The success of a business is often linked to the relative engagement levels of its employees. Without a motivated team willing to put in the work and collaborate while moving toward strategic business objectives, it can be hard to create a standout brand.
However, it’s not always easy to find the right mix of individuals who not only fit into this type of company culture but also want to actively contribute to its improvement. With so much competition today in various job markets, it can be hard to attract the interest needed while also keeping employees grounded in their roles long term.
This is where having an excellent employee benefits package in place can help. Below are some reasons why investing more effort in structuring competitive benefits offerings can help grow your business.
Improves Your Recruitment Efforts
With competition high to find and recruit talented individuals across different industries, it’s important to look for ways to help maximize the number of applicants your new roles bring in. Providing a comprehensive benefits package is a great way to do this, and can often be the deciding factor when candidates are considering multiple employment options.
Below are some of the reasons benefits packages can give your business an edge:
- Showcases Your Company’s Core Values – Sends a clear message to job candidates and even other businesses about what your company’s core values are. For example, providing flexible scheduling or generous amounts of PTO shows that you value your employees’ personal time and are willing to be adaptable to their needs.
- Attracts a Wider Talent Pool – When you advertise that your business offers comprehensive benefits, it automatically increases interest in your job listings when compared to other businesses that don’t offer the same employment perks. This helps to expand your talent pool and gives you more options when choosing high-quality candidates.
- Offers Employees Peace of Mind – Of course, individuals are looking for a job that comes with a steady paycheck. But they’re also looking for employers that not only help them care for their financial needs, but also their physical ones. This means finding new job opportunities that come with perks like healthcare coverage, life and disability insurance, and access to mental health resources.
Reduces Employee Turnover Rates
Hiring great employees is key to long-term success, but keeping them over time can be even more important. To do this effectively, you’ll want to create an environment where your team is able to grow, but also find ways to keep them motivated and engaged. Employee benefits packages are a good way to achieve this.
Below are some reasons why a comprehensive benefits package can help your business reduce employee turnover:
- Provides Employees With Rewards for Their Loyalty – When you do more than just offer a paycheck to your employees, it can go a long way to improving their loyalty over time. Offering perks like performance bonuses or profit-sharing opportunities isn’t a business requirement, but they can definitely help to keep an employee from looking for employment elsewhere.
- Helps Create a Sense of Community – If you structure your benefits offerings to include features like employee support programs or various wellness initiatives, it can actually help to create a real sense of community in your business. These programs often show that you’re committed to everyone living healthier and fuller lives, which can help individuals to feel a deeper sense of connection with the business.
- Shows Employees They’re Worth Investing In – Benefits packages that contain free access to different professional development courses or having a mentorship program in place for employees can show just how committed you are to your team’s growth in and outside of the office. This shows your employees that you’re willing to invest in them, often inspiring them to return the favor.
Increases Employee Morale and Motivation
Sometimes it may not be immediately apparent how you can weigh your ROI when introducing an employee benefits package to your business. However, one area where it can really make a difference is in the overall morale and motivation of your teams.
When employees feel more financially, physically, and mentally secure in their roles, it helps to eliminate distractions when focusing on their work. It also helps to reduce stress, knowing that they have adequate healthcare coverage or are saving up for retirement.
Giving your employees this peace of mind can really help to keep spirits up around the office, which helps your teams to collaborate better and stay motivated when working on important company projects.
Limits Absenteeism and Increases Engagement
Unexpected employee absences are all part of running a business. However, depending on the roles they’re in, continual absences due to illness or other personal issues can really hinder your team’s success. This then adds more stress to other team members, which in turn can increase the likelihood of them needing to take more personal days or feeling mentally disconnected from their work.
With most unscheduled absences resulting from health issues or stress, offering generous healthcare coverage or access to mental health resources can help your employees receive more proactive care. This helps to reduce the frequency or severity of illnesses and can help your team limit work-related stress from bottling up and causing health concerns. The result is fewer absences in the office and lower strain on your business resources.
This stability with your teams also reduces the amount of turnover the business is likely to face due to declining staff performance.
An Investment in Your People Is an Investment in Your Business
While offering employee benefits can be a significant financial investment, depending on the size of your business, the short- and long-term benefits it can bring can make it worthwhile.
The returns manifest in powerful ways, such as having a more engaged and productive team, and helping you retain high-quality talent for much longer. This leads to more cohesive departments, reduced recruitment expenses, and more opportunities to scale your business.
Author Bio:
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.
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