Using Mobility Plans to Increase Employee Retention

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Using Mobility Plans t Increase Employee Retention

Keeping employees, especially the good ones has never been easy. It’s safe to say that it’s harder in our present era of worker shortages. You are mulling over how to best retain these employees and not detrimentally impact your organization and expense management program.

Corporate Paid Mobility Plans Help Keep Your Team

A recent survey conducted among employees asked if an individual would rather receive an extra $100 per month or have the company pay for their cell phone. The employees selected that they would rather have the company pay for their cell phones. This shows that oftentimes companies can provide benefits to their employees that are more meaningful than a pay raise.

This becomes even more attractive to employers when they learn that many corporate mobile phone plans can cost as little as $10-$20 per month. Simply put, placing your employees under a corporate-sponsored and paid plan can help increase employee satisfaction. This benefit is a very affordable means for corporations to provide benefits to employees that they genuinely appreciate and therefore resist giving up if they decide to consider other employment options.

This makes your employees stickier to your organization, and this is a good thing, especially in today’s highly volatile enterprise marketplace where replacing high-quality employees is more expensive than ever. According to one of our sources, employee turnover can cost enterprises from 30% to 150% of their salary as noted by the Clara CFO Group.

From a financial perspective, a corporate-sponsored mobility plan also happens to be one of the more affordable perks that corporations can provide to their employees. Other corporate-sponsored benefits such as health benefits, retirement plans, stock options, paid vacation, and parental leave are all examples that are far costlier.

We consider paid mobility plans to be included within the more affordable bucket of benefits that employees still deeply appreciate, along with paid gym memberships, flex hours, and work-from-home options.

Let’s review some of the benefits of the corporate paid mobility phone plan approach in greater detail:

5 Benefits of Corporate Paid Mobility Plans To Retain Employees

1. Your employees will appreciate not having to pay for their phone

We all know that money and the ‘bottom line’ are important. This is understood, especially nowadays with hyperinflation being an issue. It all adds up and your employees will very much appreciate this perk, even if they do not speak openly about it.

Takeaway

Whether the plan cost associated with the employee cost $10, $25 or $50 per month, this is far easier absorbed by the corporation and this can easily save employees $1,000 or more annually. This will be appreciated and is a sound investment for the enterprise over the long term. Everyone likes anything free, especially phones that they use all day each day.

 

2. Your employees will appreciate not having to manage their own mobile plan

One less thing to do is one less thing to do. We are all harried nowadays. You are paying for your employee’s mobility plan because they have a great deal to do on your organization’s behalf. They most certainly also have active social lives, which are important to them as well.

Takeaway

It may only be one thing but it’s something that can become burdensome, especially if billing issues arise. You are making your employees’ lives easier by taking something off their personal plates, not simply financially but something that can also cost them time. This is a very smart move on your behalf and one that your employees will value tremendously. It will generate goodwill.

3. Your employees may resist giving this up for alternative jobs that do not offer this benefit

Human beings are averse to losing things. This is called ‘loss aversion’ in social psychology. It can often lead to people making poor decisions but, in this instance, the concept can be leveraged by management to incentivize valued employees to stay with the organization, even if a competitor is offering greener pastures in their overall offer.

Takeaway

It’s a common refrain in psychology circles that the pain of averting loss is greater than the motivation to gain. Providing this for your employees makes them disproportionately sticker to your organization than the approximate $1,000 a year per employee that this may be costing your organization.

It’s a solid investment that is difficult to prove exact ROI for, but it’s certainly worth doing and a lower-risk move than not providing this benefit.

4. Your employees will appreciate this perk, and it will make the CFO happy

Because people love their phones so much, this is what you might call a ‘high-profile’ perk. There may be other company benefits such as healthcare or 401k matching that could translate much more to an employee’s bottom line, but this will get more attention because this is, in many ways, viewed as a toy that people love to play with. It’s much sexier than most other perks.

Takeaway

Once again, the psychology around this employee benefit packs a potentially strong ROI for management. It’s a strategic layup regarding employee retention. Your employees will love this benefit and it will influence many to stay with your organization.

5. Your employees will generally be amenable to your organization’s mobile plan selection

When you and your expense management team consider various paid mobile plans for your organization, your employees will generally be open to accepting what you are providing because you have relieved them of the burden of managing and paying for their phone plan.

Takeaway

Again, this is a decision layup for management. This will make most of your employees receptive to the corporate plan you make available to them, which also means you can select a mobile plan that aligns well with your organization’s priorities with little pushback from your employees.

Conclusion

Implementing programs like this are often overlooked because of excessive cost sensitivities or because they are perceived as requiring too much thought or energy to implement.

To reiterate, the costs are not excessive, especially when considering the long-term benefit that a corporate-sponsored mobility plan can confer to your organization in terms of employee retention. And the energy required is also manageable, especially if you partner with a TEM provider that can assist in this regard.

If you’d like to consider Tellennium in your TEM vendor comparisons, contact us to schedule a brief demo of our solution. We are happy to meet and demonstrate our capabilities for quickly deploying and managing your enterprise mobile environment, thereby relieving your IT resources to focus on other organizational priorities.

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