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:
Employee recruitment is harder than it has ever been. There are more jobs available that there are quality candidates to apply. The market is fiercely competitive with companies having to be ever more strategic about what they offer new recruits. It plays into retention strategies also...after all, it is expensive to finally hire and train a new employee, only that have them jump ship for better benefits elsewhere. A high-performance benefits plan creates a stable workforce for your company and makes happier employees overall who are more invested in the success of the company. Now more than ever...take care of them, and they'll take care of you.
Why Employees’ Happiness Matters
Your employees are the crucial system underpinning 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
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 jobs 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
Your employees are the human factor of your risk optimization strategy, and are crucial to your success. You can have the best product and the highest quality services, competitive prices, longevity and trust in the. marketplace...but if you don't have the employees to make it all work, you won't succeed in the long term.
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.
We invite you to sit down with our team and discuss the human element of your overall risk assessment plan. We can help you develop the plan needed to not just hire, but retain, quality employees. For more information, download our free guide.