Investing in employee benefits can be a great way to attract top talent, boost morale, and keep your workers contented.
Offering a range of benefits is important, as each will appeal to different segments of your workforce. For instance, many employees would value paid time off or access to an extensive health insurance plan.
1. It Attracts Top Talent
As competition for top talent intensifies, employers must look beyond competitive pay and benefits to stand out. Employees value a more holistic approach to work and the sense of being part of an inclusive culture.
Employees desire comprehensive and flexible benefits that enable them to do their job well, enjoy life, and lead fulfilling lives. From health insurance to educational stipends, these programs can send a powerful message about your company’s values and commitment to its workforce.
Healthcare remains at the core of many employee benefit strategies, but market-leading organizations go further to craft tailored packages that address each employee’s individual requirements. From specialized plans for remote workers to paid maternity leave policies, the best benefits programs demonstrate an acute appreciation of people and employer empathy.
2. It Boosts Morale
Employee benefits increase morale by instilling a sense of value and belonging to the organization. This in turn promotes productivity, engagement and increased commitment from staff members to your business’ success.
In addition to offering tax-favored employee benefits, you can also provide flexible work schedules and more vacation days to promote work-life balance for your team. This benefit helps alleviate stress when dealing with health issues or having to take time off due to a family emergency, making workers happier and more contented at work.
Other employee benefits that can increase morale include mentoring relationships and professional development opportunities. These advantages benefit both the mentor and mentee, creating a stronger bond between them as well as improving the company’s culture.
3. It Helps to Retain Talent
In this tight labor market, employers are having difficulty filling positions. Resignations at record rates have been dubbed the “Great Resignation.”
Attracting and retaining talent for small businesses is paramount. Offering competitive employee benefits is one of the best ways to do this.
Offering a competitive benefits package will give your company the edge over other employers in the hiring market, helping you attract top talent and retain them for long-term success.
Additionally, taking care of your employees will foster a healthier and more productive workforce. Employees who feel valued and appreciated will have greater loyalty to the company, leading to higher morale levels overall.
4. It Helps to Reduce Absenteeism
Employee benefits are an integral component of any employer’s HR strategy. Common benefits include medical coverage, dental and vision coverage, retirement planning, life insurance policies and more – to name just a few!
A robust benefits package can have a substantial effect on both the financial success of your company and employees’ wellbeing. For instance, wellness programs can reduce absenteeism rates by motivating staff to prioritize self-care.
Excessive absences can have a negative impact on an organization’s productivity, morale and staffing costs. According to the Centers for Disease Control and Prevention (CDC), unscheduled absenteeism costs U.S. employers an estimated $225.8 billion annually – or $1,685 per employee.
5. It Helps to Increase Productivity
Offering employee benefits is essential for keeping your employees contented and productive. In addition, these rewards can serve as an incentive to attract top talent and retain current staffers.
Benefiting your employees with health insurance and 401(k) plans not only increases their job satisfaction but also contributes to your company’s profitability. With these perks in place, employees are more likely to feel satisfied at work – thus improving overall morale within the workplace.
Benefits and perks that help employees focus on work and career development without having to worry about finances, child care or other personal matters can significantly boost productivity levels.
A comprehensive health benefit program can also reduce absenteeism due to illness. Illnesses that would otherwise disrupt productivity for weeks can be treated quickly with access to affordable and accessible healthcare services.