Employees are the lifeblood of every company. Without them, it would be hard for a company to achieve its mission and enact its vision. But with a huge number of businesses from powerhouse brands to startup companies vying for the attention of the working populace, it can be very hard to stand out.
This is where employee benefits come in. While salaries can be a guiding force in talent acquisition, the landscape has largely changed. Employers need more than just a monthly salary to get the talent they want, they need to keep up employee engagement and morale to ensure that they do not burn out and resign.
Below are a few reasons why employee benefits are crucial to the success of a business.
Better employee retention
For employees who are working to support families and other dependents, having a comprehensive HMO package can spell the difference between making them stay versus choosing to look elsewhere for better employee benefits. While having a stable income from an employer is important for them, most employees who are working to help their loved ones also need to provide support outside of financial means. Having an employee benefit package that allows for dependent enrollment in HMOs will make these employees more motivated to bring the results that will keep their dependents happy and healthy.
Employees who are also looking to build their retirement fund are more likely to stick around if a company offers to help them prepare for retirement. While offering pension plans used to be the norm, most businesses have since shifted away from defined benefit plans due to unfavorable market conditions. Having a standard contribution plan to their 401(k), for example, will help increase employee retention since the longer they stay, the better their retirement fund will be when they reach the age of retirement.
Employee benefits span more than just having benefits related to health and medical packages. According to a survey by Comparably, companies like Google, Netflix, and Blizzard Entertainment are just a few of the companies with the happiest employees. And what they all have in common is that they all boast great competitive benefits. But the benefits they have aren’t just good health insurance and a great dental plan. Step into the offices of these companies and there are already a number of fringe benefits and perks that are easily accessible by employees.
Having employee benefits doesn’t always have to mean that the employer has to shoulder costs. Voluntary benefits, for example, do not necessarily require employers to pay up to get employees to enjoy these perks. There are a number of places such as gyms and clothing and lifestyle stores that offer bulk or company discounts, which businesses can take advantage of. What’s important however is to choose the right voluntary benefit that the majority of the workforce can enjoy.
There are a number of advantages in introducing employee benefits to a company’s workforce. Deciding on what to provide as benefits can be confusing, which is why it may be wise to invest in employee benefit consulting. Consulting with a company who has experience regarding employee benefits for various institutions and businesses of all shapes and sizes can allow businesses to choose the best employee benefits package that suits their needs.