It’s no secret that as a small business owner, one of your main priorities is to find and keep the best employees possible. There are countless ways to achieve this, but one surefire method is offering enticing benefits. However, it’s not enough to simply offer any benefit; it has be the right type of benefit. The kind of benefits your team wants are ones that will improve their quality of life both at work and away from the office. Here are five popular employee benefits and how they also help you as an employer:
1. Health-related Benefits
With an ever-growing focus on health and wellness, it’s no surprise that one of the most important benefits your employees want is health insurance. In fact, a recent study found that nearly 63% of employees would stay in their current role because of their benefits and that they place health insurance among their top priorities. Offering comprehensive health insurance is not only a great way to attract qualified applicants, but it’s also beneficial for your company’s bottom line. Healthy employees take fewer sick days and are more productive when they are at work.
Health insurance not only has positive effects on your bottom line but also on employee productivity. Employees who are covered by health insurance take fewer sick days and are less likely to need time off for doctor’s appointments or to care for a sick family member. This means they’re more productive overall, which is good for business.
By offering dental benefits, you not only reduce the likelihood of employees taking days off for toothaches and other sicknesses, but also increase the chance of having a healthy-looking workforce. This is critical in sales and customer service departments, as first impressions matter greatly when sealing deals or maintaining relationships.
In addition, you can save a lot on salaries by putting money to health-related benefits instead. Paying each employee an extra $300 can only pay for a few treatments; in contrast, a $300-per-employee healthcare plan can cover various treatments and ailments. Health insurance is not only advantageous for you and your employees but also helps with reducing costs and increasing employee productivity and retention rates.
2. Retirement Plans
Your employees want to know that their future is secure, and one of the best ways you can show them that you care is by offering a retirement savings plan. This could be in the form of a 401(k) or another type of savings plan. Either way, your employees get to save for later while getting tax benefits on their contributions. As an employer, you also have the option of matching your employee’s contributions. Not only does this demonstrate how much you value their future, but it’s also an excellent way to attract top talent and keep them at your company for a long time!
3. Employee Assistance Programs
EAPs not only improve employee productivity by assisting them with personal problems that carry into the workplace, but happy employees are also great for business. These programs provide counseling and other services to help workers deal with difficulties they may be facing in their personal or professional lives.
4. Flexible Working or Hybrid Working Arrangements
Flexible work arrangements are a trusting and attractive company policy, showing your employees that you have faith in their abilities to complete their work without micromanagement. Furthermore, happy employees tend to be more productive employees. With the recent pandemic, flexible work arrangements have become increasingly popular among all age groups—not just millennials as it was before. By offering this type of arrangement, you can help your company gain access to talented remote workers from anywhere in the world.
You can improve productivity in your workplace by utilizing apps such as Hubstaff, Apploye, DeskTime, ActivTrak, Harvest, Toggle, and Replicon. However, inform employees of this beforehand to avoid any possible privacy issues. Not informing them may come across as suspicious, so it’s important to have that conversation first. These apps should only be used for roles that require close management; otherwise, it sends a message of a lack of trust. They may also produce the opposite effect—hamstring productivity.
The most straightforward method is also the most successful one: have transparent goals for your staff, and address productivity concerns with planned conversations and coaching.
5. Work-Life Balance and Personal Time Off
Most employees desire paid time off and a better work-life balance. Being able to take breaks from work to recharge or spend time with loved ones is important to them, and when they have the opportunity to disconnect after their shift or take paid leave, they’re less likely to get burnt out at their jobs.
Although your business is important to you, it’s essential that your employees have time for themselves as well. Employee productivity will grow, and they’ll be less likely to quit if you allow them this break from work.
By offering benefits such as health insurance, retirement savings plans, flexible work arrangements and paid time off, you are not only indicating to your employees that their well-being is important to you, but also creating a more productive workforce. Numerous studies have proven again and again that happy employees tend to be more effective in their roles.