In today’s competitive job market, it can be challenging to attract and retain good employees. However, offering a generous benefits package may make all the difference between attracting top talent and losing great employees to your competition. Benefits are so much more than just giving medical plans to your staff. They can include stipends for home office changes, a training budget, and even annual team trips.
While employers weigh the cost of extravagant benefits, they have so much to gain when they offer the right mix of benefits. Here are five reasons why you should consider offering a robust benefits package.
Better quality candidates
Good benefits help you to attract and retain better employees. Employees are looking for a good mix of company culture, salary ranges, and even benefits packages when they decide to work for an organization. You have a better chance of attracting talent if your benefits go beyond the meagre employee health plan because your company’s benefits package will be one of the first things those potential candidates notice.
If you offer generous benefits, you’ll likely see more loyalty among your employees. If they feel like they’re getting good value for their money with their health plan or retirement fund, they’ll be less likely to look elsewhere when there are opportunities to advance in their careers.
You can keep your employees happy and engaged
The grass isn’t always greener on the other side, but sometimes it is. It’s no secret that happy employees are more productive, loyal, and generally easier to work with. A generous benefits package can help you keep your employees from being driven away by stressful situations in their lives. Whether you want to buy them a gym membership or pay for their children’s college tuition or give them fuel cards with discounts when they are driving for work purposes so the money doesn’t come out of their pockets, offering something beyond the basic will let them know that you care about their well-being and finances.
You may also consider offering paid time off for vacations so that your team members don’t have to worry about how they’re going to pay for their trip this year or next year. More companies are including unlimited and mandatory PTO into their culture to ensure everyone gets an adequate break.
You can increase productivity
Getting the most ROI from your staff means giving them a generous benefits package. Employees are more likely to work hard when their efforts are recognized and rewarded. Frankly, a stingy benefits package speaks volumes about how you really feel about the people who work for you. When people are happy and healthy, they have more energy, which leads to greater focus on their work.
Benefits can also help employees avoid worrying about finances when it comes time for them to make decisions about healthcare and retirement savings. The result of this is a happier workforce that stays with you longer and recommends your company to others.
Your employees will feel respected and valued
Going the extra mile to give your employees what they need and want will allow them to feel valued. This is important because a person’s sense of worth is directly related to how he or she feels about themselves and sometimes even the work they do. The more you show them that you value their contributions, the more likely they are to work hard for you.
Your business will become a known brand
Your business is a brand, and how you treat your employees can impact that. The quality of your brand is determined by the quality of your products or services, but it’s also influenced by the experiences customers have interacting with you as an organization. As customers and employees rave about how wonderful you are to work with, it elevates your brand into a realm of professionalism and desirability. People want to buy from businesses that treat people well internally and externally.
Conclusion
As you can see, a generous benefits package can benefit your employees, your business, and even your customers. By offering these benefits and implementing them well, you can create a truly great work environment for your employees that makes them feel respected and valued. This translates into higher productivity for them and better service for customers and ultimately more money for you.