As a business owner, you know that happy employees are productive employees. But what’s the best way to keep your team members satisfied and engaged? One crucial factor is offering competitive benefits. More and more employees are looking for better benefits than higher pay. By taking advantage of this, you can grow your business faster. Here are five reasons you should ensure your benefits package is up to par.
Attract Top Talent
If you want to attract the best and brightest candidates, you need to offer an appealing benefits package. Otherwise, you’ll have difficulty luring top talent to your company. Also, remember that today’s job seekers are highly informed, and they know which companies offer the most attractive benefit packages. So if you want to stay competitive, ensure your benefits are up to snuff.
Retaining Employees
In addition to attracting new hires, offering competitive benefits helps you retain the talented employees you already have. If your current team members feel like they’re being taken care of and their needs are being met, they’re much less likely to look for opportunities elsewhere. So if you want to keep your best employees on board, don’t skimp on the perks and advantages they’re looking for in a benefits package.
Valuing Employees
When you offer comprehensive, high-quality benefits to your team members, it communicates that you appreciate their contributions and value their well-being. This boost in morale can do wonders for employee productivity and retention rates over time. So if you want to build positive workplace culture, start by investing in your team’s health and happiness with a great benefits package.
Improve Productivity Levels
If your employees feel their needs are being met inside and outside of work, they’re much more likely to be productive when they’re on the clock. By offering competitive benefits, you can create a work environment where people feel motivated and supported—and that’s good news for your team and your bottom line.
Save Money
While offering competitive employee benefits requires an initial investment, doing so can save your company money. That’s because happy, healthy employees tend to take fewer sick days, saving you money on lost productivity. In addition, investing in preventive care via an attractive benefits package can help reduce healthcare costs. In other words, offering quality employee benefits is an investment that can pay dividends for years to come.
There are many reasons why offering competitive employee benefits is a smart business move. Now is the time to reconsider if you’re not already offering competitive employee benefits. If you don’t know where to start, here are some of the most overlooked benefits of small businesses.
Flexible Scheduling
One of the most common employee requests is more flexible scheduling options. And it’s no wonder why—according to a recent study, 35% to 40% of workers who work at home are more productive. If you offer small amounts of flexibility regarding starting times and PTO, your employees will likely be more engaged and productive.
Remote Working Opportunities
While working from home isn’t possible for all businesses, more and more companies are beginning to offer remote working opportunities to their employees. And there are plenty of good reasons—according to Global Workplace Analytics, employers who allow remote work save an average of $11,000 per half-time telecommuter. Not to mention, employees who work from home are more productive than their office-bound counterparts. So if you can offer even a few days of remote work per week, your employees will likely appreciate it.
Law Services
Many employees can encounter all sorts of law-related problems in their life. One of the most common is bankruptcy.
Thousands of Americans experience bankruptcy annually. Most of these bankruptcies come in the form of chapter thirteen bankruptcy. This kind of bankruptcy is for those with a regular income source who need help reorganizing their debt. Giving your employees access to a chapter 13 bankruptcy lawyer can make a huge difference in their careers. They’ll also thank you for it.
Your employees can experience many more legal problems than just bankruptcy. They might need a lawyer for a will, divorce, or even a DUI. Offering them access to law services through your benefits package is a great way to show you care about their well-being and career.
Wellness Programs
Wellness programs are another great way to show employees that you care about their health and well-being. According to the National Business Group on Health, wellness programs can lead to up to 30% reductions in health care costs for employers. Not only that, but wellness programs can also lead to reductions in absenteeism and presenteeism (when employees come to work sick). So if you’re looking for ways to improve the health of your workforce, implementing a wellness program is a great place to start.
Benefits are crucial for any business, but they’re especially important for small businesses. You can level the playing field and attract and retain top talent by offering competitive benefits. Not to mention, you’ll also save money in the long run. So if you’re not already offering competitive employee benefits, now is the time to start.
