If you want your employees to be high-performing individuals, you will have to find methods to satisfy them in return. Whether you choose to reward them with bonuses or give them insurance benefits, your rewards will certainly have an impact on their performance and they’ll be happier and more satisfied with their jobs.
That’s why you’ll find rival companies covering and rewarding their employees with similar benefits. If you’re still contemplating whether or not you should offer benefits to your employees, here are a few reasons why you should.
Improved Recruitment
If your job offer includes good benefits, your recruitment efforts surely won’t be for naught. More competent candidates will respond to your job offers and they’ll be more likely to stay. You may think that a large paycheck is the only thing that could attract employees and make them stay for a longer period, but that’s not the only thing they look for in a job.
If you offer health and wellbeing benefits along with adjustable benefits, prospective employees will be more attracted to your job offer and will try hard to help you achieve your goals. Some employers tend to forget to highlight the benefits they offer, which will make potential applicants look for a better job, so you must mention these benefits in your job offers.
Increase Their Loyalty
This is a no brainer. If you want your employees to be loyal to your company, give them a reason to. Benefits like medical and dental insurance, retirement benefits, and paid time off will certainly increase their loyalty to your business.
Think about it, if someone has two job offers and they’re almost exactly the same, but only one has a benefits package that includes medical and dental benefits and the other doesn’t, which one do you think they’re likely to choose? A study has shown that 60% of employees report that a benefits package is an essential part of their job offer and that it will increase their loyalty to their soon-to-be employer.
In addition to this, your employees will be more appreciative if they have customizable benefits rather than receiving a fixed benefits package.
Productivity
Sometimes, you might notice a decrease in your employees’ performance and productivity, which can be annoying, especially if you’re working on an important project and can’t achieve your desired goals due to your employees’ lack of productivity. In that case, you’ll need to address the root of that issue. Employees can have personal issues that are affecting their performance, such as illnesses, childcare, financial worries, etc.
Dealing with these problems can lead to them losing precious hours of sleep, which can affect their productivity in the next morning. Thus, if you offer the right benefits that can alleviate these personal and financial stresses, you’ll be able to increase your employees’ productivity and earn their loyalty, as they will be more inclined to depend on the benefits you offer them.
You’ll Afford Better Plans in the Future
If you have a small business, then you might only be able to afford a limited set of benefits, but that’s okay because these benefits will increase your employees’ productivity and loyalty. Once you have all hands on deck, your business can grow and expand enough that you can offer even better plans and benefits for your hardworking employees.
Health insurance is one important feature for employees, so as your business grows bigger, you’ll be able to provide medical insurance. It is also a good way of making your employees stay on the job longer.
In fact, a survey has shown that whether or not they like their job, U.S. employees have said that their health coverage is a key element in deciding if they’re going to stay in their job or hunt for another one. They’ve also said that health insurance is a good feature in any job, if not the determining factor of whether or not they want that job.
Attendance
If your employees are stressed about personal issues, they may not even show up at all to work. If this issue persists, you might want to consider offering them more financial and medical benefits to aid them in dire times. It’s no surprise that employees agree that the number of absences will be reduced once they have the right benefits that can help him manage their finances or family commitments.
Benefits and health coverage may seem a bit expensive to you, especially if you’ve just started your company. However, you will still have other affordable options, like low-cost benefits, such as flextime and a casual dress code. In any case, you need to make sure that you’re offering a good benefits package for long-lasting work relationships with your employees.