a top executive whose child was facing a serious illness, resulting in significant out-of-pocket medical expenses. To support this key leader, we recommended implementing an executive reimbursement plan that covered up to $10,000 in out-of-pocket healthcare costs. This tailored benefit provided much-needed financial relief and demonstrated the employer's commitment to supporting their team during challenging times. The result was not only the retention of this vital executive but also a strengthened bond of loyalty and trust between the executive and the organization. This approach highlighted the company's values and their willingness to go above and beyond for their employees. For organizations looking to retain top performers, we recommend considering customized solutions like executive reimbursement plans that address specific needs and show a genuine investment in employee well-being. These personalized benefits can make a profound difference in retaining and motivating key talent."
Introduce FlexCare for Work-Life Balance
One of our top developers was considering leaving due to family obligations that required more flexibility. Instead of offering a standard retention bonus, we crafted a unique benefits package centered around work-life balance.
We introduced a "FlexCare" benefit, providing unlimited paid time off for family needs, access to remote-work hubs, and a stipend for home-office upgrades. This tailored approach not only retained the employee but also boosted their productivity and loyalty. It reinforced that we value individuals beyond their roles, which has since become a cornerstone of our retention strategy.
Create Custom Wellness Benefits
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Considering that the healthcare field often sees burnout and compassion fatigue, competitive salaries alone are not enough to attract and retain the top talent in this profession. We have curated a benefits package uniquely suited to the needs of our employees, and one time this helped tremendously.
We had a top-quartile provider, a driven mental healthcare provider, that changed lives for thousands of patients. But between the stress of the job and her own issues with it, we felt burnout threaten. We saw that and created a custom wellness benefit with mental health days, individual therapy allotment, and access to experiential professional development programs around mindfulness and resilience.
We also scheduled her flexibly to provide more work-life balance. Supporting the development of a schedule that worked for her life was an integral way to support, rather than stretch her thin. We also opened up mentorship and advanced training programs, providing her with a pathway to grow that she felt in line with her personal and professional aspirations.
The impact was profound. Her energy and commitment showed everyone here how much the organization meant, not just to her but to all of us, so she too made the decision to stay. That customized approach to benefits both changed her experience of the job and demonstrated to our whole team that we valued their well-being. My recommendation to anyone looking to keep their best people is to move beyond traditional benefits and instead focus on what helps give your people peace of mind and enables them.
Offer Flexible Work and Development
I have seen how unique benefits packages can greatly impact employee retention. One instance that comes to mind is when a top performer in our organization was considering leaving for another company due to the lack of growth opportunities.
At the time, our organization did not offer any specific benefits or perks beyond the standard healthcare and retirement plans. However, as we valued this employee's contributions and wanted to retain them, we decided to create a unique benefits package tailored specifically for them.
We offered flexible work hours and remote-work options, which allowed this employee to have a better work-life balance. This was important to them as they had a young family and wanted to spend more time at home.
Additionally, we provided them with a professional-development budget that could be used for attending conferences or enrolling in courses related to their career growth. This not only showed our commitment to their personal and professional development but also allowed them to acquire new skills and knowledge that benefited our organization.
Provide Personalized Wellness Packages
I remember when one of our star developers was considering leaving, but our personalized wellness package—which included a mountain-biking club membership and quarterly outdoor retreats—really made the difference in keeping her engaged. These nature-focused benefits aligned perfectly with her interests, and I've found that showing you truly understand what makes each employee tick—beyond just offering higher pay—creates that genuine connection that makes people want to stay.
Design Parental Support Benefits
Parental Support
When it comes to designing a benefits package that convinces a top-performing employee to remain with an organization, extra care must be taken to ensure that the benefits are meaningful to the employee. Unless the benefits adequately align with the employee's priorities, they will not have the intended effect. That said, one instance when a unique benefits package helped us retain a top performer in our organization was a few months ago. Fred, our top-performing sales assistant, was considering new opportunities after going through a divorce. He needed a job that allowed him more free time to be actively involved in the life of his three-year-old son, with whom he shared custody with his ex-wife.
Recognizing Fred's priorities and wanting to retain him, we offered him a unique benefits package that addressed his needs. First, since Fred was an on-site employee, we offered him a flexible work schedule that allowed him to work from home two days a week. This enabled him to balance his work and parental responsibilities. Additionally, we offered him an extra week of paid parental leave and an additional childcare support stipend to further emphasize our commitment to his well-being, our values, and our appreciation for his efforts and contributions to the organization's success.
As a result, Fred, seeing that his work is valued and that the company is committed to finding a solution that improves his conditions, was excited by the unique benefits and decided to stay with the company.
Craft Creative Benefits Packages
Today, employees have begun to take a proactive approach when it comes to ensuring their job satisfaction. This is because they have gradually come to recognize that the power to shape their work experience is well within their control. However, this trend of employee self-empowerment has only made it so that for businesses to attract and retain top talent, they would have to get creative in designing attractive benefits packages for their top-performing talent.
Here is an instance of a time when a unique benefits package helped us retain a top-performing talent in our organization:
Our best customer rep, Joanna, had been worried about her career projections. She believed she was ready to handle more responsibilities and felt ready for a promotion. Seeing that there was no vacant position in the company that aligned with her career goals, she applied at another company, was offered a position to lead and supervise a customer-care team, and was putting in her two weeks' notice.
It took acting fast and offering even more benefits than her new offer promised to retain Joanna. First of all, we scheduled an urgent meeting aimed at understanding her needs and curating an even more attractive offer for her. We offered her a flexible schedule and addressed the workplace-related issues she brought to our notice, thereby improving her work environment and creating a more suitable and conducive work environment to further encourage her stay. Though we were unable to promote her to the customer-care lead at the time, we offered her a title change, more responsibilities, and a salary adjustment to match her new responsibilities. In the end, she was happy with our efforts and adjustments and decided to remain with the company. With the new responsibilities and conditions, her job performance and satisfaction were positively improved.
Invest in Personal Growth and Wellness
At Best Diplomats, a top performer was considering leaving for a higher-paying opportunity elsewhere. To retain them, we introduced a unique benefits package that included flexible work hours, additional paid time off for personal development, and a personal wellness stipend.
This allowed them to maintain a healthy work-life balance while pursuing their professional goals.
The employees appreciated the autonomy and support provided by this package, which enabled them to manage their time effectively and care for their well-being.
Investing in their personal growth and wellness showed that we valued their contributions and were committed to helping them succeed.
This unique benefits package ultimately helped retain the top performer and strengthen their commitment to the organization. It also set a positive example for other team members, reinforcing our flexibility, support, and continuous-development culture.
