Someone invites you to a party. You attend. The food is great. They got a live band to perform. You met lots of interesting people. Then, it's time to leave. You realize somewhere along the way, your host has quietly left to go to bed. You feel bad about it, but you slip out without saying goodbye.
Things were great, yes, but the least they could have done was tell everyone to thank you for attending, you'd think. After all, if no one showed up, there'd have been no party.
Having a job without giving benefits is a bit like the host leaving the party without saying thank you. As an employer, you may think the salary is great, employees work in enviable conditions, what could be wrong? The answer is plenty.
Providing health and other benefits is one of the best ways to show respect for your employees' contributions to your company [and increase engagement in your company]. Here are four reasons why you should provide those benefits.
Getting and retaining top talent is tough. Because the best talent contributes so much to the bottom line, the best ones have their pick of employers.
Who do they pick? They pick the ones with the best benefits packages. There is something of a generational shift happening where workers are more interested in their quality of life when they take a job.
Nothing enhances the quality of life at a workplace like a generous benefits package. If your company has a poor quality of life, as reflected by your compensation package, you won't attract the best workers.
To improve this, you won't even have to break the bank by trying to compete with the top companies. Just keep an eye on what your competitors are offering since these are the companies with which you'll be competing for talent.
Ask your current employees what they think would make a great benefits package. Often they have a much better sense of what someone thinking about joining the company would want. Additionally, review your benefits package every few years to see if it continues to be competitive.
If you don't have any benefits beyond what is legally required, it sends a particular message to your employees: that you are not prepared to go beyond the bare minimum for them. They may begin asking themselves, why should they do anything but the bare minimum for you?
For your benefits package to really appeal to them you should have items like:
These are just some ideas. There are others that are really unorthodox, so get creative to show you care. Health insurance benefits are especially important. To help you find the best insurance company, Google is always a friend. You can look up and compare rates to see what might be best for you and your employees.
As a business owner, you'll also be happy to find out that some well-thought-out benefits that align with what your workers actually want may help you and your company save money in the long run. You can show them you care and reap rewards from it as well.
You demand a lot from your employees. With COVID-19, you're probably asking more of them than usual. For the last year and a half, they've been working from their own homes and all the inconvenience that entails. And that is if they've retained full-time jobs. Many employers have put their staff on half salaries and reduced hours.
From the employees' point of view, knowing that their dental or medical insurance is covered by the company is one less thing to worry about. Knowing that when they are tired, they can access generous vacation and leave benefits does a lot to comfort them. As a result, they are much happier at your company.
Employees understand that many companies do not offer these benefits and their gratitude often prompts them to be more productive.
Believe it or not, your compensation package is what often stops your employees from leaving your company. They may have had better salary offers at other companies, but those companies could not match your unique formulation of benefits.
It's expensive to hire and train staff. It's even more expensive to have them leave and have to rehire. Examine your benefits package and see if this may not be a reason your staff keeps leaving.
Comments
No comments on this item Please log in to comment by clicking here