We live in a world that’s built on fierce competition. As employers, we are constantly fighting to obtain and keep the talent that walks through our doors. Many companies struggle with employee retention, and the question is why? Why does that happen?
The answer is simple – employee benefits. It’s not something many businesses think about, but if you want to keep your staff clocking in every morning, you need to give them some incentive. You need to show them that you actually value the time and work they put in.
What are Employee Benefits?
Let’s take a look at what we mean by employee benefits. When you hire a new employee, you are giving them access to a selection of benefits that have been designed to give them peace of mind and make life a little easier on them.
Most commonly, these are things like private medical insurance as well as mental health support and decent sick pay if they need to be off work for an extended period of time. These features might seem quite basic, but they can mean a great deal to your staff.
How Important are Employee Benefits?
Well, the thing is, employee benefits can have a massive impact on the way your staff work and function every day. You’ll likely notice an increase in morale compared to when there were none, and the peace of mind it offers helps to improve focus, so they aren’t distracted by their health.
This, in turn, boosts productivity which creates more profit for the company. You’ll find staff are absent less often and show up for work more, but also show up with a smile on their face and feeling good about where they work.
The atmosphere will change, staff will engage with each other more and you will likely notice that they start to bond. All those companies that feel like family? That could be you when you implement employee benefits.
What About Employee Retention?
This is a pretty big one. You’ll find that staff are more likely to stick around when they have employee benefits backing them up. Retention will soar, fewer people will leave, and you will find yourself with a loyal and solid workforce that actually wants to be there working.
Why Do Employee Benefits Have This Impact?
It all comes down to respect and appreciation. One of the worst concepts of the modern age is that you should never expect someone to be thankful for the work you do. You should. Your employees work hard, and they deserve to be appreciated for it.
Employee benefits show them that you feel this way, that you want to reward their work with something that offers them peace of mind and gives them the motivation they need to better their work. It shows them that you respect them and see them as a fellow human being.
Your staff aren’t robots, they need to feel as though they are being noticed and that their hard work isn’t being glossed over. That’s what benefits do – they make people feel seen.
How important are the employee benefits you offer? Extremely. They can make or break you, especially in terms of employee retention, productivity, and the overall atmosphere at work. Select the benefits that are right for you and your company, ask your staff what they would like to see in a benefit package, and really work with them to build a better company.