Many businesses offer benefits to their employees, and in the current market most jobseekers expect them. However, smaller businesses with limited budgets may wonder if these offerings are worth the cost.
Although it does require an investment, a good benefits program is as beneficial to businesses as their employees. A well prepared benefits program can help to attract and retain workers, and enhance their productivity in ways that are directly tied to the success of the business. Here is a look at some of the top employee benefits and how they can help a company thrive.
What Are Employee Benefits?
Employee benefits vary by company. Some businesses stay with the classic offerings such as health insurance and paid vacations, while others think outside the box with benefits such as wellness programs and tuition reimbursement.
A basic benefits package may include some or all of the following:
- Medical insurance
- Vision insurance
- Dental insurance
- Vacation time
- Sick leave
- Retirement plans
- Parental leave
Other perks that have been gaining popularity in recent years include:
- Tuition reimbursement
- Gym memberships
- Pet insurance
- Life insurance
- Time off for volunteering
- Remote working
How Employee Benefits Help Companies
Here are some of the ways offering employee benefits can impact a company’s success.
Offering benefits to employees can improve their focus and productivity. With perks such as paid time off and health insurance, employees do not have to worry about how they will manage medical expenses or childcare. When employees have greater confidence about their personal matters outside of work, they are better able to focus on their career during their working hours.
For all of the effort that is given to attracting and hiring qualified candidates, employers want to give as much effort to keep their employees satisfied. Benefits are a great way to minimize employee turnover because they prevent workers from being swayed by job offers from other companies with more attractive benefits. Moreover, offering benefits signals to employees that the company is doing well, making them less likely to feel the need to start sending out resumes and find other employment.
Reducing turnover means saving money on hiring and training. It also means that clients and projects are less likely to fall through the cracks, which sometimes happens when employees leave. It also allows you to build a knowledgeable team with an excellent rapport that will be able to work together cohesively to solve problems.
Better Job Satisfaction
Offering employees a generous benefits package indicates that the company cares about them. Employees feel valued when they have access to paid time off, wellness programs and other perks such as tuition reimbursement. When employees are content with their job, they are more likely to be loyal to the company and perform at their best.
A good employee benefits offering also boosts workplace morale, and happy teams are more likely to work well together. In addition, the reduced turnover that comes from this higher job satisfaction creates stronger and more stable dynamics within departments.
Attracting Talented Employees
At a time when employers are struggling to fill job openings, offering good employee benefits is a great way to stand out and attract talented and motivated workers who can help the company succeed.
Most businesses offer some form of employee benefits, even smaller businesses; therefore, offering them is essential to be competitive in hiring. Many workers consider the benefits program to be one of the main deciding factors when deliberating offers as it plays an important role in their overall compensation.
When a business offers benefits, it shows prospective employees that the company has strong enough finances to afford such programs and that they are willing to invest in their workforce. It is a great way for employees to spot great employers, making them more likely to sign on the dotted line.
Creating a Healthy Workforce
It should come as no surprise that people tend to work better when they feel better. This is where health benefits in particular can prove useful.
One example can be seen in companies that offer dental insurance. Individuals who are not sure how they will pay for dental services may ignore a minor cavity until it becomes a complicated root canal requiring recovery time. During this time they may have spent many days distracted by pain and likely underperforming as a result; a situation which can be prevented with vision and medical insurance. Employees who can address health concerns quickly are more likely to focus at work and need less time off.
Paid sick leave can also help boost the health of the workforce. Advocating for employees to stay home when they are unwell can prevent one sick employee from infecting an entire department. It also gives workers the time they need to heal so they can return to work refreshed and ready to perform at their best instead of struggling to work through their illness for days or weeks.
A Better Work-Life Balance
In recent years, the importance of having a good work-life balance has come to the forefront as people become acutely aware of the negative effects of stress. Some of the benefits that companies can offer to support their employees’ work-life balance include generous paid time off, the ability to work from home, flexible hours and vacation time.
On the surface, these benefits may seem as though they may result in employees working less, but many companies find that these benefits alleviate employee stress and fatigue and prevent burnout to such a great extent that employees are actually more productive during the hours that they do work.
In addition, these types of benefits allow employees to spend more time with their families, which gives them more rewarding personal lives. This improves mental health in a way that carries over into their work duties. These benefits also play a very important role in attracting and retaining employees who are parents and need to balance their career with their child care and other family commitments.
Speak With A Business Benefits Consultant
If you are interested in learning more about how benefits programs can help your company stand out and thrive, contact the experienced business benefits consultants at Business Benefits Group (BBG) today.