In any business, one of the most important factors is to have a team full of happy and motivated individuals. It goes without saying that this can lead to a company’s goals being achieved and the success of a business in the long run. Providing employee benefits are one of the best ways that companies can support their staff. But what are employee benefits and why are they important? Let’s find out!
What are they?
The obvious question – what are employee benefits? Employee benefits are best described as services and amenities provided to employees. They are in addition to their salaries or wages. Employee benefits can include a wide range of things, such as private medical insurance, extra annual leave, larger pension contributions, flexible working opportunities and much more.
Why are they so important?
Providing employee benefits at your company is extremely important. It shows potential candidates that you’re invested in not only their productivity, but also in their overall wellbeing and their future. Employee benefits are a significant factor in an employee’s decision to accept or reject a job. A comprehensive employee benefits package can help to attract and hold talent. The right package will help to differentiate your business from competitors. And it will play a big role in your company securing future employees.
Encouraging your employees to participate in wellbeing programs that are tailored to their interests, such as ‘wellbeing initiatives’ and ‘get-fit activities’ can help lead to a healthier team. In turn, this leads to fewer sick days and trips to the doctors! Having your employees bring their best selves to work every day and spending fewer days out of the office creates much greater efficiency amongst the team. Wellbeing programs also encourage employees to interact more with their colleagues and build relationships. This can have a positive impact during office hours and therefore increase business performance.
Below are some examples of the direct effects that company benefits can have on employees.
They can save employees money every week
If you can save employees money and make their pay go further, you’re onto a winner! Companies like Xexec offer great perks to employees. They include things like cashback in certain stores, e-vouchers for online retailers, discounts on days out and even cheap airport parking (bonus!). Many employees make savings on their weekly shop with employee benefits, which can lead to big savings in the long run.
If employees switch jobs, they could lose savings
A new employer might offer your employee a higher salary. If the benefits don’t match what they’ve already got at your current company, they might not actually be that much better off.
As mentioned, potential new employees will see how much they could save with the employee benefits your company offers, and it will definitely be a deciding factor on whether they take the job. Likewise, your current employees will consider the benefits offered to them as a major deciding factor in whether they should leave and join another company.
In conclusion, a quick look makes it quite evident how important employee benefits are at any company, no matter how big or small. Employers should always be reviewing the employee benefits they offer to see how wide-ranging they are compared to their competitors – everyone wants to be in the lead!