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

While there are many factors that influence employees' decisions to change jobs, an excellent benefits package can impact their decision to stay. A Wells Fargo survey discovered that 85 percent of benefits managers believe benefits have the most impact on employee loyalty and engagement. Consider four ways to support retention efforts:

1. Conduct focus groups – Communications expert Jennifer Benz encourages employers to ask employees regularly for feedback on a variety of topics, such as benefits, wellness programs, culture, responsibilities and perks. Sometimes employers shy away from discussing ideas with employees, fearing they'll set expectations that suggestions will be adopted.

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

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

• Explore plans preferred by employees in different age groups.

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

• Ask about factors that would cause them to leave.

2. Offer customized plans – Employees prefer to enroll in employer-sponsored benefits programs. Keep employees engaged by allowing them to customize benefits to fit their needs. Research shows that offering employees choices and flexibility increases participation, which makes coverage more affordable for employers and employees alike.