When an individual is pursuing a potential job, they often wonder about is the availability of benefits. These can range from insurance, to paid time off, to opportunities for bonuses. While most employers recognize the need to encourage employees through various benefits, do these benefits really have a positive impact on work ethic?
Employees Feel Valued
By providing your employees with benefits, you are showing them that you value their health, and that of their family. When employees feel like they are more to an employer than just the work they produce or the hours they put in, they in return feel more invested in the business and have more willingness to go above and beyond the letter of their position.
Employees Are More Productive
A 2010 Gallup study on workplace worldwide found that when employees were the least engaged and least happy, the annual per-person cost of lost productivity totaled almost $30,000. Among the most engaged and happiest workers, that cost totaled just $840. When employees feel a sense of wellness, they tend to produce at a greater level, which benefits both the company and the entire team.
Employees Are Happier
When an employee knows that he or she is beginning and ending a day in a positive environment, one in which they are surrounded by encouragement and incentives, they are more likely to be productive, profitable, and receive positive customer feedback. Their motivation will come from a place of genuine satisfaction with their role and a belief that their management and ownership are as engaged as they are.
While high morale can lead to increased cooperation and higher productivity, the opposite happens when morale is lower. When employees feel like benefits they once enjoyed are now being taken, it can have an impact on the entire team. A better option for employers may be to look into a health spending account (HSA) where they can set a hard dollar limit that each employee has to spend on benefits, but allows them the flexibility to choose which service they spend their allocation on.
Employees Are More Loyal
In a 2016 study of millennials in the workplace, 1 out of 4 stated that, if given the choice, he or she would quit their current job within the next year. Researchers found that financial benefits drive a millennials’ choice of organization more than any other factor; after financial benefits, a good balance between life and work was the top consideration when it came to choosing a job.
Many businesses recognize the importance of offering personalized perks for employees in order to motivate and encourage their team. This will look different for every business, but the return on investment may be well worth the effort. For more information on how to create a benefits plan tailored to your company contact your advisor or call a Benecaid Benefits Consultant at 1-877-797-7448.