A good benefits package will help your business at least as much (if not more) as your employees.
A lot of companies provide employee benefits and many employees want them. But if you’re running small-sized business and limited funds it’s possible to question whether benefits for employees are worth the cost.
The answer is simple: Yes, benefits matter. A good benefits program helps to attract and retain the top employees. It also results in happier and more productive employees, and can make your business more successful.
To show you what we are talking about, let’s look at the top five reasons you must offer an employee benefits package.
1. Attract the most talented employees
If you’re looking for the best employees – talented, committed people who will help your business succeed, then a strong employee benefits package is an excellent beginning point.
This is because everyone other people are doing the same thing. A lot (if not all) firms offer some sort of employee benefits. Even small businesses, as a matter of fact. A study revealed that half of companies that employ less than 50 people offer health care benefits, as do 96% of businesses that have more than 100 employees offer health insurance.
For example, to be competitive with hiring, you really need employee benefits. Otherwise, you’ll turn away the most qualified candidates to employers that have a benefits package. Because for many workers, a benefits program is a key factor when deciding where to work. It’s a crucial component of their total pay.
But it’s more than that. When you offer benefits to your employees and benefits, it indicates that you trust in your business, that you have strong enough finances to afford benefits and would like to invest in your workforce. Simply put, benefits show you’ve got the skills to be a good employer. This in turn attracts great employees.
And, while we used for insurance to show you how, you may be interested in more extensive benefits. Because , again, better employee benefits can be the main factor that determines an applicant who is in high demand. If you are looking for top-quality workers You need premium benefits.
2. Minimize the time employees spend on work
When hiring employees, you also need to consider the retention of your employees. In addition, benefits are a great benefit.
Similar to what we discussed when we talked about hiring, a great benefits package can keep your workers from getting swayed by job offers. And when you provide benefits, it will help your employees feel the company (and their employment) is secure and stable They’ll be less inclined to start putting out resumes.
The final result? A lower employee turnover rate and a higher employee retention for your company.
That means you’ll save money on training and hiring as you won’t have to perform either frequently. You’re less likely to see projects and clients fall out of sight when employees quit. And it means you can build a knowledgeable team that can quickly and expertly tackle all sorts of problems that might be difficult for an aging team, all thanks to the trust of employees you’ve built with benefits.
If you want to keep employees around for the long haul then you must have an employee benefits program that makes people want to remain.
3. Make sure your workforce is healthy
It’s likely that you’ve experienced it yourself: the moment you feel good, you’re more productive. So if you want to become a more productive employee Benefits, especially health benefits, can help.
For example, if you provide dental insurance, a minor tooth will never turn into a complicated root canal which distracts the employee, and force them to be absent for a number of days. The same is true of vision insurance or medical insurance.
Paid sick leaves work similarly. If you encourage employees to stay home when they feel ill, you can keep one employee who is sick from spreading to the entire group. Wouldn’t you rather have only one employee sick than a dozen?
Additionally, sick leave allows your employees to focus on healing and improving. While an employee could be away for a day or two, they will come back refreshed and ready to go, rather than having to struggle through illness for days and even weeks.
The bottom line is that healthy employees can result in healthier businesses. It is a good idea for business to provide health insurance as well as other benefits for wellness.
4. Increase productivity of employees
We’ve explained how a robust benefits package can get you talented workers, keep them in the long run, and offer you a healthier workforce. The result from all these things? More productivity.
Think about it: You’ll have hired a more talented team that is motivated and able to work hard and get the job accomplished. You’ve stayed with your employees for long enough to establish effective workflows and processes. You’ll also have assisted in helping keep your staff healthy providing them with the physical strength to stay productive too.
Furthermore, benefits give those employees mental headspace to work at their best. Your workforce won’t feel as stressed about the cost of health insurance and savings for their retirements, caring for their children, or other concerns that benefits can be able to address. This means they’ll have more brainpower and motivation to put to work for your business.
Not a bad tradeoff It’s not?
Get in touch with our team when looking to introduce employee benefit services.
5. Get better morale for your employees
Finally, having a good benefits package will boost employee morale, which will result in a better workplace overall.
After all, providing benefits to employees will make employees feel valued and appreciated by their personal needs. That, in turn, increases employee loyalty and satisfaction. They’ll bring their best to work. (As an added bonus, that makes your job as a business proprietor and boss much more enjoyable.)
This, in turn, can be a positive for you. The employees who are loyal and happy will speak highly of your company, which makes it easier for you to recruit new talent when there are job openings. Then, those new employees will stick around because of your fantastic benefits. So, you know where this is heading.
For a high level of employee satisfaction and the morale to go with it, you have to offer good benefits.
Employee benefits examples
Are you not sure what you should include in the benefits you receive? We can give you some suggestions.
A basic benefits package could include:
Medical insurance
Dental insurance
Vision insurance
Sick leave
Time for vacation
Parental leave
Retirement plan
Of course, you are able to modify your benefits program according to your business. Some companies, for example might offer more than just an 401(k) plans for retirement but match contributions to the plan’s retirement. Additionally, some companies choose to provide unlimited paid time off, while others will adhere to a certain number of sick holidays and days off.
It is also possible to offer more and create a super efficient employee benefits package. Beyond the essential benefits listed above, most effective employee benefits programs typically include perks such as:
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 is the limit. It’s true that you’ll need to consider what your company can afford, and what benefits your employees actually want.
Keep in mind that better benefits can lead to a better business.
The takeaway
While employee benefits could cost you a little more in the beginning however, the long-term benefits can far exceed the expense and enhance your overall success. Your benefits will attract better employees and retain them over the long term. The rewards will be being productive, healthy and satisfied employees.
Put simply in simple terms, an employee benefit plan is worth the investment. Remember, you don’t have to offer all benefits in the world today. Your small business can always begin by offering basic insurance (like the medical plan) and grow the employee benefits program as your workforce expands.
No matter if you are starting big or small, we think that your business will get benefits.