Your employees are your greatest asset – and keeping them healthy and happy is your top priority.
Numerous research findings illustrate the importance of employee benefits in talent recruitment, satisfaction, and retention. For instance:
- 79 percent of employees have stated they would start looking for a new job within a year if they were dissatisfied with their benefits.
- 78 percent of workers have reported being more likely to stay in their current job if the benefits are attractive.
- 75 percent of employees not only stressed the importance of benefits but also expressed a desire for more variety in options offered.
- The cost to replace a high-level employee could be as high as 400 percent of their annual salary.
- 40 percent of workers stated that a company is more attractive to them if it offers tailored benefits packages.
Go Beyond the Minimum
Offering good benefits to your employees shows that you’re invested not only in their health but also in their future. Some benefits – including time off to vote, unemployment tax payments, contributions to short-term disability programs, and workers’ compensation and FMLA (Family and Medical Leave) compliance – are required by federal law. Other requirements vary by state. But to truly serve your employees, you need to go above and beyond the bare minimum. Popular options include:
- Medical, dental, mental health, and vision coverage to supplement a solid basic healthcare plan.
- Paid vacation and flexible time off, including sick and personal leave.
- Retirement plans, preferably with company contribution matching.
- Employee assistance, wellness and well-being programs.
- Profit sharing.
- Gym reimbursement.
- Tuition or student loan contributions.
- Long-term disability insurance.
- Flexible and remote work options.
Making Attractive Benefit Packages Available and Tailoring Them to Individual Employee Needs Can Help:
- Attract the best talent: It’s a candidate-driven market, so if a job seeker finds better options elsewhere, it’s likely they’ll take them.
- Help your employees outside of work: As healthcare costs continue to increase, family coverage is extremely important to many workers – as are generous vacation, sick and other paid time off, health and flexible spending accounts, and other lifestyle-enhancing benefits.
- Enhance productivity: Employees who feel valued will reciprocate by being more engaged and productive in their roles rather than simply showing up for work. It helps address both absenteeism and presenteeism at your company.
- Build your employer brand: Treating your employees well will reflect positively on both your online and offline reputations. This will make your company more attractive not only in the talent marketplace but also in your business industry market overall.
Looking to Further Build and Retain a Winning Team?
If it all makes sense – but the option of offering robust, competitive benefits packages is out of your financial reach – it may be time to turn to a trusted HR outsource partner. Key HR is committed to helping you find that partner, so you can achieve the best balance of comprehensive and cost-effective benefits to build and retain your winning team. Reach out to us today to learn more.
- Posted by admin
- On December 21, 2022
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