Discussion of employee benefits often centers on what employees receive from them, but the truth is, the employer stands to benefit just as much. Let’s discuss common ways that employee benefits can boost a company’s bottom line and reduce lost productivity.
They provide a competitive edge when hiring and retaining employees
Offering an employee benefits program is essential for attracting and retaining top talent. Up to 68% of employees who are satisfied with their benefits package are satisfied with their jobs, according to this study.
Employers can use employee benefits to differentiate themselves from their competition in the job market. The best employees want to work for organizations that are willing to invest in their employees, and employee benefits are a favored method of demonstrating this. High-quality benefits programs that offer more than just the basics can help your organization stand out to a prospective new employee. This can be especially true in the case of younger, upcoming professionals who are generally more tech-savvy and adaptable.
They keep your workforce productive
Employee benefits are important to your business for what they prevent as well as provide. 60% of employers reported that their workforce was more productive after receiving employee benefits, meaning that employees took fewer sick days and used their work time more efficiently.
Employee benefits perks show that a company is interested in the future of its employees, which also boosts morale and job satisfaction. Employees that feel respected are more likely to actively engage in their work, provide innovative new ideas, and contribute to the organization as a whole.
They save money for the company and for the employees
Employee health benefits might seem like a large investment for an organization to undertake, but the long-term savings that companies experience actually make it more costly to not offer these benefits.
Firstly, companies that work with a skilled consultant can develop a plan uniquely suited to their financial resources, so the price is always right. Secondly, the enhanced productivity, reduced time off work, and increased loyalty that employee benefits inspire can boost the company’s bottom line and free up more financial resources to reinvest into the company’s growth.
Employees also enjoy the savings that an employee benefits plan provides. Group health plans offer discounts to their members they can’t enjoy elsewhere, so employees are able to take more of their hard-earned money home. Ultimately, benefits empower employees to save money and maintain a clean bill of health at the same time!
Employee benefits are a great way to improve your company’s bottom line. They help keep your employees healthy and happy, reduce absenteeism, increase productivity, and attract and retain top talent. If your company is ready to invest in its growth and its employees, speak with a J5 agent today to start strategizing.
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