Maintain a Competitive Benefits Package. Maintain a High Employee Retention


Benefits packages for employees have been a major topic of discussion this year. With the discussion about essential workers and the long-term impact of the pandemic on the table, employers are considering the best ways to attract and maintain top employees. In the shipyard industry, this conversation has taken on many forms. Here are a few things to consider for your benefits package to retain top talent.

Medical Benefits

Offering medical insurance has long been seen as the baseline for employee benefits. However, it’s more important to look at the kind of insurance you’re able to offer. It needs to be affordable for families and easy to access care. Talk to your benefits specialist to determine the best medical insurance package to offer for your team.

Retirement Plans

Another benefit that has been associate with long-term employment is retirement. Many companies offer a 401k savings plan. Some also include a company match so when the employees contribute to their retirement, the company will match up to a certain amount. This is an incentive to remain with your company.

PTO and Holiday Overtime Pay

Work/Life balance has become increasingly important across all industries. For your shipyard workers, make sure you’re providing a paid time off package that gives them flexibility for sick leave as well as vacation or other personal days off. Many workers also want to know if they trade their time on a holiday that they will be compensated for that, so offering holiday overtime pay encourages employees to accept work on these days.

Access to Health Resources

While medical insurance is the bassline benefit, many companies are expanding their offerings to include wellness programs. Workplace stress is a leading cause of heart disease, stroke, and other concerning conditions. By providing access to wellness programs such as mental health counseling or specific tools like smoking cessation, you can give your team additional resources to live healthy lives.

Do you want to know more about benefits and employee retention? Contact Hutco now.