A lot of business owners neglect their benefit programs and get surprised when their employees leave for greener pastures. But they shouldn’t be since benefits are one of the first things people look at when they’re searching for a position. No matter what industry you’re in, you have to offer benefits packages that are on par with the competition and try to go above and beyond to offer the best package that you can afford. Here are a few reasons why giving your employees good benefits is essential.
Attract Top Talent
Your benefits package will do the talking for you when you’re recruiting. If the job looks perfect and you offer a great benefits package on top of it, you can expect a lot of top employees to choose you over the competition. That will give you a great advantage and could help you increase your production and offer a much better product or service from other people in your sector without having to make any significant changes.
Increase Retention Rates
Companies that have a good benefits package in place can expect to see higher retention rates. One survey found that 78% of employees would be more likely to stay with a company if it offers a good benefits package.
So, if this is something you’ve been neglecting in your organization and feel like your retention rates might be suffering for that reason, then you need to start looking at different benefits solutions right now. You should also make it easier for your employees to access their benefits. There are different providers, and you can compare WEX benefits with other providers that offer OTC cards employees can use to make purchases at a discount, so look at how different solutions compare and pick the best one for your organization.
It Can Encourage Good Behavior
Speaking of OTC cards, did you know that you could offer discounts to your employees for making sound purchases? You could encourage them to adopt healthy habits by offering them discounts on things like healthy food and fitness memberships. This will allow you to get a much healthier and higher performing team and increase your productivity.
Not only that, but a good benefits package could reduce absenteeism caused by health complications. If your employees can’t afford dental work, for instance, then they could let things deteriorate until the issue becomes serious and they have to spend days or even weeks recovering. This is not something you would have to worry about if you gave them dental benefits.
So, look at what your employees’ most pressing needs are, and make sure that you offer a benefits package that will benefit them and their families.
These are all reasons why having a solid benefits plan in your organization should be a priority. You will end up with a much happier workforce and they’ll be much more loyal to you.