Competition for competent and highly qualified employees hit an all-time high after the pandemic, fueled by the Great Resignation. It has become increasingly apparent that companies must fashion new ways to attract and retain their best employees. One way of achieving this still rings true to date—offer best employee benefits packages. Comprehensive employee benefits can significantly improve employee conduct, boosting your company’s bottom line.
These are the main reasons why your company should offer comprehensive employee benefits.
1. Reduce Employee Turnover Rates
High employee turnover rates can be costly and detrimental to your company. According to a Pew Research Center survey, 43% of employees who quit their workplaces in 2021 cited low or no benefits as a factor in their decision.
Offering the best employee benefits provides a sense of belonging to employees and job security. After all, no company provides benefits unless they value that employee.
Even if you cannot match industry-leading salaries, providing additional benefits will attract top talent and help with worker retention. A survey claims 80% of respondents would rather have additional benefits than a pay rise.
2. Attract the Most Talented Employees
Today, the employee benefits package is one of the most crucial factors job candidates consider when looking for a new company.
A complete benefits package including paid time off, retirement plans, health insurance, professional development opportunities, and other desirable perks is more likely to attract potential employees to your business.
According to a Statista survey, 84% of respondents would choose a job over another if it provides a better salary, benefits, or financial incentives. If your company can attract a bigger pool of highly qualified people, you have a better chance of finding the perfect fit for your team.
3. Keep a Healthy Workforce by Offering the Best Employee Benefits
Businesses prioritizing the satisfaction and well-being of their employees will likely have a competitive edge in the marketplace.
88% of job candidates check health, dental, and vision coverage when considering potential employers. Wellness initiatives, health insurance, or gym memberships help workers access essential medical attention and maintain a healthy lifestyle.
Prioritizing employee health helps reduce absenteeism and presenteeism (staff is present physically but not at full productivity). A healthier workforce reduces healthcare expenses, increases productivity, and enhances overall performance, which boosts your bottom line.
4. Work-life Balance
Maintaining a healthy work-life balance is becoming increasingly crucial to today’s working population. A PR Newswire survey found 80% of workers would choose a job offering flexible working over the other.
Benefits such as paid time off, vacation days, or flexible hours can help your employees strike a better work-life balance. These benefits help reduce stress, fatigue, and burnout, meaning employees will likely be more productive.
The perks also allow employees to spend quality time with their family and friends, leading to happier and more fulfilled personal lives.
5. Offering the Best Employee Benefits Improves a Company’s Reputation
In today’s socially connected world, a strong employer brand can significantly impact your company’s success by attracting top talent and fostering lasting connections with customers and partners.
When you offer best employee benefits, you can get a reputation as an employer who values employees.
Satisfied employees can become your company’s brand advocates as they share their experiences with friends, family, and professional networks, which can help attract even more highly qualified personnel.
A strong employer brand can also attract customers and clients who share the company’s core values and culture.
In today’s competitive job market, you need to offer best employee benefits package to attract and retain the best employees.
Providing comprehensive benefits fosters a culture of supporting workers’ development, health, and satisfaction. Ultimately, offering the best employee perks benefits both the company and the employees.