Attracting and retaining top talent is a major challenge for companies in Nigeria today. According to a Work Institute <a href="https://info.workinstitute.com/hubfs/2019%20Retention%20Report/Work%20Institute%202019%20Retention%20Report%20final-1.pdf" target="_blank" rel="noopener noreferrer nofollow">report</a>, 75% of employees who leave their jobs could have been retained if their employers had taken proactive measures. One of the most effective strategies for retaining talent in Nigeria’s competitive job market is providing competitive employee benefits.
These benefits play a vital role in not only attracting candidates initially but also ensuring their long-term loyalty and commitment to the organization.&nbsp;
My previous job exposed me to how impactful employee benefits are for retention. This realization was driven home when a colleague of mine faced a crisis. His mother required urgent surgery, and he found himself in dire need of immediate funds to cover the hospital expenses. Unfortunately, our company’s policies did not permit salary advances, leaving him in a vulnerable position. I took it upon myself to leverage my network to provide him with the necessary assistance during this difficult time.
This experience opened my eyes to the incredible power of flexible, employee-centric benefits. It dawned on me that if my colleague, who earned a decent salary, had access to benefits like salary advances or on-demand pay as part of his employment package, it would have not only alleviated his distress but also strengthened his commitment to the job. Even well-compensated employees can feel under-supported if their real-life needs aren’t met.
<figure class="wp-block-image size-full" data-beyondwords-marker="7a23aea9-2b97-4ce1-8ece-8ca75680dcab"><img width="930" height="620" src="https://technext24.com/wp-content/uploads/2022/07/Y-Combinator-W22-930x620-1.png" alt="Y-Combinator sacks nearly 20% of its employees" class="wp-image-149237">
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 Y-Combinator sacks nearly 20% of its employees
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Employees deeply appreciate companies that “have their backs” when urgent needs arise. They don’t take for granted, organizations that demonstrate genuine care through policies that accommodate urgent and essential needs. These sorts of flexible, responsive benefits not only boost retention, but they also build trust, and loyalty and strengthen the employer’s brand.
Competitive salaries certainly help attract talent, but thoughtful benefits that enhance work-life balance, personal development, health, and financial security are what truly drive retention. Employees feel valued when organizations demonstrate a deep understanding of their evolving needs, and these meaningful investments in their well-being symbolise that they are respected as whole people, not just workers.
It is important to highlight that many companies in Nigeria have yet to fully tap into the potential of modernizing benefits to engage younger talents. While traditional benefits like health insurance and retirement/pension plans remain vital, today’s workforce is predominantly comprised of Gen-Z and Millennials, who are drawn to a different set of incentives.
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 <figure class="aligncenter size-full" data-beyondwords-marker="d6df74b7-dc46-42ce-9ae2-248b5d7c3aec"><img width="715" height="429" src="https://technext24.com/wp-content/uploads/2023/07/1D14DA43-E9F7-476A-9777-4024168FE65A.jpeg" alt="Gen Z love crypto copy trading" class="wp-image-206288">
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 Gen Z make up a considerable part of today’s workforce
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Having witnessed burnout and work-life imbalance in older generations, these groups expect more from employers like more generous time off, the flexibility to work remotely, and support for mental health, personal growth, and career development among other perks.
My career journey and experiences have brought me to a definitive conclusion: the impact of benefits on employee retention is immeasurable. Businesses must adapt to meet their workforce’s evolving needs because retaining top talent is critical for long-term success. After all, it is more efficient to retain qualified employees than to train and onboard new hires.
This realization inspired my co-founders and me to build Credley Africa – an innovative platform that offers comprehensive rewards and benefits tailored to employees’ needs. We are passionately engineering the future of strategic employee benefits by empowering companies to demonstrate how much they care through benefits that improve work-life quality for a diverse workforce.&nbsp;
Our philosophy is simple; benefits should nurture employees. We go above to partner with organizations to co-create benefit packages that address their employees’ unique needs. The result? Happier, healthier and more motivated teams. Our clients see increased engagement, productivity and retention by prioritizing benefits that help employees thrive professionally and personally.
See also: <a href="https://technext24.com/2023/09/13/flutterwave-graduate-trainees-employees/" data-type="post" data-id="213800" rel="noopener noreferrer nofollow">After a year of training, Flutterwave employs 85% of its graduate trainees as full-time employees</a>

The key to keeping great employees? Rethinking your benefits package by Oluwatobi Adegun

Technext.ng

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