Businesses are faced with a vast array of challenges as it is. But now, they are considering whether to provide employee benefits. In 2023, the bar is set higher than ever when it comes to employee and candidate expectations from existing and prospective employers. However, as the employer, you may be questioning whether employee benefits are worth providing.
Whilst we may be a little biased, we believe employee benefits matter but let us explain why.
- Attract talented employees
If there is one thing every business wants, it’s the reassurance of having employed talented and hard-working employees. If you are looking for such employees, you will need to be more competitive with hiring. Failure to do this may result in candidates being hired by your competitors. By providing employee benefits, you can easily appeal to potential candidates from the get-go.
2. Minimise staff turnover
Whilst hiring quality staff is key, it is also your responsibility as the employer to retain your employees. Whilst many of us think offering progression routes and a friendly working environment are key, it is also worth considering how employee benefits improve the lives of your staff. If employees feel the company they work for supports them in multiple aspects of their lives, they will be less likely to seek opportunities elsewhere.
Not only does providing benefits help with employee retention but it also saves time creating job advertisements, reviewing job applications along with screening and interviewing replacements. There is then the time taken to train new team members. So not only does providing benefits help retain staff, it also saves your business time and resources.
3. Keep a healthy workforce
It’s no secret that when we feel better, we work better. So if you want to have more productive employees, you will need to offer benefits, or more specifically, you will need to offer healthcare benefits.
For example, if your employee opts in for dental cover, regular appointments and check-ups are more likely to be attended, meaning minor issues will not build up. Without this cover, employees may put off appointments due to the concern of receiving a costly fee. This can easily lead to a smaller issue becoming a bigger one, along with needing time off work.
4. Boosting productivity
Boosting productivity in the workplace is key. Earlier on in this article, we mentioned how a strong employee benefits package can assist with recruiting talented workers, ensuring long-term employment and provide you with a healthier workforce. The natural result of all those is a more productive workforce.
Think about it: you’ll have hired a talented, motivated workforce that can get their work done. You’ll also have kept employees long enough that the development of both their professional lives and your business is optimal. You will also have healthy employees, ensuring productivity is maintained.
5. Rewarding your employees
We discussed how employee benefits help attract and retain hard working employees. However, once you have hired these employees and they have progressed in the workplace, it is important to reward them for their efforts. Another great perk with MyBenefitsZone allows you to reward your employees. You can reward your employees with appreciation tokens along with vouchers for a cup of coffee or for their favourite retailer.
As you will know, when it comes to employee benefits, your employees need to be at the heart of your decision. Providing employee benefits gifts a range of perks for your employees and your workplace.
If you would like to find out more about employee benefits, contact us today.