Employee Benefits Affect Retention, Loyalty, Survey Shows

A survey of 58 companies by the Principal Financial Group and the Harvard Business Review Analytic Services found 75% said the benefits they offer help with employee retention and 72% said they affect employee loyalty. Across the board, the most visible motivation for retaining such high benefits standards was the protection of the financial well-being of employees. Of all the benefits offered, nine out of 10 employers said the most significant benefit is retirement programs and generous employer contributions. The poll showed that 58 percent of employers stated that offering health insurance had a significant impact on the company's ability to maintain a competitive advantage. "At the most basic level, high retention translates into low turnover costs, and the 10 Best winners have, on average, voluntary turnover rates that are less than half industry averages," the report states. In addition, the report states that, over the last decade, 74 percent of the companies polled added a wellness program.