Having a High-Performance Benefits Plan Benefits More Than Just Your Employees

Your employees are your company’s most significant asset. As such, it is to your business's advantage to offer high-performance benefits. In other words, although the benefits package might be a selling point for a new or existing employee, offering such benefits is actually advantageous for your entire company, including your bottom line. Read on to learn more:

Why Employees’ Happiness Matters

Your employees are the crucial system underpinning of your company, allowing your organization to grow and thrive. Benefits packages in turn make employees happy and more fulfilled in their jobs. For example, stats show that around 66% of employees claim that their benefits package successfully reduces financial stress. This stat is applicable because around 33% of workers claim that financial stress makes them less productive at work, and this is just one of the many examples you could find that proves a happy employee works harder. 

What is the Cost?

Of course, it is only fair to point out that benefits packages do come with a price tag. There is a financial cost involved. However, it is well worth the investment thanks to the many ways it also benefits your company. Consider the following factors to determine if a benefits package would benefit your company as much as your employees:

Ways Benefit Packages Benefit a Company as Well as Employees

Attracting and Retaining Top Talent

High-performance benefits packages or plans allow you to be competitive in the market and garner interest from highly skilled individuals. In other words, you can pull in top talent because what you are offering is worthy of their focus. The adage “you get what you pay for” is applicable here. You can likely pay employees less and offer fewer benefits, but you will also attract less skilled and qualified employees. 

Creating Company Loyalty

Another way that a benefits plan can benefit your company is by helping you retain employees and keeping them loyal. When what you offer them benefits-wise is desirable enough, they will be less likely to job hop to grab at other offers. In addition, when you take care of your employees through a benefits package, they are more likely to show you loyalty in terms of sticking with you. 

Keeping a Healthy Workforce

Certain benefits like health care and gym memberships/discounts can help you promote a healthy workforce. This means fewer sick days due to illness or problems with preventable chronic diseases. Of course, eating right, working out, and going to regular check-ups at the doctor does not guarantee a clean bill of health, but it most certainly improves the chances of achieving good health.

Boosting Employee and Overall Productivity Company-Wide 

As mentioned above, when employees are happy, they are more productive. Conversely, when they are stressed about anything like their finances, what they are going to do about childcare, or anything else, their mind isn’t 100% on the job. Instead, it is torn between the job and trying to manage their health or personal lives.

By offering a good benefits package that includes bonuses that help with finances or other services like childcare, healthcare, or an Employee Assistance Program (EAP), you can increase the chances that your employees are focused on their job while at work.

Improving Company Morale 

Finally, by enacting high-performance benefits, your employees’ overall morale should greatly improve. This means they will be happier at work and the happier they are, the more productive and loyal they will be to your business. Although going to work is a job, that doesn’t mean the workday must be arduous.

Bottom Line: An Employee Benefits Package Can Benefit Your Entire Company

An employee benefit plan is worth the cost and the time to enact. Of course, you don’t have to offer every benefit possible right away if you are just getting started. Your business can always start with essential benefits, such as health insurance, and expand the employee benefits program as you grow.

Guide for Using Employee Benefits in Recruitment and Retention

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