Dive Brief:
- According to Fastcompany, calculating the exact return on investment for specific employee benefits can be tricky. But it's not always necessary for real results.
- At the same time, the article cites the American Institute of Stress, which says the business cost of employee stress in the U.S. at $300 billion annually.
- With turnover costs ranging from one-fifth to more than 1 1/2 times the departing employee’s salary, depending on various factors, keeping talent on board becomes very important.
Dive Insight:
Offering the right mix of benefits, ones that really matter to employees, can make a critical difference. Financial literacy, scheduling autonomy, prepaid legal services, food (a cafeteria or deals with local restaurants), and subsidized child care rank among the benefits that can reduce employee stress.
"If the company can take away some of the stresses in the employee’s life, then the employee will be better able to concentrate on work," Cynthia Fukami, a professor of management at the University of Denver’s Daniels College of Business, told Fastcompany. "To remain competitive in the marketplace for the best employees, you want to be going beyond what others are doing."
For example, child care obligations often are tough, financially, on working parents. Ken Matos, senior director of research at New York City-based Families and Work Institute, a nonprofit dedicated to work-life-balance research and initiatives, told Fastcompany that options like on-site child care, especially during nontraditional hours, such as night shifts, can be an important factor in retaining employees.
