EMPLOYEE BENEFITS: REASONS WHY YOU SHOULD OFFER THEM
Jan 05, 2021 13:25
Employees get more productive when you provide them with incentives. There are different ways of offering your employees incentives, but employee benefits surpass most of the others. Employee benefits that go beyond the legal requirements motivate your employees on another level. Below are the reasons you should offer employee benefits.
Recruit and retain good employees
These days, when you recruit a competent employee, you want to hang on to them. Unless you offer them benefits, they will always have a reason to leave your company and seek work in your competitor's company that provides the benefits. Remember that the continuous recruitment and settling process of new employees affects the company's growth and progress. Offering employee insurance or benefits makes your staff more comfortable or comfortable enough to stay in your company. Also, you have to ensure you are offering them a good deal as the other companies might have better deals than yours. It is a cheap option because a good employee costs you way more than their salary in recruiting and training their replacement.
Attract highly skilled workers
For your company to be successful, you need highly skilled and dedicated employees to work with. To bring such candidates on board, you need to have an attractive employee benefits package that gives them a reason to work with you. In simple words, it makes your company stand out from your competitors so that every highly talented worker wants to be in your company. Instead of giving your employees the bare minimum, offer them employee benefits such as health insurance, retirement benefits, disability insurance, paid vacations, and sick leave, etc., which increases your company's appeal. According to a survey, attracting and retaining highly skilled workers is why companies offer employee benefits. It shows that you believe in your employees enough to invest in them.
Better job performance
When you provide your employees with benefits, you give them a reason to care about your company and work with dedication. Consequently, they will be more than motivated to work harder, which leads to more productivity and more revenue for your company. According to a survey on employee insurance benefits, 57% of companies offer more than the legally recommended benefits. Therefore offering employee benefits puts you above more than 43% of companies that don't provide employee benefits.
When you give your employees health insurance, you can be guaranteed that many will take the necessary steps to take care of their health, such as going for regular medical checkups and preventive medical measures. That reduces the number of sick leaves you grant workers annually, reduces infections in the workplace, and results in a healthier workforce. Following that, your productivity increases and hence, your revenue.
By offering employee benefits, you boost your workforce's morale. You motivate the employees, and they have a reason to report to work every day. It shows that you care about their lives beyond the regular workplace and will work hard to reciprocate. Employee benefits are a way of earning loyalty from your employees. Note that nothing affects your company's productivity other than having employees with a bad attitude. Giving them employee benefits makes them happy and boosts their morale in the workplace.
THE BOTTOM LINE
Offering your employees benefits is advantageous for your company. It attracts highly skilled workers, promotes loyalty, and better job performance among your employees, resulting in a more productive workforce. It also minimizes your turnover rate encouraging more growth and progress of your company.
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