One key strategy for small business owners to retain top talent is to adopt a forward-thinking approach by strategically managing employee workload and anticipating and balancing team capacity. Creating a supportive and sustainable work environment not only protects employee well-being but also enhances team performance. When employees feel connected and valued, collaboration improves, leading to stronger productivity and long-term loyalty. 

One of the most effective approaches for this is evaluating workplace distribution across departments. This ensures that responsibilities are distributed equitably and can help prevent corrective action from being necessary before employees become overwhelmed. 

Furthermore, this also helps address resource needs and prioritize critical hires. By identifying which departments require more support, strategic hiring can be undertaken to help reduce employees’ workload and improve their mental well-being.  

Another proactive measure to improve work-life balance is to implement flexible work schedules. Since each employee is unique, catering to their individual needs can help reduce stress and increase autonomy.

Furthermore, companies should also encourage open conversations about capacity and mental health resources. Creating a workplace where employees can express their concerns goes a long way by reducing the likelihood of employee burnout and the subsequent loss of productivity. This can also be coupled with recognizing and appreciating your team’s efforts during high-demand periods to create a work culture that fosters trust, loyalty, and well-being, which are critical to employee retention. 

It’s crucial that your employees feel heard, understood, and supported, so they remain engaged and committed. Listening to your employees is an effective way to both provide support and source ideas to help solve organizational problems. In today’s rapidly changing market, being able to connect with employees frequently is vital to making data-driven decisions. 

One effective way to support employee well-being and long-term disruptions is by investing in comprehensive group benefit plans that include Short-Term Disability (STD) and Long-Term Disability (LTD) benefits. 

A recent study revealed that 44% of STD claimants were first-time users, highlighting that a large portion of the workforce is likely to rely on these benefits when made available³. Furthermore, 90% of plan members who accessed short-term disability support reported a positive health outcome⁴. Moreover, the study also found that 50% fewer STD cases transitioned to long-term disability, demonstrating that access to support can significantly reduce the impact of long-term health-related absences on the profitability of your business⁵. 

Furthermore, if you choose to include LTD benefits in your existing plans, when needed by the employees, they would be provided with a non-taxable benefit of 66.67% of monthly earnings, upto a set maximum. There are intrinsic benefits to joining a group plan for your employees, as everyone is covered under your company’s plan. This makes plans more accessible to the employees, as there are no major preexisting health requirements. Please consult your benefits advisor regarding this. 

Another particularly effective solution is to utilize Employee Assistance Programs (EAP) and mental health resources. EAPS often include wellness initiatives, which are particularly beneficial for employee mental health, as a study shows that 78% of respondents believe employers can help improve their mental health⁶. By investing in group plans that offers EAP, employers demonstrate their commitment to supporting their employees. Furthermore, innovative wellness programs also help reduce the company’s long-term health costs. This is because features like preventive care and healthier lifestyles increase the overall physical and mental health of your workforce. This could help reduce the loss in earnings caused by health-related absenteeism. 

Wescan Insurance Brokers offers an option to build your own benefits plan, with or without EAP and other wellness initiatives through our network of carriers. We offer multiple plans, and we work closely with our clients to select the option that best aligns with your company’s unique needs. Think of it as a strategic investment in your employees’ long-term well-being to reduce the likelihood and severity of health-related absenteeism. 

Another effective way to drive employee retention is to offer employees a Deferred Profit Sharing Plans (DPSPs). In a DPSP, the employer makes the entire contribution, providing employees with valuable benefits without payroll deductions. This employer-funded model enhances financial security for employees and strengthens their long-term connection to the company. It also reinforces their connection to the company, helping to retain your employees. 

DPSPs offered are particularly effective for retention because of their vesting schedules. Employers can set a vesting period of up to 2 years before the employee gains full ownership of the contributed funds. This encourages employees to stay longer, as if they leave before the vesting period is over, they would lose their DPSP. 

Providing opportunities for continuous learning, professional development, training programs, workshops, and mentoring can lead to a more productive and motivated workforce, making employees more likely to stay. Offering flexible career paths and internal promotions shows employees a clear path for advancement, reducing the likelihood they will leave for better opportunities elsewhere. Some employees value professional development so highly that they would consider taking a pay cut for better opportunities. Investing in skills training helps improve employee retention and engagement.

Acknowledging and celebrating employees’ accomplishments and contributions through verbal praise, written appreciation, awards, or incentive programs helps retain employees.