5 Ways how Employee Benefits help your company

5 Ways How Employee Benefit helps Your Company

Employee benefits are specially implemented to promote employee satisfaction and well-being. This is usually done through benefits ranging from flexible working hours and child care support which includes beneficiary-like dental care and pension schemes. Company perks are an extra incentive provided by employers to attract and retain employees, leading to improved well-being and staff engagement across an organization. However, these extra benefits are used as a retaining measure or a ‘goodwill gesture’ to motivate and encourage employees to continue their work at that organization.

We need to understand that employee benefits are not only beneficial for employees, but also employers. When an organization provides company benefits, employers can recruit and retain the best employees, boost morale, and improve company culture and benefit from a more productive workforce. According to a survey, 79% of employees would rather have new and additional benefits available instead of a pay increase. As a good wage is important, so are benefits. By adding employee benefits to an organization, it can increase loyalty, focus and productivity, attendance, and optimize recruiting efforts.

Key Advantages of Providing Employee Benefits
Standing Out from Your Competitors

We need to understand that employee benefits are not only beneficial for employees, but also employers. When an organization provides company benefits, employers can recruit and retain the best employees, boost morale, and improve company culture and benefit from a more productive workforce. According to a survey, 79% of employees would rather have new and additional benefits available instead of a pay increase. As a good wage is important, so are benefits. By adding employee benefits to an organization, it can increase loyalty, focus and productivity, attendance, and optimize recruiting efforts.

If you can save employees money and make their pay increase, you’re on to a win-win situation. Childcare schemes & Employee Healthcare Insurance are often the most popular and commuting schemes can cut costs for employees drastically. Many employees make savings on their weekly shop with employee benefits which can lead to

big savings in the long run and will hence be focused to work in a desirable and beneficial path. With Organizations coming up with varied range of benefits, for instance – checkups, fitness, etc, the idea of their transition is to seed-in the focus and shift the tilt towards wellness, fitness and gamification.

Employees can save on loads as there are tons of different benefits and schemes available to keep them task-oriented. With newer and better attractive benefits and compensation features, employees are synergized towards towing them as a balance to find their dream Organization. Its surely a competitive edge!

Employee Benefits acting as Deciding Factor

To support this statement, benefits like commuting loans can provide options for candidates. A very potential recruit could have doubts about their commuting cost or ease of commuting to and from work and offering them an alternative option could be a deciding factor and will work in their favor. Some key finds to note from a close-called survey:

  • 32% of employers improved overall benefits to employees in 2017
  • 24% improved wellness benefits
  • 14% boosted flexible working benefits

The same can be said for popular schemes like childcare and bike to work schemes. Particularly knowing the fact, the savings which people can make through childcare schemes, if a potential recruit sees how much he/she could save then that will turn out to be a deciding factor. A bike to work scheme offers employees savings they wouldn’t find anywhere else and again could be a key factor in someone’s decision to join the company.

A comprehensive employee benefits package offers a competitive advantage for employers looking to build a talented team of employees. It can be the key factor for talented recruits choosing you over a competitor which is what you want at the end to gain goodwill.

Defining the need for employee benefits is crucial.

The purpose of employee benefits is to improve an employee’s life, not only within the confinement of the work vertices but beyond his work areas. The companies are beginning to understand that an employee’s joy outside the office has a direct correlation to their performance at work. By removing some stress and offering solutions to employees’ pain points, companies benefit due to more committed and focused employees.

This also helps foster a long-term relationship with employees who feel that their company is ensuring good care, and in return, employees put in their best effort to take care of their company.

Employee benefits are a very important part of any compensation package. Benefits help an employee realize that they are well taken care of in multiple aspects of their lives by helping them manage the cost of healthcare, plan for their financial future, and enjoy an overall higher quality of life.

When your employees feel secure and are ensured of a safe future, they perform better and stay at a company for a longer duration, ensuring their reliability. This creates a more positive work environment, helping companies achieve their goals on a broader scale. In short, the importance of employee benefits is that they keep your employees mentally at peace and make your company more successful.

Wellness Programs Can Help Improve Performance

One of the greatest costs, the companies must deal with is employees getting sick. When an employee is unwell, physically or mentally, they don’t just miss out on work, they gradually shift towards bad performance leading up to their time off and take a while to get back to their pace of deliveries when they come back. Adding to it, worse can be if they can get other employees sick which ends up taking a big toll on your company overall.

You can mitigate employee illness by instituting a wellness program. This enables your employees to manage self-health without having to invest some money or extra hours outside of the office. This leads to the additional benefit of reducing healthcare costs for your company.

A few examples of a company wellness program include free gym memberships, healthy snacks in the kitchen, and regular company outings. These wellness initiatives do not generally cost you a ton of money but can have a huge impact on your bottom line by reducing employee illness thereby cohesively engaging the employees’ engagements.

Benefits Packages Improves Company Culture

Your company culture is the mainstream of your business. You can keep it strong and impact by understanding your employees’ needs and going above and beyond to ensure they are sufficiently met. This promotes your employees to feel more optimistic about the organization. When potential employees or for that matter even when clients come into your office, they will experience a happy, positive environment that they’re privileged to be a part of.

Your employees may even share their enhanced perception of your company outside the office, resulting in a terrific public image that will further help you attract top talent and clients.

A good benefits package will ensure your employees’ needs both inside and outside of work. This is the supreme kind of quality investment you can make towards keeping your culture of company strong. Statistics show that benefits, perks are usually more important to employees than a higher salary.

You might have been surprised to read that benefits and perks are more important to employees than their salary. But, according to statistics from the business mentoring network, score, employee benefits are a highly powerful selling point for potential candidates.

Concisely, when it comes to making mindful decisions of the employee benefits and other pleasures that your company can offer your intangible employees, you should understand and comprehend what your team values the most and what would help improve their overall quality of life. We, with the new plethora of new-age technologies would recommend taking a survey from your existing employees would be an ideal way to get immediate feedback on methods to invest your time and money to see a brighter future by understanding the pitfalls, risks, trends and paving the gorge towards standardization becomes easier.

About MyBenefits360

MyBenefits360 is a fully integrated, flexible benefits SaaS platform for employee engagement, wellness, fitness and benefits administration. We make it easy for employees to enroll in benefits, excite them with savings on wellness services and engage with fitness gamification. With built in analytics and AI powered dashboards, we simplify your benefits administration process, reduce risk and save costs. Whether you have 10 employees or 10,000, with our SaaS platform, we guarantee to onboard your organization in less than one hour, no matter how complex the underwriting.

MyBenefits360 is a comprehensive and powerful online portal that supports benefits enrollment, employee communication, claims management, workflow automation, fitness management, health and wellness promotion.

A complete employee benefits solution to distribute, manage and administer insurance, health and fitness benefits.

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