Most employers have a powerful asset for employee retention, butfew use it effectively. It's their employee benefits plans. Onaverage, employers lose 20 to 50 percent of employees annually,reports Bain & Company.

While there are many factors that influence employees' decisionsto change jobs, an excellent benefits package can impact theirdecision to stay. A Wells Fargo survey discovered that 85 percentof benefits managers believe benefits have the most impact onemployee loyalty and engagement. Consider four ways to supportretention efforts:

1. Conduct focus groups – Communications expertJennifer Benz encourages employers to ask employees regularly forfeedback on a variety of topics, such as benefits, wellnessprograms, culture, responsibilities and perks. Sometimes employersshy away from discussing ideas with employees, fearing they'll setexpectations that suggestions will be adopted.

• Set up the focus group as an exploration session to solicitemployee ideas.

• Review current benefits that employees value most and ideas fornew coverage options.

• Explore plans preferred by employees in different agegroups.

• Find out why employees originally joined your business and whythey have stayed.

• Ask about factors that would cause them to leave.

2. Offer customized plans – Employees prefer toenroll in employer-sponsored benefits programs. Keep employeesengaged by allowing them to customize benefits to fit their needs.Research shows that offering employees choices and flexibilityincreases participation, which makes coverage more affordable foremployers and employees alike.

3. Improve benefits communication – Benefitsdescriptions can be confusing. Often employees are unsure whichplans to select.

• Employees are more satisfied with their jobs if benefits arewell communicated.

• Provide plan information as a branded package vs. a folder ofpapers.

• Ask your broker and insurance carriers to createeasy-to-understand descriptions of plans with diagrams andinfographics.

• Create a year-round benefits communication plan. Most employerscommunicate benefits only at enrollment time, overwhelmingemployees with extensive information.

  • • Share information throughout the year, reminding employees touse their benefits, such as preventive medical screenings, dentalcheckups and cleanings, and eye exams.

    • Target benefits information to reach employees in different agegroups.

    • Distribute communications through a variety of channels, such asFacebook, YouTube, newsletters and emails.

4. Update wellness programs – Employers knowit's important to get employees engaged in their health, but mostwellness programs focus only on surveys, screenings andmeetings.

Instead employers should focus on supporting employee well-beingin a variety of areas. (Learn more about well-being by watchingthis video.)

For example, organize fitness programs during work hours.Experts say that the type of exercise is not as important asproviding space at work where fitness can thrive. Consider thesestudies:

The American College of Sports Medicine discovered that workerswho spent 30 to 60 minutes at lunch exercising improved theirperformance by 15 percent. Plus 60 percent reported improved timemanagement, attitudes and focus, and completed deadlines on daysthey exercised.

Research published in the Journal of Occupational andEnvironmental Medicine shows that employees who incorporated just2.5 hours of exercise in their schedule each week had fewerabsences.

Overseeing employee recruitment and retention programs andcoordinating benefits are challenging tasks. Review this Ameritas resource to lighten the load.