Have you ever thought if the employee benefits are worth the cost and administrative tasks? And are these benefits really important to employees?
The answer to these questions is a big YES!
According to a research, 79% of the employees would rather have additional benefits than an increase in their salary. Of course good salary is important, but those extra benefits are equally important.
A 2-year survey conducted by GlassDoor on 50,000 companies says that 57% of the job seekers considered benefits and perks as one of their top considerations when going for a new job.
Although additional perks aren’t among the top factors that keep talent over time or are just desirable for the employees, they can improve your business as well. How? Keep scrolling…
1. Increased productivity and focus-
Your employees might be worried about the things going on in their personal lives like taking care of the finances, illness, and childcare. These things will, of course, negatively impact their focus on the work which in turn will decrease their productivity.
To back this statement up, there’s a survey that found out that 23% and 58% of the employees are less productive at work because of the financial worries and have lost sleep due to worrying about adequate childcare, respectively. This means that your worried, sleepy employees will lack focus on their work.
To relieve the stress of the employees, an employer can voluntarily offer some retirement savings plan, health insurance, wellness programs and childcare assistance. When employees are able to take care of these issues beyond work, they can be more present at work.
2. Decreased absenteeism-
Employee absenteeism is a considerable problem in American workplaces. According to the CDC Foundation, employers lose an estimated $225.8 billion in productivity losses each year due to absenteeism.
Employers can incorporate wellness programs to encourage the employees to be healthy because people with unhealthy lifestyle tend to be sick more often. A program that promotes health and wellness can prevent illness and other conditions like depression and anxiety.
3. Increased loyalty-
Employees automatically become loyal to your business when you offer them additional perks. A research says that 60% of the employees said that having extra benefits package is extremely or very important to their employer loyalty.
If you want your employees to continue working for you, you must provide them at least the basic benefits like flexible work arrangements and more.
4. Improved recruiting-
Providing benefits improves the ability to attract candidates and hire new employees.
According to EBRI, 78% of people said that the employee benefits package is very or extremely important in their decision to accept or reject a job.
It’s extremely true that it might be too expensive for small business owners to provide additional perks like health insurance, etc. to their employees. But there are many low cost benefits an employer/business owner can provide to his employees-
- Free snacks
- Commuter benefits to help people pay for their transportation
- Work-from-home and flexi-time
- Vacation time
- Casual dressing
- Rewards like bonuses, etc.
There are plenty of other options to consider that don’t cost a penny. Pay your employees well but don’t forget to reward them too.
If you keep the above-mentioned points into consideration, you can transform your workplace into a happier, healthier and more productive place to work!