As an employer, have you ever thought about employee benefits and if they are worth the extra administrative tasks and costs? Truth is, they are. And here is why how offering your employees benefits can be beneficial to both you and your business.
Why are they so important? About 80% of employees would rather get additional or new benefits instead of pay increases. While good wages are significant, but so are benefits. They are not just desirable to employees, but can also improve your business. Benefits can increase productivity and focus, loyalty, recruiting and attendance.
When you offer your employees benefits, they will be more likely to be more loyal to you as their employer. According to statistics collected from one review, about 60% of all employees stated that getting a benefits is very important to them when it comes to their employer loyalty. When employees are loyal to your business, the harder it will be for them to go elsewhere. Read more blogs on our site .
Increased Productivity and Focus
Employee benefits have a major impact on the productivity and focus of workers. When their efforts are not rewarded, your employees might start getting worried about factors that affect their personal lives like finances, illnesses, and childcare, affecting their motivation and concentration while at work. Offering employee benefits can help alleviate employee stress. When they know that issues beyond work are well taken care of, their focus and productivity at work will considerably improve.
Offering employee benefits will increase your worker’s chances of showing up to work. The three main reasons that cause absenteeism in workplaces are health issues, family commitments, and finances. Employees in distress may have to run several financial errands from time to time. Employee benefits can considerably reduce the number of times your employees have to be absent in order to cater to these needs. At the same time, benefits like flexible work arrangements can lower the number of hours your employees miss work to cater to family matters. Other benefits like health benefits will lower the likelihood of your workers missing work due to health reasons. Employees who enjoy health benefits are more satisfied and are less likely to skip work unless it is completely necessary.
By offering your employees benefits, you increase your chances to attract and hire new, qualified employees. Most employers think that a fat paycheck is what will attract qualified persons to a job. While it is a determining factor, it is not that important to most employees. Benefits are almost as equally important as wages. Many qualified candidates are likely to accept a job offer if they know they can enjoy well-being, health, and flextime benefits.
As an employer, it is worth noting that there are plenty of benefits to offer employees. And since the number of available options can be quite overwhelming, here is a list some of the benefits that most employees consider to be extremely important to them:
– Retirement savings plan
– Health insurance
– Vision or dental insurance
– Defined benefit plan or traditional pension
– Life insurance
– Disability insurance
– Retiree health insurance
– Long-term care insurance
– Homeowners Insurance
If you cannot afford paying for some of these benefits as a business, then you can always start by offering your employees low-cost or free employee benefits like causal dress and flextime. At the same time, you could opt to split the cost of benefits with your employees �” you cater for a portion of the cost and they cater for the other. Interestingly, many employees are willing to participate in the financing of a benefit if it meets their needs. For more details visit https://procominsurancecompany.com/