Whether you are a small business or a global corporation, there are clear and distinct benefits of being good to the people who work for you. Ultimately, your company will live and die by the skills, ideas, and innovation of your staff, and happier employees are a lot more likely to give you all of these critical things.
With this in mind, we thought we would take a look at some of the major benefits of rewarding your employees with an excellent package. Let’s get started right away with some of the basics.
Paying wages is one of your biggest costs as a business, and if you are a small company, there is every chance you won’t be able to compete with the major players in your industry. However, by offering an excellent employee benefits package, you will be able to tempt candidates with other factors that aren’t to do with money. Whether it’s flexible working hours, a good health insurance package, or even a gym membership, the point is that many employees will see these benefits as good reasons to come and work for you over the competition.
Attract better candidates
As mentioned above, it can be tough to compete against large enterprises when you are a small business, as the best candidates will always choose a high wage over a low one. But excellent benefits packages are an attractive prospect. Perhaps you could offer remote working to allow excellent candidates the opportunity to work from home once or twice a week. Maybe you could give them an afternoon a month to work on their own projects, much like they do at Google. Even the simple act of installing office coffee machines could appeal to certain candidates. Money is necessary, of course, but many of the best candidates understand that achieving a healthy work-life balance is equally as important.
Stop talent drains
Attracting good candidates is one thing, but keeping them is another entirely. However, when your employees have an excellent benefits package, you will often find they display more loyalty to your company. Offer them training opportunities and a career pathway, and they will understand that they have a future with your business. And the longer you can keep people in the company, the tighter knit your workforce will be – which often leads to a productive company that makes better decisions from top to bottom.
Healthy and happy employees work harder, take fewer days off sick, and work efficiently. It makes sense, then, to ensure your benefits packages has a big focus on health. Make sure that you are offering excellent group health plans, and try things like offering healthier choices in the canteens and vending machines, or supplying fruit bowls in the office for healthy snacking.
Great benefits packages also boost employee morale. When you show that you understand your staff’s needs and address their problems and concerns, it often results in a better mood and atmosphere around the workplace.
OK, so there you have it – several reasons for improving and investing in a high-quality employee benefits program. Any thoughts to add?
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