Employees are the backbone of your organization, the people that keep things running smoothly and keep your clients happy—and a generous benefits package goes a long way toward keeping employees happy. But long gone are the days when only employee compensation, free lunches, foosball tables, and nap rooms met people’s needs.
The pandemic happened. And with it came the Great Resignation, where 4.5 million US workers left their jobs voluntarily in 2021. Wanting a different lifestyle, high healthcare costs, rising inflation, the financial challenges posed by the pandemic, and needing to feel rewarded and appreciated for their work are a few reasons people left their previous positions.
People want and expect more from their position and employee benefits and believe they can get more, so they are. It’s time to start paying attention to the current feelings behind employee benefits—and why you should offer not just good but great benefits.
Employee attraction and retention
Let’s throw some percentages up in the air: 49%, 78%, and 40%.
- 49% of your employees will start looking for new work in the next 12 months if they aren’t happy with their job or benefits.
- 78% of them will stay with your company if your benefits package is attractive.
- 40% of potential new employees will seriously consider your company if your benefits package addresses their wants and needs.
Employees want to work in a caring company culture where they get more from their job than a place to work and a paycheck. With excellent benefits, you show you value people, and you will not only attract new employees but also retain your current ones.
Blending the demands of work and life can leave employees feeling frazzled at the end of the day. There are projects to finish, deadlines to meet, dinner to make, sick kids to take to the doctor —all these demands can feel like balancing a wobbly stack of plates ready to crash.
With the rise in remote work, people are spending more time working than ever; nearly 70% say they are spending more time working on the weekends because of the pandemic and the transition to remote work. Also, 45% of people now spend more time at work than ever before because of remote work. Providing substantial employee benefits like flexible schedules and paid time off gives them the support needed to help build the bridge between work and life.
Overall mental health and wellness
One in five adults will have mental health issues, but only one in three who need help will get it. And when employees don’t get the help they need, their work suffers: The World Health Organization estimates that mental health issues cost companies $1 trillion a year in lost productivity, but prioritizing employees’ mental health gives a return of $4 per person in improved health and productivity.
Despite money lost or money gained, people want a more open culture surrounding mental health and training on where to find assistance or resources. Focusing on overall mental health and wellbeing helps with overall morale.
When employees wake up and come to work each day, you want them to feel fulfilled and ready to tackle any projects and challenges that come their way. When there is a robust benefits package to take care of employees, they will feel that they’re taken care of and will give back to you by being productive in their roles, providing excellent customer service, and being more engaged.
Improved financial security
Whether your employees are just starting their career or thinking about retirement, they want to have their immediate, short-term, and long-term financial security assured.
- Immediate: Vital parts of immediate financial security are an employee’s paycheck, tuition reimbursement for their learning and education, monthly stipend reimbursements, and quality health insurance. Providing these immediate financial needs pushes worries to the back of your employees’ minds and gives them comfort and focus.
- Short-term: This kind of security comes with offering a disability and life insurance plan. If your employees have family and the unexpected happens, the ability to earn income will be stalled or lost entirely. A disability and life insurance plan is important for when life, well…happens.
- Long-term: Employees will, in the years ahead, want to fully retire or work part-time, which naturally leads to a reduction in income. Offering a good retirement plan (either a 401(k) or an IRA) builds up an employee’s net worth and gives them a solid nest egg to fall back on.
Giving employees assurance that these three forms of security will be taken care of is important—employees bring their home life with them to work, along with their worries. Alleviating those worries goes a long way.
Show them you care
Actions speak louder than words. A company should have values written down and also put those values into practice to show employees they care about them and their wellbeing. Giving employees a robust benefits package complements those values, leading to a positive culture and a pleasant workplace for all.
Content provided by Q4iNetwork and partners
Photo by fizkes