Top 7 Reasons to Offer Employee Benefits
When you ask employees about the things that they value most about their work, employee benefits would probably be at the top of their list. Benefits are one of the main attractants to any job, and they might be the determining factor of whether or not an employee will accept the gig. If you still have doubts about that, here are the top 7 reasons why you should provide benefits to your employees.
1. Employee Acquisition
If you’re thinking about offering a benefits package along with your job offers, then you might have an idea of how competitive the market can be when it comes to securing qualified employees. Just as you weigh up the strengths and weaknesses of your candidates, an employee would weigh up the advantages and disadvantages offered by the company and make their final decision about whether or not to accept the offer based on their findings. Thus, it is important that you create an attractive package to acquire competent employees, especially if other companies are providing a more appealing set of benefits.
2. Preserve Talent
Unfortunately, the days in which employees were only comparing salaries are done for. Nowadays, all talented employees will consider the offer in its entirety along with the salary when deciding whether or not to take on a position. This can make acquiring and maintaining new employees even harder than maintaining old, loyal employees. This is why it is crucial to present your customers with lots of options along with their net salary. This will attract more talented applicants to your company and make recruitment an easier task for you.
3. Increase Your Company’s Appeal
Another factor you must consider is the appeal of your company, especially when there are multiple other companies that are hiring on the market. When there is an assortment of similar jobs available for candidates, they’ll tend to be more selective about where they work, salary, location, and so on. This means that it will require more effort on your part to secure talented employees who are dedicated and also highly skilled by providing them with attractive benefits that will make them take the job despite the daily commute. Doing this will also make your company highly appealing to future applicants.
4. Give Your Employees a Morale Boost
Benefits can be highly motivational. Once you provide your staff with perks that they couldn’t have enjoyed otherwise without these benefits, you’ll add up to their morale and help them lead better lives, which will eventually reflect on their work and their perspective on the company as a whole. Never dismiss your employees’ happiness as an insignificant factor; you’d be surprised by how a small benefit can help them be more engaged, productive, and loyal to your company. This will also help you retain valuable talents in your company for a long period of time, which will consequently have a positive effect on the prospects of your business.
5. Increase Savings
You may already be familiar with the benefits that operate by paying deductions of salary sacrifices in favour of non-cash profits, like childcare vouchers, for example, or annual leave purchase schemes. In case you’re not using these benefits in your company, you must reconsider due to their high financial benefit for you and your employees. These benefits may also help your employees compartmentalize the costs of big purchases and reduce their taxes, which are feats that employees are actively looking for.
6. Better Performance
As we mentioned earlier, the more benefits you offer your employees, the better they would perform at work, especially if you offer them a set of benefits that they get to choose from. Benefits will naturally make your employees in need of your job, especially if they can’t find the same set of benefits anywhere else. In addition to that, 57% of private employees offer more benefits than that of the legally required benefits, which further proves how benefits can have a huge impact on employees.
7. Healthier Employees
Tired of employees requesting sick leaves? Try offering them better benefits that will allow them to better take care of their health. For example, offering health insurance will allow them to see the doctor whenever they are in need, as opposed to an employee who is uninsured. Medical Healthcare in general isn’t cheap, so they won’t be willing to sacrifice precious time and money to top it all in order to stay healthy. The result would be tired employees who can barely perform to their fullest potential.
Now that you have 7 good reasons to offer better benefits to your employees, you should be able to start working on a new benefit set and add it to your job offers. Take note of all the benefit plans that other business owners offer to their employees so you can stay up to par with the competition on the market.