When you accept a new job, chances are you chose the job because of the type of work you are going to be doing. If you are an ideal candidate, it is very possible you have multiple job offers on the table. When that happens, money is usually comparable but the one thing that helps seal the deal is employee benefits.
Employee benefits are essential to having happy, healthy workers. As an employer, offering benefits does not have to be a difficult thing. There are many PEO companies that can handle the whole benefit process for you. Digital Exits has a list of the best companies to work with and the benefits they provide.
So why is providing benefits to your employees so important? Let’s look at the top four reasons.
Increases Appeal to Prospective Employees
Like mentioned earlier, if you are choosing between two like-jobs, taking the one that offers benefits is a no-brainer. For anyone who is figuring out compensation, accounting for the cost of benefits is a major player in the numbers of how a job will work out for you. Even if a prospective employer offers a higher salary, it likely won’t cover the costs that an employee will pay for their own health coverage and other benefits.
In the same way that offering benefits attract prospective applicants, it also minimizes turnover within your current staff. There will always be jobs available and usually for salaries that are similar in the same field. If an employee sees a job with a similar corporation that offers similar pay but includes benefits, they are likely to leave your company to go with the competition, even if they were happy with you. Yes, even happy employees leave for the right reasons.
Not only is it frustrating to lose good employees, but the search costs and training costs of constantly hiring new employees is going to be far greater than offering benefits to the employees who are already working hard for you.
Healthier Employees = Better Job Performance
No one is productive and at their best when they are not feeling well. An occasional cold can mean one day of unproductive work, but what happens when an employee has been feeling sick for quite some time but doesn’t have the financial means to go to the doctor because of lack of insurance or days off? It can mean weeks of unproductive days for the employee and the company.
It is miserable to feel sick at work and sometimes all that is needed is a day of rest or a quick trip to the doctor for some medication. Without having sick time to handle these things, employees are more likely to come to work sick. Not only will their day be unproductive, but they have the ability to spread their illness around the office, infecting other employees and causing a chain reaction. Having the ability to take the day off while still being paid or to see a doctor for only a copay could truly make the difference in the monthly finances.
Next to being healthy, increasing morale is the most important reason to offer your employees benefits. A happy employee is going to work a lot harder than a miserable one. The old saying misery loves company is all too true in the workplace, and one disgruntled employee can ruin the morale for a whole group.
When employees are offered benefits like health insurance, paid time off, and 401Ks, they feel they are valued and an asset to the company, not easily replaceable. You want your employees to be happy. They are the face of your company. Additionally, if you want to recruit and attract new employees, having happy current employees can be the reason a candidate chooses to accept a job offer. If they see everyone sick and unhappy, they likely won’t want to commit to work in a place that may seem depressing.
Offering employee benefits does not have to be difficult and is not a one-size-fits-all option for every company. Maybe you can’t add a 2% 401K match to your benefits package, but you can pay holidays and a few days of PTO each year. Even seemingly small benefit packages are better than nothing.
If offering benefits means bringing on more staff that you aren’t sure you can afford to manage them, hiring a PEO to take care of that step can alleviate that problem. With so many PEO companies out there, there is sure to be one that fits your needs and your budget and that can handle the entire process for you.
It is more than worth whatever needs to be done to offer a benefits package to your employees.