Turnover isn’t just expensive on the employer’s side, it’s often driven by financial stress on the employee. When you ease that stress with meaningful benefits, you keep great people longer. At Inova Payroll, we know retention takes more than paychecks. We provide the payroll and HR foundation, and when it comes to benefits, we work the way you do best, whether that means leveraging our own Benefits Brokerage or collaborating with your existing broker. Through partners like ZayZoon, we help bring employees financial flexibility, everyday savings, and peace of mind that keep them committed for the long run.
Recruiting is expensive, and turnover is disruptive. Everyone knows pay matters, but research shows benefits are just as critical with 91% say benefits are important in accepting a job, yet fewer than half are satisfied. That means organizations have a clear opportunity to set themselves apart. Open enrollment is one of the strongest opportunities to prove to employees you’re invested in their long-term success.
Why Benefits Are a Retention Driver (Not Just a Perk)
Benefits aren’t just a box to check; they’re a reason people stay. Competitive pay may get someone in the door, but the right benefits encourage them to build a future with your company. Employees consistently cite benefits as a major factor in job satisfaction and loyalty. In fact, nearly a quarter of employees would trade pay for better benefits. That trade-off speaks volumes about what today’s workforce truly values.
Retention isn’t just about offering more. It’s about offering what matters. When employees see that their benefits package supports their real-life needs, it builds a sense of security, trust, and care. These emotional factors contribute just as much to retention as compensation or career growth.
Financial wellness is one area where that support can make a measurable impact. Tools that help employees manage their money, reduce stress, and stay on track such as budgeting programs, student loan resources, and Earned Wage Access are becoming essential. When companies add Earned Wage Access, they’ve seen turnover drop by 29%. That’s a compelling reminder that even small enhancements to your offering can lead to meaningful results.
Of course, financial tools are just one part of a modern benefits package. Employees also look for mental health support, flexible schedules, and voluntary benefits like pet insurance or elder care assistance. They want resources that help them plan for the future, not just react to challenges.
In a workforce that spans multiple generations, where the cost of living continues to rise and skilled talent remains in high demand, offering relevant, responsive benefits is no longer optional. Employers who rise to that challenge are the ones who keep their best people.
The Power of Open Enrollment as a Retention Moment
HR leaders already run open enrollment, but it’s often treated as an administrative checkbox. That’s a missed opportunity.
Think of it this way: open enrollment is the one time of year employees review their benefits in full. You have their undivided attention. If you don’t communicate the value of what you offer, employees may assume your package is stagnant or bare minimum.
Instead, use this moment to highlight the depth of your offerings. For example, simply explaining voluntary benefits like childcare, mental health resources, or financial wellness tools can spark appreciation.
This is also where innovation shines. ZayZoon’s Perks Marketplace helps employees save every day on gas, groceries, and prescriptions, giving them real relief where it counts. When people see how their benefits tangibly improve their daily lives, they’re more likely to feel committed to the company providing them.
Moving Beyond the Basics
Healthcare, dental, vision, and 401(k) are table stakes. To truly differentiate, employers need to go beyond the basics with voluntary and lifestyle benefits that fit the realities of employees’ lives.
Examples include:
- Financial wellness: earned wage access, tuition reimbursement, retirement planning support
- Lifestyle perks: pet insurance, elder care assistance, gym memberships, flexible scheduling
- Recognition & rewards: programs that let employees see and feel the value of their hard work
Here again, partners like ZayZoon elevate the offering. Their Perks Marketplace provides savings on everyday essentials, while earned wage access programs have been shown to significantly reduce turnover. These aren’t “nice to haves” anymore, they’re strategic tools to strengthen loyalty.
The Communication Factor Is Showcasing Value
Even the best benefits package won’t land if employees don’t understand or appreciate it. Open enrollment is your opportunity to showcase value, reduce stress, and remind your workforce that you’ve got their back.
Remember: employees don’t value what they don’t understand.
Tips for HR leaders to get the message across:
- Use multiple channels. Pair email with Slack posts, short explainer videos, and live Q&A sessions.
- Empower managers. Train them with talking points since employees often see them as the most trusted source of company information.
- Keep it simple. Avoid insurance jargon and highlight real-life scenarios employees can relate to.
Leverage financial literacy tools. ZayZoon’s educational resources help employees demystify their benefits and maximize their value.
When communication is clear and consistent, employees are more likely to engage with and appreciate their benefits, reinforcing loyalty.
How Inova Makes Benefits Strategy Work for Retention
Managing benefits through disconnected systems and outside brokers can be frustrating. HR teams often find themselves spending too much time tracking down information, resolving data mismatches, and helping employees navigate confusing enrollment portals that don’t talk to payroll or HR. It slows everything down and leaves room for errors during one of the most critical times of the year.
With Inova HCM, your benefits enrollment lives in the same system as your payroll and HR—no extra logins, no duplicate entry, and no waiting on file feeds to update. Employees can easily explore and elect their benefits in one place, while HR gains real-time visibility and control across the entire process.
Learn more about Inova HCM Benefits Administration >
You don’t have to use Inova as your broker, we’ll gladly work alongside your current one. But when your benefits strategy and enrollment technology come from the same provider, you gain consistency, accountability, and a smoother experience for everyone involved.
Learn more about how Inova Benefits Brokerage can help you elevate your benefits strategy >
Turn Open Enrollment Into Retention Season
Ultimately, retention isn’t about flashy perks, it’s about financial flexibility, everyday savings, and benefits people actually use and appreciate.
Open enrollment is your chance to:
- Prove your commitment to employees
- Offer benefits that meet today’s needs
- Communicate clearly and consistently
With the right mix of traditional and modern benefits, companies can transform open enrollment from an administrative event into one of their strongest retention tools.
