Why its important to offer Benefits…

 

Some businesses don’t feel that offering benefits is essential for employees, especially if they are a small business.  Maybe the thought is that the company can offer more in salary, but statistics show that benefits are important to employees.  With the job pool the way that it is now, employers should try to pull out all the stops, so… why not consider adding benefits?  Here are a few reasons WHY, businesses should consider it according to Business.org:

 

1. Attract the Most Talented Employees

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If you want to hire the best employees - talented, motivated workers who can help your company succeed - then a solid employee benefits package is a great place to start.

That’s because, well, everyone else is doing it. Many (if not most) businesses offer some kind of employee benefits. Even small businesses, in fact. One study found that 50% of businesses with fewer than 50 employees offer health care benefits, and 96% of businesses with over 100 employees do.

In other words, to be competitive with hiring, you really need employee benefits. Otherwise, you’ll probably lose the best candidates to businesses that offer a benefits package. Because for many workers, a benefits program can be a deciding factor in choosing where to work. It’s an important part of their overall compensation.

But it goes beyond compensation. When your business offers benefits, it shows that you believe in your company, that you have strong enough finances to afford benefits, and that you want to invest in your workforce. Put simply, benefits suggest you’ve got what it takes to be a great employer - which in turn attracts great employees.

Oh, and while we used insurance as an example, you might want to consider more comprehensive benefits. Because again, better employee benefits can be the deciding factor for an in-demand job seeker. If you want top-notch workers, you need top-notch benefits.

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2. Minimize Employee Turnaround

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While hiring matters, you also need to think about keeping your employees around. And once more, benefits come in handy.

Like we said when talking about hiring, a good benefits package can keep your workers from getting swayed by other job offers. And when you offer benefits, you’ll help your employees feel the company (and their employment) is stable and secure, so they’re less likely to start putting out resumes.

The end result? Lower employee turnover and higher employee retention for your business.

That means you’ll save money on hiring and training, because you won’t have to do either of those as often. It means you’re less likely to have projects and clients fall through the cracks when employees leave. And it means you can build a knowledgeable team that can quickly and expertly tackle all sorts of problems that would trip up a younger team - all thanks to the employee loyalty you’ve built with benefits.

If you want to keep employees around for the long haul, you need a benefits package that makes people want to stay.

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3. Keep a Healthy Workforce

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You probably know firsthand that when you feel better, you work better. So if you want a more productive employee, benefits-especially health benefits - can help.

For example, if you offer dental insurance, a minor cavity never has to become a complicated root canal that distracts your employee and forces them to take several days off work. The same is true of vision insurance and medical insurance.

Paid sick leave works the same way. By encouraging employees to stay home when they feel ill, you can keep one sick worker from infecting an entire team. Wouldn’t you rather have one employee out than a dozen?

Plus, sick leave lets your workers focus on healing up and getting better. So while an employee may be gone for a day or two, they can come back refreshed and ready to go - rather than struggling to to work through illness for days and even weeks.

The point is, healthier employees can lead to a healthier business. It makes good business sense to offer health insurance and other wellness benefits.

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4. Boost Employee Productivity

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At this point, we’ve told you how a strong benefits package can get you talented workers, keep them around long-term, and give you a healthier workforce. The natural result of all those things? More productivity.

Think about it: You’ll have hired a more talented, motivated workforce that can buckle down and get things done. You’ll have kept employees around long enough to develop good workflow and processes. And you’ll have helped your people stay healthy, giving them the physical ability to stay productive too.

And benefits will give your employees the mental headspace to stay productive too. Your workforce won’t feel as worried about affording health care, saving for retirement, taking care of their children, or other concerns that benefits can address. That means they have more brain power and motivation to put to work for your business.

Not a bad tradeoff, is it?

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5. Enjoy Better Worker Morale

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Finally, having a good benefits package can improve employee morale, leading to a better workplace overall.

After all, providing employee benefits will help your employees feel you care about their personal needs. That, in turn, can improve employee loyalty and satisfaction. They’ll bring their best to work. (As an added bonus, that makes your job as a business owner and boss much more satisfying.)

And that, in turn, can create a good cycle for you. Happy, loyal employees will speak highly of your business, making it easier for you to attract talent when you have job openings. And then those new employees will stick around because of your great benefits―and, well, you see where this is going.

For great employee satisfaction and the morale to go with it, you’ve got to have good benefits.