THE IMPORTANCE OF A COMPETITIVE BENEFITS PROGRAM
The importance of health benefits to employees is not just one; they improve employee engagement and productivity, and promote the growth of your company. They set your company apart from your competitors in the market, and attract and help retain talented recruits.
Giving your employees perks and benefits is beneficial to them and for your company
Employees who are covered financially and medically, tend to be more secure, engaged, and committed to their work. Thus, the importance of employee benefits is bifold.
Perks and benefits add that extra x-factor that increases your employees’ job satisfaction and improves employee health, and keep them more engaged.
The kinds of benefits your employees receive say a lot about your company, and the environment and culture it celebrates. Offering benefits establishes a culture of welfare and wellbeing, which can tell the employees of your company that you care about them and are ready to invest in their futures, thus creating a workplace culture of consideration and thoughtful concern.
Employee benefits help your employees to maintain a proper work-life balance. When you offer them paid vacation time,- sick leave and more – it allows your employees to take a paid vacation day, don’t have to attend work while sick, or right after they have a child so they can focus on themselves and their families, and then return to work with a greater concentration. This keeps employees happy, more productive, and focused.
Employee retention literally means to retain the pre-existing employees of your company. Offering employee benefits is a great employee retention strategy for your employees, you motivate them to choose your worksite over others, and stay in your company, helping your company stand out from the rest of the competition.
Reduced Employee Turnover:
A high employee turnover is harmful to the trajectory of growth and does not reflect a healthy work culture. Thus, offering employee benefits to increase employee engagement, reduce your company’s employee turnover rate, and ensuring that fewer and fewer employees leave your company.
Working with a steady team over a long period of time is essential since it contributes to the betterment of your company, and promotes team spirit among your team members.
Saves Cost and Time:
Retaining your existing employees and reducing employee turnover can cut the cost of hiring and onboarding, which can be quite a hassle and pretty expensive, not to mention time-consuming. Employee retention saves a lot of time and money, as well as effort, on the part of HR in the process of hiring, shortlisting, and onboarding.
Stand Out From Your Competitors
In today’s highly competitive market, it is important to set your company apart from the competition. Employees now look for more than just their salary package; in other words, a comprehensive benefits package plays an important role in the employee’s decision to choose a particular company over another.