Offering a competitive salary combined with additional perks is an effective strategy to attract potential employees and reduce turnover rates. However, with every dollar spent on employee benefits programs, companies are confronted with an important decision to make, balancing employee wellbeing and controlling costs.
More and more employees consider workplace benefits as the foundation of their personal and financial safety net and its not difficult to understand why. As medical expenses continue to skyrocket, a major health problem can have serious repercussions. 1-in-5 adults struggle to pay medical bills, which is unsurprisingly the biggest cause of bankruptcy in the United States.
Here are some reasons why an employee benefits package is something no business should overlook:
Attract Talent – The present day job market has become more competitive than ever. Companies are looking for the most suitable candidates to fill job openings, and likewise, employees are interested in the best benefits packages that stand out and leave an impression. Comprehensive healthcare is expected, as candidates now look for expanded offerings such as disability insurance, life insurance, retirement savings, child care subsidies and more.
Retain Talent – Employee benefits can help you save money. Attracting employees is only half of the battle, and it is even more imperative to retain such talent after you hire them. The costs of hiring and training new employees are significant, and add up over time. By offering abundant benefits coverage, your employees will be more loyal and content with their compensation.
Building a Strong Corporate Culture – The type of benefits package you have for your employees can shape the work culture associated with your company, and it is one way to show that you truly care about your employees. Healthy work culture is proven to have a positive impact on morale and productivity.
There is no one-size-fits-all employee benefits package, because every business varies in its needs and values. At the end of the day, it is your responsibility to communicate the company vision to your employees and ensure that they are happy and fulfilled.