A solid benefits plan will benefit your business just as much (if not more) as your employees.
Many companies offer employee benefits and many employees demand to receive them. However, if you’re an unproportional business with have a limited budget you may be wondering if employee benefits are really worth the cost.
The answer is simple: Yes, benefits matter. A good benefits program helps you attract and keep the best employees, will result in happier and productive employees, and will allow your company to grow.
For you to understand what we believe, let’s explore some of the most compelling reasons you need to offer an employee benefit package.
1. Attract the most talented employees
If you’re looking for the best employees – talented, committed employees who will make your business grow, then an effective employee benefits package is a great place to start.
The reason is that everyone other people are doing the same thing. Many (if not most) businesses provide some type of employee benefits. Even small companies, in fact. One study showed that half of companies with less than 50 employees provide health benefits as do 96% of businesses with more than 100 employees do.
For example, to be competitive when hiring employees the best candidates, you need to provide employees with benefits. If you don’t, you’ll likely turn away the most qualified candidates to employers that have a benefits package. Since for many employees, a benefits program is a key element in their decision to work. It’s an integral part of their overall compensation.
But it’s more than that. If you provide benefits for your company and benefits, it indicates that you are confident in your company’s success, that you have the financial resources to pay for benefits, and that you intend to invest in the employees. In simple terms, benefits indicate you’ve got the skills to be a successful employer. This results in attracting great employees.
Oh, and while we used the insurance example as an illustration, you might think about more extensive benefits. As we’ve mentioned, having the benefits offered to employees can be the primary factor in an in-demand job seeker. If you’re looking for the best workers, you need top-notch benefits.
2. Minimize the time employees spend on work
While hiring matters as well, it is important to consider how to keep your employees engaged. Benefits, too, will be of great help.
We’ve mentioned it before when talking about hiring, a well-designed benefits package will prevent your employees from being influenced by other job offers. If you provide benefits, you’ll help employees feel that your company (and their work) is stable and secure which means they’re less likely to begin putting out resumes.
The end result? lower turnover of employees and greater retention rates for your employees.
That means you’ll save money on hiring and training, as you won’t have to do either of those as often. This means that you’re less likely to have projects and clients fall through the cracks after employees leave. Also, it allows you to form a competent team that can quickly and expertly tackle all sorts of problems that would trip up young teams, due to the loyalty of your employees you’ve built through benefits.
If you’d like to keep your employees on the long-term it is essential to have an employee benefits program that makes people want to stay.
3. Maintain a healthy and fit workforce
You probably know firsthand that when you feel more relaxed, you work better. If you’re looking to become a more productive employee, benefits–especially health benefits–can help.
For instance, if you provide dental insuranceto your customers, an unimportant cavity never has to become complex root canals that distracts your employee and causes them to spend a few days off from work. Similar is the case with medical insurance and vision insurance.
Paid sick time works in similarly. If you encourage employees to take a break when they feel ill and preventing one person who’s sick from infecting an entire team. Wouldn’t it be better to have just only one employee sick than a dozen?
Plus, sick leave lets your workers focus on getting better. So while an employee may be gone for a day or two, they can return feeling refreshed and ready for work, rather than having to struggle through illness for days and even weeks.
The bottom line is that healthy employees can result in a healthier business. It’s good business sense to offer health insurance along with other wellness benefits.
4. Increase productivity of employees
So far, we’ve discussed how robust employee benefits solutions can get you highly skilled employees, keep them around long-term, and give your employees a healthier and happier workforce. The natural result from all these things? More productivity.
Consider the following: You’ll have hired a more talented team that is motivated and able to buckle down and get things done. Your staff will be around long enough for them to learn good workflow and procedures. In addition, you’ve helped your employees remain healthy by giving them the physical strength to stay productive too.
The benefits also provide them the space to be productive as well. Your employees won’t be stressed about the cost of health insurance or making savings to retire, looking after their children, or other issues that benefits could be able to address. This means they’ll have more energy and drive to work for your business.
Not a bad tradeoff Does it?
5. Enjoy better worker morale
Finally, having a good benefits program can increase employee morale, which will result in an overall better work environment.
The fact is that providing benefits for employees can make your employees feel valued and appreciated by their personal needs. This, in turn, can increase loyalty of employees and satisfaction. They’ll bring their best to work. (As an added benefit, that makes your job as a company owner and boss much more enjoyable.)
And that, will be a positive for you. Happy, loyal employees are a positive reflection of your company, making it easier for you to draw in new talent when there are job openings. Then, those new employees are likely to stay because of your excellent benefits. Well you’ll already know the outcome.
If you want to have a great employee experience and the motivation to go along with it, you have to offer good benefits.
Examples of employee benefits
Not sure what you should include in an employee benefits plan? We’re able to give you some ideas.
A basic benefits package could comprise the following:
Medical insurance
Dental insurance
Vision insurance
Sick leave
Time off for vacation
Parental leave
Retirement plan
Of course, you are able to modify your benefits program according to fit your company’s needs. Some companies, for example opt to provide not just an 401(k) savings plan for retirement, but matching contributions to the retirement plan. Additionally, some companies choose to give employees unlimited paid time off, while other businesses will stick to a set amount of sick leave day and holiday days.
And you can always choose to provide more and develop a super attractive employee benefit program. Beyond the essential benefits mentioned earlier, best employee benefits packages often offer perks like these:
Disability insurance
Life insurance
Tuition reimbursement
Gym memberships
Financial Wellness programs
Commuter benefits
Pet insurance
Childcare
Meals that are catered
Free time to volunteer
The sky’s the limit. You’ll have to think about what your business can afford as well as what kind of benefits your employees really want.
Just remember that better benefits will result in a more successful business.
The takeaway
While providing employee benefits might cost a bit more initially however, the long-term benefits are far greater than the cost and contribute to your overall success. Your benefits will attract more employees and keep them around for the long-term. Benefits will accrue from an active, healthy, and satisfied employees.
Put simply in simple terms, an employee benefit plan is well worth the price. And remember, you don’t have to offer all benefits in the world immediately. Small businesses can begin with basic benefit programs (like medical insurance) and increase the benefits program as your staff increases.
No matter if you are starting big as well as small believe your business will, well, benefit from benefits.
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