What are you currently doing to show your employees that you care about them both inside and outside of the workplace? One easy way to do this is by offering your team members a robust employee benefits package. The days of providing just a salary alone are long gone. In today’s world, in order to attract the most talented employees and stand out from the crowd you have to go the extra mile by supporting your staff in all aspects of their lives. This includes their mental health, physical health, and finances, from now and in 30 years when they’re retired. But, why are employee benefits so important to employees?
We all want to be the boss that everyone is proud to work for, and it’s simpler than you think to do so. In this blog, we’ll explore the top reasons why employees appreciate a well-rounded benefits package and how their lives can be majorly impacted by implementing one.
What Are Employee Benefits
Before understanding why employee benefits are important to employees, you first need to know what they are. When thinking about employee benefits, your mind probably goes to health insurance and maybe a 401(k) retirement plan. Well, you’re on the right track! While these are examples of two of the most commonly offered and important team benefits, there are so many more that can add value to your employees’ lives. Other benefits include:
- Life and Disability Insurance
- Paid time off (PTO)
- Wellness Programs
- Employee Assistance Program (EAPs)
- Flexible Work Arrangements
- Education and Professional Development Programs
- Child Care Assistance, and more
Benefits like these shouldn’t be viewed as added bonuses, but instead as a pivotal portion of your employee’s overall compensation. They provide extra support and security beyond the confines of the physical work environment. Now let’s dive into some of the specific ways a robust benefits package can support your workforce.
5 Ways Employee Benefits Can Support Your Team
#1 Provides Financial Security
Employee benefits are important to employees because they have a direct impact on individuals financial security. Health insurance is oftentimes the foundation of a benefits package, safeguarding employees from costly out-of-pocket medical bills. With healthcare expenses always on the rise, having employer-sponsored insurance gives employees peace of mind that they will be able to afford medical care when needed.
Other benefits that impact team members’ financial health include retirement plans, pensions and life insurance. All of these help to provide long-term financial stability and planning. For example, a 401(k) retirement plan allows employees to save for the future by providing matching contributions from the company. This enables employees to grow their funds much faster over time.
On the other hand, life insurance focuses on providing security for families in the event of an unforeseen tragedy. All in all, there are a variety of ways beyond a salary that you can help your team feel financially secure for now and into the future.
#2 Enhances Mental and Physical Health
Employee benefits play an important role in supporting both physical and mental health. Employees with health insurance are more likely to seek preventative care, such as annual exams, screenings, and vaccines, lowering their chance of developing more significant health problems in the future.
Additionally, offering wellness programs gives employees access to things like gyms, nutrition courses, smoking cessation programs and much more. Having a proactive approach to health tends to keep employees fit and healthy, which improves their entire quality of life.
Aside from physical health, many modern employee benefit packages include mental health care, like access to counseling services and therapy. As mental health becomes more widely acknowledged in the workplace, providing these perks can help reduce stress and prevent burnout. A healthy employee, both physically and mentally, is more productive, benefiting both the employee and the organization.
#3 Boosts Employee Retention and Satisfaction
Having a comprehensive benefits package is directly linked to overall workplace satisfaction and loyalty. According to Forbes, “60% of employees said employee benefits were extremely or very important when considering whether to stay with their current employer.”
It’s pretty simple when you think about it. If an employee feels valued and taken care of, they are more likely to stay with an organization for the long-term. By offering health insurance, retirement options, and other added benefits, you can create long standing loyalty, while providing team members with a greater sense of belonging.
Additionally, employees that are satisfied with their jobs are more engaged and productive. In general, happy employees are known to go above and beyond, which contributes to a great work environment. Not to mention that this enthusiasm often rubs off on new hires, creating a cycle of positivity in the workplace. Furthermore, when employees believe their employer is looking out for their best interests, they are much more likely to stay, and perform to the best of their ability.
#4 Provides a Healthy Work-Life Balance
It’s crucial that employees understand the importance of their on-the-job duties, while also not getting too burnt out. Having a diverse range of employee benefits helps to make sure that your team members have a healthy work-life balance. Benefits like paid time off, parental leave, and flexible work arrangements help employees manage their personal and professional lives with greater efficiency. Flexible schedules, for example, allow employees to care for children, run personal errands, or simply take time off to recover.
Having this healthy balance also makes a major impact in terms of production. Employees who are given the flexibility to balance their work and home lives are more likely to be satisfied with their jobs and perform better at work. In short, providing benefits that promote work-life balance leads to happier employees, while also increasing overall productivity.
#5 Provides Career Development and Growth Opportunities
Employees can also benefit from employer-sponsored perks when it comes to their careers. Many businesses go above and beyond in their offerings by providing educational opportunities. This could include tuition reimbursement, development courses, certification programs, or access to educational seminars and conferences.
By providing professional development opportunities, you’re in turn investing in your employees’ long-term success. This fosters a sense of appreciation and loyalty among workers, while also benefiting you since they are learning new skills that can be applied in their day-to-day tasks. All in all, employees are more inclined to stick around when they know their employer is investing in their future.
In Conclusion
Employee benefits are much more than just added perks. They are vital resources that support employees job satisfaction, career advancement, physical and mental well-being and financial stability. Offering a competitive benefits package also provides many upsides for you as an employer including the acquisition of top-tier talent, less employee turnover, and a more productive team. While offering a variety of benefits will require an investment, don’t think of it in terms of dollars and cents. Instead, think about the impact you could have on your employees’ lives today, and for years to come.
Are you ready to offer your team the benefits that they deserve? If you are, visit Group-Health-Quotes.com! We offer customizable employee benefits packages that can make your company stand out in an oversaturated job market. So what are you waiting for? Just enter your zip code, or call us directly at 888-571-0291 to get your free quote.
