Attracting top talent and keeping employees happy are key components of running a successful business. There are a variety of ways you can achieve these goals, one of which is offering a strategic, quality benefits package. Benefits offer value to your employees and help you boost productivity and retention in a cost-effective manner. Here are five advantages of offering employee benefits as part of your compensation package.
Attract and Retain Top Talent
A good employee benefits plan can help differentiate your business from the competition. It also demonstrates that you believe in your company enough to invest in your employees. A great benefits package can hold more than just monetary value for the employee. A higher salary elsewhere likely won’t be as tempting to your employee if the other company’s benefits package isn’t as attractive as yours.
Promote Employee Wellness and Health
When your benefits package includes a combination of health insurance and dental and vision coverage, you will have employees who are able to take a proactive role in managing their health. They will have easy, affordable access to health care and be more likely to have regular wellness checks and take preventative medical steps. A healthy workforce will result in reduced absenteeism due to illness. In addition, by offering paid sick leave, employees who are sick with contagious illnesses will be more likely to stay home and won’t infect others.
Improve Morale and Productivity
A good benefits package is an emotional offering. It communicates to employees that they are a valuable asset to the company and that you care about their wellbeing and health. Employees who have access to benefits are more satisfied and have a higher morale. When they recognize the value in their benefits, they are typically more willing to commit to their company, are more productive, and have decreased absenteeism.
When employees are constantly coming and going, it is difficult for a business to make progress, compete effectively, and keep the remaining workforce happy. In addition, without some degree of employee loyalty, it is hard to establish a veteran team of experts and develop a strong overall talent level. Offering benefits has been found to be an effective way to create loyalty and encourage employees to stay for the long run. Investing in your employees shows that you have their best interests in mind and that you value the work they do. This can help you build a team of professionals who are loyal, willing to work harder, and who have a vested interest in your company.
Use Resources More Efficiently
Offering valuable benefits can help lower top employees’ expectations for salary. Many employees are willing to accept good benefits in lieu of a slightly higher salary. This is an advantage to your budget because the value you present to employees with benefits, especially health insurance plans, can be monetarily equal to a raise in salary for them, while costing you less due to group rates and lower payroll taxes.
The long-term advantages of offering employee benefits can greatly outweigh the costs and contribute to the success of your company. You will have an increased ability to attract high-achieving employees and retain top performers as well as improve morale and productivity. This will contribute to a stable workforce and position your business as an industry leader.
Employees value a well-rounded selection of benefits. A few of the options you can consider offering include health insurance, retirement, life insurance, dental and vision coverage, and a variety of voluntary benefits such as accident insurance, financial counseling, identify theft protection, and more. Contact your Leavitt Group insurance advisor to learn more about the options available for your business. Your advisor can work with you to put together a benefits plan that meets the needs of your employees and fits your budget.