Virtually every company should have basic employee benefits. Many companies are often required to provide them. Some of these benefits include:
- Life insurance
- Medical insurance
- Family and medical leave
- Paid sick leave
- Some vacation
Though these are all great things to implement in any business, there are huge advantages to providing employees more than basic benefits or even improving the benefits your company already implements. Keep reading to find out how it can actually improve your business!
Why More Employee Benefits Will Improve Your Business
Better benefits naturally lead to increased morale because employees no doubt feel valuable to the company. Increased morale has a number of benefits, such as improving company culture and reducing problems at work. Moreover, when people have high morale, they are more likely to treat others around them with respect. This can go a long way in improving the overall atmosphere of a business.
Believe it or not, but high employee morale is linked closely with productivity. If your employees are happy at work, they will work harder. There are currently more than 22 million employees who report being disengaged at work. It’s estimated that this costs roughly $350 billion per year all because unhappy employees are not coming to work. It can thus be said that for the majority of workers, high morale is directly linked to improved productivity. Introducing better employee benefits can thus increase productivity.
Another result of high morale is less employee turnover. Every employee loves being treated well at work, so when you provide better benefits, you are showing your appreciation for your employees. Moreover, better benefits will increase employee loyalty to the company. In the end, when employees are happy with their benefits, they are less likely to leave a company, saving you time and money.
Having more than just the typical health insurance coverage will encourage employees to be proactive in their health. Do you have vision and dental coverage for your employees? Could you improve the current health plan? Implementing any of these services will make any sort of healthcare more affordable for workers and thus prevent employees from taking too much time off for illnesses. Additionally, paid sick leave encourages sick employees to stay at home so they don’t infect others at work. In the end, improved health benefits can have a positive impact on productivity.
Sets You Apart in a Competitive Market
Treating your employees well by providing more benefits can set your company apart and even gain your company publicity. For example, one of the most well-known examples of how treating employees well can positively affect a business is the Ritz Carlton. There, employees are treated in a way that reflects how they operate the business and treat customers.
Among comprehensive health plans, paid sick leave, retirement plans, disability, and other benefits, they also offer complimentary meals and discounts on hotel rooms. Additionally, employees are paid competitively and given competitive training. The Ritz Carlton offers many luxury employee benefits and it reflects in their business. Employees work hard to treat customers with the best service possible, which sets the hotel apart from any other.
Moreover, some unique employee benefits can even gain your company publicity. For example, if you provide employees with a high minimum wage, credit cards, cars, or other more luxury benefits, your company could gain publicity and revenue fast. When customers look at potential companies to work with, they will gravitate more towards those with a good reputation among both employees and customers.
Start Implementing More Employee Benefits Today!
In the end, providing more benefits for employees will only improve your business. However, what if you need a temporary employee? Do you provide benefits for them? If you need a temp employee, Corporate Job Bank is the place to go because they offer benefits and training so you don’t have to! These services can make your job a lot easier when trying to keep temporary employees happy. Contact them today for more information, and start implementing benefits for your employees today!