How Do Your Employee Benefits Stack Up?
The employees you hire are not only concerned with their paychecks. Factors like benefits and workplace culture attract and retain the best employees. In fact, 88% of job seekers consider a comprehensive benefits package as a deciding factor between a higher paying job and a lower paying job.1 Offering benefits that meet your employees’ needs can set you one step ahead of your competition. Here is what to know to begin elevating your benefits strategy.
What Are You Offering Your Employees?
Sometimes, providing employee benefits is optional for employers. However, employers that offer benefits to employees typically cultivate more productivity among their staff.2 There are traditional and additional plans you can offer to your employees.
Traditional benefits you should, or must by law, offer:
- Medical insurance
- Sick leave
- Paid time off
- Parental leave
- Retirement plans
- Dental and vision insurance
To stand out, consider adding additional perks to your employee benefits plan. Consider these options to elevate your plan:
- Other voluntary insurance options like disability, accident, and life
- Gym memberships
- Hybrid work environment
- Flexible dress code
- Tuition assistance
- Childcare
There are various options to consider when determining the benefits to offer your employees. Understanding their overall needs is important when making decisions.
Completing Your Benefits Package
Employers strive to see employees be their best. In fact, 86% of employers believe they are responsible for the health and well-being of their workforce.3 The majority of voluntary benefits support physical and mental health, and offering these benefits may elevate employees’ current benefit status.
These benefits also show employees that you care about them. Organizations that value their employees will be more likely to create loyal employees.
Risks of Not Offering Benefits
Benefits play a crucial role in supporting employees beyond payroll. So, what are the consequences of organizations not offering benefit packages?
Absenteeism: Without the support of benefits, people become disinterested in their work leading them to not show up.4 This causes efficiency and scheduling issues for employers.
Employee turnover: It's important to recognize that employees often view benefits as a key factor in their job selection. Neglecting to provide competitive benefits can lead to a high turnover rate as employees seek better opportunities elsewhere. This constant need for backfilling positions can harm your organization's efficiency and culture, ultimately impacting your overall success.
Damaged reputation: Employees may only promote your organization to others if they feel supported or satisfied with their workplace. This can be especially true if the culture is suffering, turnover is high, plus the benefits package is lacking.
Lack of new talent: This is a direct result of a damaged reputation. These effects compound each other, making retaining and attracting top talent challenging.
Your employees are the backbone of your organization. By prioritizing their benefits, you can create an environment they are eager to be a part of for a long time. Your workplace culture is shaped by the choices you make regarding their benefits packages. Seize the opportunity to outshine your competition and offer solutions that pave the way for mutual success.
This blog is up to date as of July 2024 and has not been updated for changes in the law, administration or current events.