Offering Employee Benefits: It’s Beneficial for Employers Too
Whether you need employees from the get-go, or your small business has taken off and you’ve found yourself in need of a larger team to man the helm, it’s time to think about hiring. But once you have considered what kind of job positions you will need to fill and the type of professionals you are going to need to help you run your business in terms of the experience and qualifications that they have, how do you attract these people to work for you? And even more importantly, once you have the employees that you want on board, how do you prevent them from jumping ship?
One of the best ways to attract and maintain the top talent that you want to secure for your business is by offering a good employee benefits package, including some of the most highly sought-after benefits such as health insurance. These days, so many employers are offering solid benefits packages including everything from retirement plans to free food, so the top candidates may not be as interested in your company once they hear you’re not offering any. But aside from helping you get more interest in your job positions, how else could your company benefit from offering employee benefits?
What’s In it For You?
While employee benefits might seem like just another big expense to cover as a small business owner, the good news is that employee benefits will also be beneficial to employers. Take a benefits package with health insurance coverage and supplemental benefits offered in partnership with Medline OTC, for example. When you have employees who no longer have to worry about medical debt and have peace of mind that they are covered to get the help and support they need if they or a member of their family becomes sick or injured, they’ll be less stressed overall, leading to better productivity at work. This has a knock-on effect, leading to more motivation, satisfaction, and creativity, and ultimately helping your business succeed.
More Perks for Employers
Employee benefits aren’t just perks for employees going beyond traditional monetary compensation. Although there will be a cost of providing employee benefits, the pros tend to outweigh the costs in the majority of cases. For businesses, some of the major ways that offering employee benefits can put the company at an advantage include:
Improve Recruitment and Retention
Employee benefits are one of the most valuable tools that you can have when it comes to attracting and retaining the top talent for your company. Bear in mind that your competitors are not only competing for your customers but also your employees – if you are not offering a good benefits package, then chances are that one of your competitors is. Providing a good benefits package will not only help your business stand out from the crowd when attracting new employees, but it also helps to keep them motivated to continue working for you.
When you offer employee benefits, there are some tax advantages that you will be able to get. Many businesses can deduct the cost of plan contributions for health insurance, retirement plans, or other types of insurance that they provide to their employees. Before you decide to provide employee benefits and choose which benefits you will be offering to your employees, it might be worth speaking to a legal advisor or financial advisor who can help you make the best decisions for your business when it comes to tax breaks.
Fewer Sick Days
Offering employee benefits that focus on health and wellness such as health insurance plans, employee assistance programs, and other benefits that allow employees better access to healthcare products, more opportunities to stay fit, and ways to improve their health and well-being ultimately leads to a workforce that is healthier, happier, and more productive. When employees have their health taken care of due to the benefits that your company provides, they are less likely to take sick days as they won’t have any reason to. Of course, you can’t eliminate sick days, but a workforce that’s healthy and fit is less likely to want or need to call in.
More Positive Workplace Culture
By offering benefits that are in place to make your employees’ lives easier, you can help create a more positive culture and morale in your workplace overall. Caring for colleagues as if they were friends and providing support to employees when they are struggling are two of the major signs of a positive and friendly workplace culture that makes for a truly pleasant place to work. Most of us are in the workplace, or at least working for a business for eight hours per day, and knowing that our health and wellbeing is important to our employer can be a very motivating and refreshing thing.
When to Provide Employee Benefits
Of course, providing employee benefits from the start of taking on new employees might not always be possible for a lot of small businesses. Ideally, you should start providing employee benefits as soon as it is financially viable. If you are not in a position to afford employee benefits right now, then supplemental benefits, where the employee covers the cost but is given access to a discounted rate, might be worth looking into offering. Some types of benefits, such as health insurance, are legally required once your business reaches fifty employees.
Other Benefits to Offer
Aside from the bigger benefits like health insurance plans and retirement plans, there are a lot of benefits that cost less for employers to offer but are still highly sought after. Paid time off, for example, is a big one for employees who want to have leisure time occasionally without worrying about losing money, along with flex time, remote or hybrid working, and other benefits that provide more autonomy and a better work-life balance. A growing popular benefit is employee equity, which gives employees the chance to buy a part of the company that they work for.
Whether you’re hiring your first employee or looking to grow your team, you might be wondering what’s in it for you when it comes to employee benefits. The truth is that employee benefits aren’t just for employees – they can be very beneficial for employers, too.