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What are the benefits of providing employee benefits? Obviously, they benefit your workers, giving them "extra perks." But how do they benefit the employer and the company as a whole?
There are several reasons why even small businesses should invest in an attractive employee benefits package. These include attracting the most skilled and hard-working employees, maximizing employee retention rates, and increasing employee productivity and engagement levels.
We will focus here on employee retention. Here are three key thoughts on how having the right benefits package can boost your employee retention rates:
1. Satisfying All the "Must-Haves"
There are certain benefits that the law requires, such as allowing time off for jury duty or (if necessary) to vote, workers comp, social security enrollment, and unemployment or disability benefits to those who qualify. Additionally, employers with 50 or more employees on-staff must allow up to 12 weeks off for certain circumstances under the Federal Family and Medical Leave Act. But, these benefits can't give you a competitive edge since everyone is required to offer them. There are other "must-haves" that employees look for and that can build a sense of security and well-being that creates job satisfaction.
2. Strategically Offer Some "Should-Haves"
Many small business owners wrongly conclude they cannot afford to offer anything beyond the most basic employee benefits package, or even conclude they can't offer any package at all.
It may be true your company can't afford to offer all the perks, but almost every business can afford at least a few. Beyond health insurance and a pension plan, consider adding some of the following:
3. Keeping Abreast of the Competition
Finally, you want to structure your overall employee benefits package in such a way that it equals or bests your competition in all important categories.
Large numbers of employees think often about switching jobs and even search around occasionally, looking for "a better deal." But if your offerings are significantly superior to what the competition is offering, you can not only retain your top talent but lure away some of your competition's talent as well.
In sum, we can conclude that although employee benefits can be expensive, they pay off in the long run for employers. You get top talent, greater productivity, and less business disruptions which means greater efficiency from employees.
To learn more, contact Summerlin Benefits Consulting today. We can help you to offer a benefits package that maximizes employee retention and fuels business growth.