The Benefits of Benefits
Are you recruiting and hiring? Keeping competitive in the hunt for ideal candidates is a struggle. We envision those who will enable our enterprise on a trajectory to enormous success. However, once you find the people you need, you must convince them that your company is a better place to work than your competitors’. A well-coordinated quality benefits package should be a compelling reason for that candidate to come work for you.
Employees value a well-rounded selection of benefits. Health insurance, a 401(k) plan, life insurance and dental coverage are a few of the components of a strong benefits package that you need to offer.
The Benefits
Benefits packages offer value to your employees and help you boost productivity and retention in a cost-effective manner. Here are a few of the advantages of offering employee benefits as part of your compensation package.
Talent Attraction and Retention
Employees always value a good benefits package. Strategically developing and coordinating a benefits package that targets specific types of employees will enable placement and retention of the right candidate.
Once you have these top-performing employees on board, providing a tailored employee benefits package will serve as a barrier to them leaving—this can be a huge advantage when looking at retention strategies because it holds more than just monetary value for the employee. A bigger salary at another company likely won’t be as strong a pull for an employee tempted to leave if the other company’s benefits package isn’t as attractive as yours.
Healthy, Productive Employees
When your benefits package includes a combination of medical insurance and dental and vision coverage, you will have employees who are able to take a proactive role in managing their health. They will have easy, affordable access to health care, reducing absenteeism due to illness.
When they are on the job, healthy employees are more productive than sick ones. It’s beneficial for your company’s productivity and your employees when they have access to medical coverage and time off when they are sick.
Satisfaction
A good benefits package leads to satisfied employees with higher morale. Employees who find value in their benefits are typically more willing to commit to their company because it helps make them feel valued—which leads to increased productivity and decreased absenteeism.
Efficient Use of Resources
Offering forms of tailored benefits can help lower top-level employees’ expectations for salary. Many employees are willing to accept good benefits in lieu of a slightly higher salary.
This is an advantage to your budget because the value you present to employees with benefits, especially health insurance plans, can be monetarily equal to a raise in salary for them, while costing you less due to group rates and lower payroll taxes. Employers can avoid the hidden cost of paying extra payroll taxes on higher salary by instead offering benefits to provide similar value to employees.
Thinking Long-term
Typically, companies who use a short-term focus by trying to be “frugal” at the expense of a strategic focus towards a well-crafted employee benefits program will eventually face large scale issues. The consequences of short-sighted benefits planning result in a diminished ability to recruit high-achieving candidates, increased difficulty retaining your top performers, and lowered morale and productivity.
Offering a quality array of employee benefits will pay off through a stronger, more productive workforce with employees who are loyal and dedicated. By partnering with World Insurance Association Consulting Group, LLC we will help you develop a strategic benefits package that works for your budget and offers attractive options to your candidates, new hires, and employees. We can also give you access to educational materials for your employees as you launch your new or improved benefits program. Contact us at 800-578-2111 or http://www.wiaconsultinggroup.com
