Improved employee health benefits may reduce turnover

Tuesday, 26 July 2011 16:00

News - Employee Health Benefits

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As the cost of living creeps up, employees may be valuing their pay and benefits more than other job aspects, according to the Chartered Institute of Personal Development's (CIPD) recent Employee Outlook survey.

The research revealed that employees name their health benefits and salaries as the number one reason they would consider moving to another job, with 54 percent citing monetary reasons as a motivator to change companies.

By contrast, last year's survey revealed that the top reason for moving to another position was job satisfaction.

This shift in motivating factors may also reflect an increase in workplace stress.

“Besides being more likely to want to leave for more pay elsewhere, workers with financial difficulties are also more likely to report being under stress at work and are typically less satisfied with their jobs," said CIPD spokesperson Ben Willmott.

He added that chronic stress can potentially increase employee absenteeism as well as harm a worker's mental and physical health.

Results of this survey suggest that employee wellness programs aimed at reducing workplace stress and improving staff health may help retain workers.