20 Jun How A Strong Benefits Package Can Fuel Business Growth
If you’re trying to build a successful business, your team can be one of your greatest assets. Without a talented group of individuals helping you care for your customers and extend your brand reach, it can be challenging to achieve important company goals.
However, when it comes to hiring high-caliber employees and, most importantly, retaining them, offering a competitive salary on its own is often insufficient to make a significant impact. Most of today’s job seeker are looking for a long-term commitment from their employers that shows them they’re making the right decision. This is where having a strong benefits package in place can help.
In the article, we’ll touch on some of the key reasons why focusing on building or improving your employee benefits offerings could be a catalyst for long-term business growth.
Attracting Quality Talent with Comprehensive Benefits Offerings
When you consider the amount of competition your business has when trying to gain the attention of potential job candidates, it’s important to be strategic when positioning your brand in the market. Providing a comprehensive benefits package could be an important deciding factor for job seekers when choosing to apply to your business over others.
Here’s how structuring your benefits to be more competitive can help you bring in more qualified talent:
- Signals Your Company’s Core Value – Whether or not you recognize it, offering benefits to your employees, especially when you provide more than the legal requirement, really shows potential employees what types of values the business has. For example, offering generators paid time off (PTO) or flexible scheduling options shows individuals that you’re committed to helping everyone have more balance between their personal and work lives.
- Broadens Your Applicant Pool – In most cases, finding quality employees for your business is a numbers game. The more applicants you receive, the higher the likelihood you’ll find one you can really trust. Offering employee benefits automatically increases your chances of getting noticed by job candidates who won’t even consider employers that don’t list these as one of their employment perks.
- Provides Candidates With Peace of Mind – Even though financial security is typically the most important element for today’s job seekers, offering solutions that support their physical and emotional security is also important. Benefits offerings that contain adequate healthcare coverage, life and disability insurance, and access to mental health services can give job candidates the peace of mind they need to take a chance on the company.
Investing in Benefits That Reduce Turnover
Even if you’re able to attract higher-quality talent to your business, it can often be even more challenging to keep them long term. Offering certain benefits and company perks can be a great way to continuously keep your teams engaged and less inclined to seek employment elsewhere.
Here are some common benefit offerings and business perks that can help you reduce your turnover rates:
- Recognizing and Rewarding Achievements – Everyone likes to get acknowledged when they do a good job at work. Offering performance-based incentives or even stock purchasing options shows that your business is ready and willing to reward employees for the support they bring to the business.
- Creating a Sense of Belonging – Certain benefits offerings, such as health and wellness initiatives or support programs, help employees to feel more connected to the business. When these types of benefits are highlighted as part of your business’s overarching goals to help employees live happier and healthier lives, it shows them that they’re not just another number. This creates a much more positive working culture and sense of belonging for everyone.
- Investing in Future Growth – Another way to support your employees’ long-term financial goals is to help them better prepare themselves for career progression. For example, by providing employees with free or discounted access to various professional development workshops or courses, you can help teams to feel more empowered and confident day-to-day while also leveraging the new skills you helped them to learn.
How Benefits Enhance Morale and Output
It isn’t always easy to put an exact number on the ROI you experience when putting various benefits in place for your employees. However, a few areas that can show you whether or not benefits packages are having their intended results are by reviewing employee morale and general output.
Having a good benefits package can help employees feel less stressed about important issues such as rising healthcare costs, and can also help them to achieve a better work-life balance when outsourcing parts of your business or hiring full-time remote working employees.
These types of benefits and company perks can make a bit of a difference when keeping employees engaged day-to-day and content in their employment choices.
Improving Employee Attendance With Proactive Care Benefits
Moving your business forward is difficult if you can’t count on your employees showing up to work every day. To no fault of their own, illnesses and even work-related stress can make it harder for employees to give 100% effort every day. These situations can also increase the likelihood of unscheduled workplace absences, which can add more stress onto internal teams when needing to cover.
However, incorporating diverse healthcare options into your benefits offerings can help all your employees to afford regular check-ups and to recover faster when undergoing an illness. This can significantly reduce the strain placed on the individual and other team members when missing work and having to deal with larger-than-normal workloads while still meeting strict deadlines.
The Cultural and Branding Impact of Benefits
When you create a positive company culture in your office, it can provide long-term improvements in employee engagement and productivity. If you offer high-value benefits to your teams, it can naturally lead to happier employees who not only keep the office an enjoyable place to work but can also translate into better customer experiences.
As your employees’ attitudes improve, it’s much more likely that this will carry over to customer engagements. This can help to increase the number of positive reviews your business receives online and has a direct impact on your revenue potential.
Leverage Employee Benefits for Increased Business Growth Potential
Even though benefits offering can represent a large financial investment for your business, the advantages to your hiring and retention efforts can make it worthwhile. By structuring your benefits so that they’re comprehensive and competitive, you’ll make sure your business stands out to new job applicants and helps them stay more loyal to your brand.
About The Author
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.
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