3 Reasons to Offer Benefits to your Employees
Hiring a new employee can be expensive, not just because of their pay, but because of the benefits you may offer. For some small businesses, the costs associated with offering employee perks, like health insurance or paid time off, can appear to outweigh the benefits. As we mentioned in a previous blog, employees are an investment, and the more you invest in them, the more they can help your business grow. Here are just a few reasons to offer benefits to your employees.
1) Increase job satisfaction
According to a 2016 study, nearly 60% of workers who were extremely satisfied with their benefits were in turn satisfied with their job overall. Employees who are satisfied with their jobs are more likely to stay with the company and have a higher work ethic than those who are unsatisfied. It’s pretty simple: by offering good benefits, your workers will be more excited to work for your company.
2) Create a healthier workplace.
Offering benefits can also improve the health of your workplace. If you offer some type of health plan (see our blog about HIP Nation!), your workers will be more likely to get annual checkups, stay on top of preventative care, and go see a doctor when they’re not feeling well. All of which fosters a healthier workforce. And a healthy workforce is a happy one.
3) Attract top talent
To remain competitive, it’s important to offer benefits. Top talent ends up at big companies because of the benefits, but you can’t beat working at a small, close-knit business! If you can offer a competitive benefits package, you’ll be able to attract more people to your company.
Additionally, salary isn’t enough anymore. If you look at what’s happening across the country right now, with so many workers leaving their jobs and going on strike, you’ll notice a common theme: they aren’t receiving proper benefits. Times are changing, and as small business owners, we must change with them. It’s time to get creative! If you’re unable to provide a higher wage, for example, create a policy that allows no-questions-asked “mental health days” for workers to take off so that they can rest and recharge as needed.
By law, you’re not required to offer benefits such as health insurance or retirement plans. However, by providing employee benefits (whatever you can offer!), you’ll be creating a more satisfying workplace, and you will see the return on your investment.
If you have questions regarding employee benefits, feel free to give us a call!
-Stanley & Kelly