Your employees are a valuable asset for your business. But much like any asset, its value will depend on how well you care for it over the years. Still, caring for your employees means much more than just making sure they have a steady paycheck.
More companies are starting to realize the importance that comprehensive benefits packages have when caring for their employee’s well-being in and out of the workplace. This component of an employee’s total compensation package can actually mean much more than some employers even recognize and even have a significant positive impact on the company’s bottom line.
Let’s look at a few ways that your benefits offerings can play a role in keeping your employees happier, healthier and more engaged in their work.
Better Productivity Levels
While all businesses are interested in helping to maximize their business output, one of the most effective ways to increase productivity is to put more focus on employee well-being. The more comfortable employees are day-to-day, the more naturally they feel eager to support the company they work with.
Offering employee benefits can directly support this initiative in various ways, including:
- Reduced stress when being given generous time off or access to EAP (Employee Assistance Programs).
- Improved physical health when provided with comprehensive health insurance coverage.
- Increased energy levels and improved focus thanks to flexible scheduling options and better work-life balance.
When you’re able to have a team working for you that is well-rested, in good health, and feels like their employer regularly supports them, it becomes a win-win for everyone. This creates a much more positive atmosphere that helps employees to thrive and maximizes business output.
Increased Employee Engagement and Retention
An important factor of a business’s long-term success is its ability to not only acquire great talent but to retain those employees over time. The other thing to consider is that even if you have great employees working for the business, the value you’re able to get from them requires action on the part of the business and shouldn’t be considered a one-way street.
Well-designed benefits packages can help with this effort and are one of the ways businesses can achieve better employee engagement and improved loyalty. While a competitive salary on its own can be a great way to keep employees motivated in the short term, working for an employer with benefits can provide much more long-term physical and financial security for employees and their families.
It’s also important to consider the impact that providing employee benefits can have on the company culture as a whole. While as a business grows, it can be hard to please everyone, providing additional company perks helps to avoid toxic attitudes from forming, which can be detrimental to helping the business maximize its talent retention rates.
Reduced Healthcare Costs and Absenteeism
When you take the time to invest in your employees’ physical and mental well-being, it can actually lead to significant cost savings for the business. For example, by incorporating benefits that promote and support healthier lifestyles and preventative care, employees’ overall healthcare costs are often reduced and help to minimize the number of days they’re sick and absent from work throughout the year.
When employees have access to resources like wellness programs, mental health services, or health insurance plans that emphasize preventive care, they’re much more likely to live healthier lives and minimize the development of serious medical conditions. Also, by reducing absenteeism, healthcare benefits not only save money but also ensure that projects stay on track and productivity remains high.
Long-Term Financial Security
While everyone wants to really enjoy what they do for a living, being able to support themselves and their family adequately is a primary concern for most employees. Providing a competitive salary can help with this, but pairing it with a comprehensive benefits package can go even further by providing employees with the financial security they need to feel satisfied in their roles.
Providing benefits like 401(k) retirement plans, life insurance coverage, or employee stock ownership plans (ESOPs) confirms to employees that the company views their potential tenure as long-term. Knowing that an organization doesn’t view them as a “temporary staffing solution” can be a powerful contributor to an employee’s overall well-being and give them a more positive outlook on their employer.
More Positive Working Environment
Creating a positive working environment is critical when trying to improve your employee’s overall enjoyment when helping to support the business. If your employees feel happy and supported while they’re at work, they are more likely to be more active in their engagement levels with managers and their teams.
Prioritizing employee well-being through benefits offerings can be a key factor in creating this type of atmosphere. Some of the ways you can encourage more positive employee engagement include:
- Encouraging open and honest communication between employees and management. This creates a sense of trust and transparency, allowing employees to feel comfortable sharing their ideas and concerns.
- Regularly acknowledge and appreciate employees’ contributions. This can be done by creating organized company recognition or reward programs while looking for more opportunities to provide verbal praise or small gestures of gratitude.
- Promoting a healthy work-life balance. This can be done by offering flexible work arrangements, generous time off, and encouraging employees to take more breaks throughout the day.
Attract More Talent While Creating a Thriving Company Culture
Investing in your employee’s well-being isn’t just the right thing to do – it is also a smart business strategy. By incorporating the right benefits offerings into your employee’s compensation packages, you’ll actively be creating a more positive workplace culture that helps to support a happier, healthier, and more successful workforce.
