When it comes to employee benefits, many business owners and managers believe they are only necessary to attract top talent—but this couldn't be further from the truth! While offering great employee benefits is one of the leading ways to convince the best of the best to join your team, they actually have a big impact on job satisfaction and company morale.
To have a meaningful impact on employee morale, it’s important to expand your perception of employee benefits. While Medical, Dental, and Vision insurance are the most common benefits offered by companies, there are many other ancillary benefits to consider: Disability, Life Insurance, Legal Shield, Pet Insurance, Retirement Plans, and COBRA, amongst others.
That said, given the competitive job market, companies need to think beyond traditional benefits. Other things that can set you apart may include creative Paid Time Off policies, flexible work locations, onsite office perks, employee recognition rewards, or other programs that make work more enjoyable.
So if you want to lower your turnover rate, offering a better, more customized benefits plan is a great way to keep your employees around for the long haul.
HOW DO BENEFITS IMPROVE EMPLOYEE MORALE?
Do you want to keep your employees happy and engaged? Here are five reasons why offering great employee benefits can be a winning strategy for your business.
1. Benefits can increase employee satisfaction and productivity
It's no secret that happy employees are more productive employees. When your team is satisfied with their benefits, they're more likely to be engaged in their work and committed to your company. In fact, a study by the Society for Human Resource Management found that nearly 60% of employees who were satisfied with their benefits were also satisfied with their jobs.
2. Benefits can improve employee retention rates
Offering top-notch benefits can also help you keep your employees around for longer. Another study by the Employee Benefit Research Institute found that nearly half of employees would leave their job for one that offered better benefits. Company morale also tends to be higher when employees are engaged in longer-lasting work relationships and aren't constantly required to take time out of their day to train new team members.
3. Benefits can help show your employees you care
When your employees are happy with their benefits, they're more likely to feel appreciated by management and have a positive attitude towards the company. Offering the benefits your employees want is a sign that you value your team and want to invest in their long-term well-being. This can lead to more trust, loyalty, and a greater sense of camaraderie among team members.
4. Benefits can help reduce employee stress and burnout
Offering employees a better benefits package can help take some of the financial burdens off their shoulders, leading to less stress in their day-to-day lives. This can in turn lead to fewer absences, more focus on work tasks, and increased productivity across the board. Employee burnout is a significant issue in the workplace, so anything you can do to reduce stress levels is sure to be appreciated by your team.
5. Benefits can promote better internal communication
When employees feel like they're being listened to and their needs are being met, they're more likely to open up about potential problems within the company. This promotes better communication and can help avoid issues before they become major concerns. By showing you're committed to supporting your employees—both professionally and personally—you can help create a more positive work environment for everyone.
HOW TO BUILD THE RIGHT BENEFIT PACKAGE
How do you find the right benefits options for your company? You can start by checking out our recent guide on the 5 Factors to Consider When Designing Benefits Plans Your Employees Actually Want]. If you still have questions, we encourage you to [contact one of our employee benefits experts. We would be happy to answer any questions you may have.
At Christensen group, we'll help you design a plan that works best for your entire team, and then actually help you implement it. Throughout our work together, we’ll continue to bring strategic planning, wellness programs, and innovative project management tools to the equation, so you can stay leaps ahead in the talent game.