All businesses are bound by law to provide at least the legal minimum of employee benefits. What qualifies as the legal minimum varies by state and your company's size. Regardless of the legal minimum for your company, however, it makes good business sense to offer employee benefits beyond the basics.
Why Offer More Than is Required?
As a business, would you rather hire someone who will do only the bare minimum or someone who is willing to go above and beyond? The answer is obvious. If you want your employees to do more than the minimum, you should be prepared to do the same.
Employee satisfaction has a massive impact on your company’s bottom line. When employees feel valued, they tend to be more productive and loyal. A competitive benefits package shows that you value your employees because it improves their lives beyond the desk.
Why Offer Health Benefits?
Employer-offered insurance is a necessity for most families. Worrying about what to do if you or a family member gets sick is incredibly stressful. This stress can impact performance and morale. Additionally, people with health insurance are more likely to receive preventive care which translates to needing fewer sick days.
Dental, vision and behavioral health benefits can have a big influence on your employee's way of life. The cost of contact lenses, glasses and dental care without insurance is significant. Yet, these benefits are nowhere near as expensive for a company to provide as medical insurance. The payoff in employee satisfaction is usually worth it.
Why Offer Paid Time Off?
Paid sick leave allows employees to stay home without losing pay when they are ill. Employees who are feeling under the weather are not going to perform well and may expose your whole office to a contagious bug. On top of that, studies show that when employers begin to offer paid sick time, they see an increase in productivity and employee morale.
Vacation, personal leave and paid holidays comprise paid-time-off options that are unrelated to physical health. Studies have shown that taking a vacation can improve health, increase productivity and morale, and boost employee retention. Everyone needs time to rest and rejuvenate. Taking a vacation also gives your employees a chance to remember why they are working. Whether it’s to be able to travel or spend time with loved ones, everyone is working for a reason. When people have a chance to reconnect with their reason, they come back revitalized and recommitted.
Why Offer Retirement Packages?
More Americans are saving for their retirements using 401(k) plans than in years past. As a result, potential employees are looking more closely at the retirement-plan options available in their benefits package. While retirement plans are especially important for employees with years of experience simply because they are older, younger workers are paying attention too. A strong retirement benefit encourages younger employees to seek advancement opportunities within the company rather than looking outside for a better position.
Employee satisfaction strongly influences every company's bottom line. High employee morale correlates with increased productivity, reduced attrition and increased long-term employee retention. A robust benefits package that includes health insurance, paid time off and retirement options can improve the performance and satisfaction of your current employees while simultaneously attracting top talent to your company. A competitive benefits package is a win-win for employees and employers.
At Employer Flexible, we understand how important your employees are to you. It's why our teams of credentialed HR experts are here to proactively touch base with you just to check in — and it's why we're always available by email and phone, even after business hours. We're here to help you identify the right strategic opportunities — and handle the day-to-day HR issues that impact your organization the most. Contact us today to learn more about how we can support you and your employees.