Hiring great employees is one thing, but keeping them from jumping ship is an entirely different story. Employers can show their appreciation of their employees’ efforts by offering comprehensive benefits packages.
Ray Silverstein, founder of President’s Resource Organization, stresses the importance of company benefits because good employees feel entitled these. Benefits solutions expert hixme.com states there are various employee benefit options you can provide to boost morale and improve retention.
One of the biggest mistakes that business owners make is not providing employee benefits thinking that they can’t afford it, or that it reduces their bottom line. While employing workers without benefits may yield savings in the short run, this can strangle your company’s chances for long-term prosperity.
Medical insurance heads the list of must-have benefits, but there’s also a growing demand for disability insurance, retirement plans, and more.
In this competitive age, companies are fighting over the recruitment of the best employees. Once you tell your applicants you offer no benefits, you’re allowing topnotch candidates to head out the door.
Jumpstart Your Company’s Growth
Joe Lineberry, senior vice president at human resources firm, Aon Consulting, says that employees are more likely to be satisfied and less likely to miss workdays when offered with the benefits that they value. Research also shows that satisfying the needs of employees makes for a more productive workforce.
Offering the right benefit plan can be the key to your company’s growth. There are government-mandated benefits such as giving your staff the time off to vote and compliance with the Federal Family and Medical Leave (FMLA). According to Human Resource experts at ‘The balance,’ “Some employee benefits, such as health insurance and retirement benefits, are almost institutionalized or expected in the United States.”
While dental, vision, retirement and life insurance plans are not required, most companies are already offering them to stay competitive.
While the nature of the work is a major factor in a worker’s overall satisfaction, leading companies and HR managers agree that good benefits boost employee loyalty. After all, you can’t go wrong with showing your staff how much you value their efforts.