Most successful small businesses understand the importance of taking care of their employees by providing a competitive benefits package. According to a Glassdoor employment study, 4 in 5 employees prefer benefits or perks more than a pay increase. And employers are listening.
Benefits Employees Value
In addition to wage or salary, a few of the most important benefits employees and job seekers are looking for include:
Affordable Health Insurance. Today’s workers want more than a paycheck, they also want well-being and affordable and comprehensive health insurance tops the list as the most sought-after benefit. According to a recent benefits study, its also the number one deciding factor for job seekers.
Wellness Programs. From boosting morale, enhancing mental well-being and managing work-related stress, wellness programs are effective measures for long-term health. Employers are noticing an increase in health-related interests, such as 10K competitions, requests for standing desks and CPR training.
Here are a few reasons.
- Manages stress. Health and wellness programs help employees manage work-related stress – now a leading workplace health issue.
- Prevents costly health conditions. Healthier lifestyles reduces the likelihood of employees developing one of the 10 most costly health conditions for workers, including chest pain, diabetes, high blood pressure, and heart attacks.
- Lowers health insurance premiums. Wellness is the perk that can help lower health insurance premiums. According to the Centers for Disease Control and Prevention, indirect costs associated with sick employees can be as much as $1,685, per employee, per year.
Paid Vacation and Time Off. Employees and employers alike are looking for ways to avoid burnout. The answer? Paid time off.
According to a study, 2018: The State of American Vacation: Project Time Off, a paid vacation or paid time off was the second-most important benefit to employees, just after healthcare and ahead of retirement plans, and flexible work options. The benefits of time away include:
- More successful worker. Employees who take time off are more likely to be successful in the office.
- More likely to get a promotion and raise. More than half reported receiving a promotion, raise, or bonus versus employees who did not take time off.
- Overall more positive outlook. Generally, employees who feel supported in taking a vacation have higher job satisfaction and are happier with the company, relationships, and are healthier.
Flexibility or Flex-time. There is a growing demand for flexible work schedules, especially attractive to parents, commuters, caregivers, and students seeking more work-life balance and flexibility.
Accounting firm Ernst & Young, which has locations worldwide, provides employees in Australia six to 12 weeks off each year. The firm allows employees with school-age children to have the option of working full-time during the school year and take school holidays off or work part-time for three months. By providing flexibility beyond the traditional workplace structures, Ernst & Young found that employee satisfaction and employee engagement had significantly increased.
Providing employees with the benefits they value has long-lasting results, including:
Healthier, happier and a more engaged workforce. According to a study conducted by the Society of Human Resources Management (SHRM) on The Evolution of Benefits, employers that had improved their benefits package reported better overall employee performance and fewer missed workdays.
Stronger trust between employee and employer. Richard Branson, founder of The Virgin Group, said, “If you take care of your employees, they will take care of your business.” Providing benefits like top-rated health insurance and improving the work-life balance goes a long way in building trust.
Increase in productivity and bottom line. Benefits and perks can also impact the bottom line. When employees are satisfied and more engaged, they are also more committed to meeting company goals. As a result, your business may see increased growth and a stronger bottom line.
Effective Recruitment and Retention Tool. In addition to keeping employees, employers know that a strong benefits package is a powerful recruitment tool. Without it, you risk losing your best staff to the competition.
TAKING CARE OF EMPLOYEES
Does your employee benefits package stack up to the competition? The key to building one that’s right for your business is providing the benefit that's most meaningful to your employees -- first-rate health insurance.
By working with a certified PEO, like Propel HR, our clients have exclusive access to our Master Health Plan which is backed by the nation's largest and most trusted insurance provider. We can offer better plans at lower rates because of our ability to pool employees together into one group.
Let us show you how to add great health insurance as part of your benefits package.