Providing your workers with a good employee benefits program is important. It shows them that as their employer, you are not only interested in their general health and well-being, but in their futures as well. Offering a robust package will not only help your business to attract new talent, but it will also help you to keep hold of it too. Another advantage is that the right benefits packages can make your business stand out from the competition.
Increasing the loyalty of employees
Offering your workforce an attractive benefits package will promote employee loyalty. In a report on the Harvard Business Review website reviewing the Glassdoor Employment Confidence Survey, it stated that 60% of workers considered benefits packages to be a key contributor in promoting employer loyalty.
The same survey also concluded that 80% of employees opt for additional benefits rather than increases in pay. Furthermore, 72% of workers said that being given the ability to customise their benefits packages strengthened feelings of loyalty to their employers. It also found that 36% of workers stated that an improvement in their employee benefits packages persuaded them to remain with the current employers.
Increasing the focus and productivity of employees
When employees worry about things outside work like childcare, finance and illness, it impacts negatively on their ability to focus on their jobs and be productive. It’s a bigger problem than many people realise. According to Pricewaterhouse Coopers Employee Wellness research, 16% of baby boomers, 34% of Generation X workers and 37% of millennials, admitted to being distracted by financial problems at home.
Childcare worries are another significant factor when it comes to loss of employee focus and productivity. A report on the Forbes website entitled “How unreliable and costly childcare keeps people off the Job,” found that in the US, 45% of parents took absence due to childcare problems. It means that on average, 4.3 days are lost per worker every six months.
A new approach to reviewing employee benefits
Clearly, offering attractive employee benefits packages can make a substantial difference to both employer/employee relations and the welfare of workers. If you would like to review the packages you offer to your workforce and take some new ideas on board; you might like to take a look at a new employee benefit platform that is now available.
It will give you an insight into how to attract, motivate and retain employees in an excitingly new way using next next-generation technology that takes less two months to get fully up and running.