A capable, reliable and talented workforce is necessary for businesses of all sizes and sectors to ensure smooth operations. However, the current labor market and modern employment trends have made it more difficult for many employers to entice and hold top talent. Recent employment patterns (e.g., The Great Resignation, The Great Reshuffle and Quiet Quitting) have made it necessary for organizations to revisit their attraction and retention efforts—including employee benefits offerings.
What Are Employee Benefits?
Although employee benefits have long been integral to many overall compensation packages, the present-day labor market has made such incentives and programs even more valuable. By offering these perks, employers can often provide additional rewards and revenue with cost-effective solutions. Typical features of employee benefits programs may include:
· Health insurance
· Life insurance
· Disability insurance
· Family and medical leave
· Vision insurance
· Dental insurance
· Employee assistance programs
· Financial wellness programs
· Retirement programs
· Paid time off
Businesses should take the time to consider the many employee benefits options they can offer and select an optimal package for their employees. This process may include surveying the workforce directly to learn how they value various options. For example, younger employees may prefer more paid time off, while older workers may place a higher value on retirement plans.
Advantages of Offering Optimal Benefits
Many employers may be required by law to offer certain benefits, such as health insurance, Family and Medical Leave Act protections and workers’ compensation insurance. Regardless of specific circumstances and legal requirements, building a benefits package that is both compliant with legislation and optimal for employees can be an invaluable investment for a business’s future. The right combination of offerings can have a positive impact on many aspects of the workplace, including the following:
· Better attraction and retention—Employee benefits are an invaluable opportunity for your business to differentiate itself from the competition in the labor market. By providing workers with optimal programs and incentives, employers may convince top talent to choose their company over other employers. Similarly, current employees who receive other offers may be less likely to leave if they find their benefits programs desirable. An attractive benefits package can also spread through word-of-mouth and lead to candidates specifically seek out openings at a particular company.
· Maintaining employees’ health—Employer-sponsored health insurance, which may include various levels of coverage and vision and dental options, can provide workers with a cost-effective way to protect themselves and their families. Most health insurance plans compliant with the Affordable Care Act can help workers access regular wellness exams, preventive care, medications and medical services.
· Increased productivity—An optimal benefits package can help employees reduce stress levels related to things outside of work. For example, workers who are offered good retirement plans or family and medical leave programs may operate with greater peace of mind and focus more effectively on their work responsibilities. Similarly, sufficient paid time off may help employees avoid burnout.
· Better work-life balance—In recent years, many employees have prioritized a healthy work-life balance. This term refers to an employee’s ability to effectively manage their careers, responsibilities, or other goals outside of work. Helping employees achieve and maintain work-life balance may include providing generous paid time off programs and allowing for flexible hours.
· Improved workplace morale—When employees feel that their employer sees them as more than workers, it can positively impact their individual morale and company culture as a whole. By having an optimal benefits package, employees may feel more motivated in their daily responsibilities and in larger ventures, such as those involving innovation and collaboration.
Build the Right Benefits Package
With over 25 years of experience helping employers understand employee benefits, Beckworth Beneficial is well-equipped to assess your business’s circumstances. We will work with you to determine the various options available to you and compile an employee benefits portfolio that will help take care of your employees and keep your business on the right path.
Contact us on our website or by calling 559-389-5837.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.