Benefits – How They Help Your Business & Retain Employees
If the past few years have taught us anything it would have to be that life is ever-changing and situations can change at the drop of a hat. Benefits have shifted from being just part of an employment compensation package to a focal point of employment and a draw for top-tier talent.
Companies are continuously looking to attain strong employees yet are struggling because valuable workers are fleeing to seek other options with stronger compensation. Often a potential employee will be willing to take a salary decrease if the benefits package is more robust with a higher employee contribution.
When interviewing, be open and communicative with interviewees. Be clear about your company’s contributions toward health insurance. If a potential employee does not ask, inform them if they will receive health benefits right away or if there is a waiting period. Either way, offering health coverage shows employees your company cares are invested in them.
Employees are more likely to accept a position and remain with a company that provides them with excellent health benefits. This, in turn, increases employee retention and reduces costs for companies. With less turnover, companies do not have to continually recruit, onboard, and train new employees.
On top of offering health insurance, ensure that your interviewees are aware of your company’s policy on accumulating paid time off (PTO) days, sick days, vacation days, and holidays. These benefits can sometimes be just as important to a potential employee as health coverage and is often a deciding factor in accepting a position.
Providing employees with time off can decrease their stress, anxiety, and mental health oftentimes increasing their productivity. In addition, encouraging employees to use their sick days allows employees feeling under the weather to stay home thus preventing more employees from getting ill. This can help ease more employees from getting sick and ultimately prevent a decrease in productivity.
Be flexible. A huge effect of COVID-19 was a shift to working from home. It is not always possible to make this happen exclusively but aim to be flexible. Offering a flexible schedule, summer hours, a hybrid option, or even fully remote can make your company more desirable. Additionally, giving employees a little more choice makes them happier, feel valued, and thus are more productive.
Provide a positive employee culture. A negative work environment has become a growing trend for employees seeking new opportunities. A major benefit employers can add is camaraderie. It does not always need to be fun and games but offers opportunities for employees to develop relationships and build morale. Provide office lunches, and host company get-togethers, picnics, or holiday parties. All of these can build camaraderie among employees and build a better, more positive working culture.
The bottom line is, that offering a more vigorous compensation package to employees not only benefits them but benefits your company. Providing health insurance, PTO, flexible work schedule, and creating a positive atmosphere lets your employees know you care and are invested in them. All of these make them feel valued and appreciated which in turn increases their productivity.
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