The Importance of Employers Offering Benefits
For all that your employees give you on a daily, monthly, and yearly basis, they deserve a reward. Of course, a paycheck and a pat on the back for a job well done helps, but in many industries, benefits like health insurance and paid time off are expected. Even if you already believe that your employees deserve benefits additional to their paychecks, it can be tough to spring for the added costs if your budget is already tight. However, there are a few reasons why benefits aren’t just good for employees, they’re good for employers, too. Consider these reasons why it’s worth it to spend a little more on offering your employees benefits.
Benefits keep employees healthier and happier
Anyone who has worked for another person knows that it’s not tough to find reasons to complain about any job. Every job has its downside. Mostly, these gripes are about unavoidable aspects of their work, just a way for employees to blow off steam from the natural stress they feel. But, if you don’t offer benefits, or offer the bare minimum, then your employees have a legitimate reason to complain. Offering things like health insurance, life insurance and PTO, among other benefits, will make your employees feel more appreciated and satisfied at your company.
Showing your employees that you care goes a long way. A tangible way to show you care is to split the bill on keeping them insured. Not only will these benefits keep them physically healthy, allowing them to visit the doctor when needed and come to work more often, they’ll also take the strain off of their mental health. If the overwhelming cost of getting injured or sick while uninsured is always in the back of your employees’ minds, then that’s going to take a toll on their overall mental health and focus. Eventually, this worrying is going to lead them to the root of the problem—your company not offering insurance to cover them.
The better the benefits, the more attractive your positions are
Salary isn’t everything. It does mean a lot in the application process, but not everything. If your salary offer is 10% higher than a competitor’s offer, but they blow you out of the water with their benefits, then your pay bump gets cancelled out pretty easily. Not only does a lack of benefits present a clear increase in cost of living for job applicants, but it also sends a message that you don’t care as much as the other guy. Whether or not your lack of benefits offered is due to a lack of budget, it doesn’t matter. Your ideal employee is going to pass up the job listing before you ever get a chance to explain.
Employees expect a certain level of benefits in addition to their salary, especially the most sought after job applicants. If you want to land a big fish, you need a shinier lure. Just like you want an employee to show they’re serious about committing to your company, people applying to jobs want an employer to show they’re serious about committing to them.
Some benefits can even pay for themselves
In the same way that offering a higher salary will get you an employee who earns you more money, offering better benefits will serve you in the long run, too. Now, not every benefit will pay for itself, some are hits you have to take to ensure a better quality of life for your employees. But, as mentioned in the previous sections, better benefits result in better employees who do better work.
Better health insurance means less time off work for sick or injured employees. More PTO means happier employees who will work harder when they’re at work because they know they can take a much needed break when necessary. Plus, they’ll come back from that vacation or personal day feeling refreshed and therefore more productive. Decreasing burnout alone improves your bottom line and decreases expensive turnover.
Plan IV | Small Business Insurance Benefits at an Affordable Price
It doesn’t take much to look at your boss as the bad guy. It’s cliché, but that’s because it’s true. Any reasonable employee can get past the unavoidable downsides of their job, but if you give employees a legitimate reason not to respect you as a boss, that respect is tough to regain. Show your employees that you care about their health and happiness by offering solid benefits, and they’ll reward you with loyalty and hard work.
Plan IV makes it easy to offer your employees the benefits that they deserve. We specialize in insurance for small businesses, so you won’t get those large corporation rates that can make offering benefits a tough decision. We’ll work with you to figure out what’s right for your specific business, based on number of employees, budget, and more.