One of the most important aspects to running a good business is keeping your employees happy. After all, businesses are made of people, and you won’t be able to get far at all without maintaining morale and incentivising employee productivity. So, how do you go about this? There are many answers to this, but one of the most immediately effective is through employee benefits. Go past the legal requirements, and you’ll see a whole range of advantages opening up to you. Here are a few reasons why you should furnish your company culture with employee benefits.
The first, and most obvious advantage to implementing employee benefits is that it will increase the appeal of working for your company. When you bring in a significant amount of skilled, dedicated employees, you’ll have a strong foundation for pretty much everything your company does. In order to make the recruitment drives easier on yourself, it helps a lot to have some tangible and attractive benefits, which they won’t be able to get at your closest competitors. Your capital’s probably tight, and offering the bare minimum in the way of benefits probably seems like the most financially sound decision to make. However, if you go above and beyond this, with a lot of paid holiday and a good retirement plan, you’ll attract new, valuable talent in droves. Health plans like this: http://www.healthassured.org/ can also be a big help in attracting the best employees the pool has to offer. When you offer up a decent amount of benefits, it also shows the confidence you and your management have in the whole venture. Without that, why would you invest in your personnel?
Having an attractive benefit system will also help you to grind down a bad turnover rate. If your staff are coming and going at a high rate, you’ll find it very hard to drive the business towards any serious progress. Every business needs a set, veteran team who know the company like the back of their hand. When your turnover rate is through the roof, this will be incredibly hard to establish. Setting some generous employee benefits will help to keep a lot of great workers on when they otherwise would have left. You can read more on employment turnover at http://www.globoforce.com/ . When you’re investing significantly in your employees, you’ll also show them that you value their performance at the company, and that you have their best interests at heart. All these values together will help you to raise a team of true professionals, who will want to stay with your company for years.
The previous two points I listed both have a common thread; they’re closely tied to your employee’s morale. Having a good benefits system ingrained in your company, you’ll give your employee morale an immediate and measurable boost. Let’s face it, work is tough. Even if you’ve managed to get a job that’s intimately linked with your dream career, obeying the bark of the alarm clock is still a minor struggle for most of us. The fact that you need to put in hard work isn’t usually enough to completely decimate employee morale. However, when you’re making it one of your priorities, everything about the work your staff are doing will improve. They’ll be able to see that you’re understanding and addressing all their needs, and this will motivate them to take their individual jobs more seriously. You’re giving them what they need, so why wouldn’t they put in as well? This, in turn, will make the workforce more engaged with their tasks, and more productive overall. Try and think of the laziest you’ve been in your entire life. What else was going on at the time? It’s not difficult to see that a bad mood can be a massive hindrance on productivity and quality of work.
Offering employee benefits will maintain mood in another way; keeping your employees healthy. Assuming that you’re going to include some kind of health plan, dental plan and a given amount of sick leave, you’ll really be helping to keep up your employee’s health. Sick leave will ensure that contagious things don’t make their rounds of the office, and will give your staff more time to recover from their illnesses. Again, this has a very close tie to your general workforce morale. If you’ve ever been in a position where you’ve called in sick, but have had to go into work anyway, you’ll know that it’s not pleasant. Even when we have the best boss in the world, we can end up resenting them and the company as a whole! Furthermore, with some good medical insurance, your employees will be more likely to have regular visits to the doctor, and will therefore take less time off sick. Ab healthy workforce has all kinds of advantages, so don’t cheat yourself out of one!
Some employee benefits will even lead to savings, for both you and your employees. I’m not just talking about the improved performance here. It’s possible to introduce benefits which the employee sacrifices a part of their salary for, for example vouchers for childcare and extra annual leave. In these kinds of models, your employees will save by not having to pay so much towards their national insurance contributions. This, in turn, will affect the company’s bottom line. Perhaps you’ve been shuffling uncomfortably reading this list, thinking that offering all these benefits will lead to a significant cost, which will ultimately harm your business. In a lot of cases, this is extremely far from the truth! However, if you draft your benefits package the right way, you can generate a massive amount of savings for both you and your employees.
In summary, although employee benefits may seem a little expensive, there are more than enough advantages to make the investment worthwhile. Do some research today to find a plan that suits your needs and budget. Once you implement benefits at your company, you’ll notice an immediate improvement in your whole workforce’s attitude to their work.