A guide to help you choose the right benefits to meet your company’s needs
If you had a job posting for your company, would the ad mention benefits? When you hire new employees, are you offering them benefits that demonstrate your commitment to their health and long-term success? If your company doesn’t offer benefits, you’re probably not attracting the highest quality candidates or you’re quickly losing top talent to other companies that do offer these perks. When you sit down with your human resources professionals to discuss benefits, make sure that you’re selecting the best benefits for your organization and your employees.
Importance of benefits
All HR professionals can tell you that employee benefits play an important role in recruiting and retaining employees, but they can be a win-win in other areas as well. An attractive benefits package can give you a leg up on the competition and increase your company’s productivity. Your well-rounded benefits package can create a combination of improved work habits, reduced employee turnover, and a sense of security and increased engagement from your employees.
Health care benefits
Health insurance is the cornerstone of any comprehensive employee benefits package, preferred by the majority of people who work. In a recent Harvard Business Review poll, better health, dental, and vision insurance topped the list of most desired benefits, with 88% of respondents saying that they would give this benefit “some consideration” or “heavy consideration” when choosing a job.
If you can only afford to offer one employee benefit, health insurance for your employees and their families is your best bet. Often available from your health insurance carrier, dental insurance plans are designed to cover the costs of preventative and emergency procedures for your employees. Vision insurance is often an optional addition to your health policy and helps cover the costs of regular vision exams and a percentage of the cost of corrective lenses.
Offering health insurance to your employees is the best way to demonstrate that you are committed to their well-being. In return, your employees will be loyal and productive in the workplace, without worry or fear about how to pay for medical necessities.
PTO and work-life benefits
Second to health insurance, many employees find the value of paid time off and work-life benefits to be of the greatest value. Vacation time, flexible work hours, and work-from-home options can give you an edge over companies that offer higher salaries but fewer benefits. As one of the largest segments of the workplace, parents place the greatest importance on work-life balance benefits, even over health insurance.
Paid time off is widely considered a very important aspect of job satisfaction. Vacation improved talent management outcomes including morale, wellness, retention, productivity, and performance. Sick time also encourages employees to stay home when they’re ill, preventing the spread of illness in the workplace and creating widespread absenteeism. Many employers offer differing types of paid time off: holidays, vacation days, sick days, personal days, and bereavement leave.
Paid time off, flexible work hours and work-from-home options give employees great work-life balance. By creating a more casual, flexible workplace culture, you can demonstrate to your employees that you are as concerned about the health of their personal life as you are about their work life.
Retirement savings benefits
By offering a 401k plan as party of your benefits package, you can stand out among your competitors. This additional benefit can go a long way in building loyalty and retaining your employees. Employees are typically less willing to give up jobs that offer great benefits, and a recent report found that nearly 40 percent of workers have reported that they would leave their current job for one that offers a 401k plan. Additionally, 401k plans are one of the top 5 benefits employees value more than a raise. Still on the fence about offering a 401k plan? Remember, it is likely to cost you more to recruitment, hire, and train a new employee than it will to match 401k plan contributions.
Wellness benefits can lead to healthier behavior and lasting lifestyle changes for employees. These changes can help employees achieve overall long-term health, reducing the likelihood of illness or injury. Fewer doctor visits, less medication, a reduction in heart disease related behaviors, and weight loss mean a reduction in health care costs and potentially lower quotes on group health care benefits plans. Another benefit of fewer illnesses is a reduction in employee absenteeism.
An additional benefit of wellness programs is increased productivity. When employees are engaged in programs that emphasize exercise and eating well, their brains are better able to focus on tasks and they feel more energized and motivated to complete work activities. Better concentration and higher energy means that you’ll get more output from your employees while also helping them to become better, healthier versions of themselves. According the Journal of Occupational and Environmental Medicine, companies recoup an average of $353 per employee in productivity per year after the implementation of workplace wellness programs.
Benefits and Sheakley
Offering the right benefits packages for your employees helps them stay healthier and plan long-term for retirement, while helping you build a more committed and productive workforce. Developing the right mix of benefits for your employees is easier than you think. Sheakley’s HR Outsourcing and PEO experts can help you identify the ideal combination benefits for your company and employees and manage the enrollment process for you as your business grows.
Schedule your free consultation with a Sheakley PEO professional today. Stay up-to-date on all things Sheakley by subscribing to our blog and following us on social media. Join in the discussion by commenting below.