Employees handing over their resignation and heading for the exit door is a frustrating scene to watch. This means you need to go back to square one, hire new employees and train them. While happy employees produce a great result by finishing the tasks assigned in an efficient manner, not all businesses can provide enough compensation to employees.
So what’s the secret to increasing employee loyalty? While there are many factors that influence the loyalty of an employee, being well-compensated is one of the primary reasons an employee chooses to stay.
Many components encompass employee benefits, including health benefits. Although these benefits add to the company’s overhead costs, they provide plenty of advantages to employers:
1. Increase Employee Productivity
Employees with illness will miss work, and when your team is not complete, you won’t be able to carry out the task on the deadline you and your employees have agreed upon. Fortunately, employers have the option to provide quality healthcare to employees.
It also means reducing the financial burden on employees associated with buying medications and checkups. When employees have access to affordable healthcare, unplanned absenteeism and sick days will be minimized. Increased productivity means, higher returns on your business investment.
2. Retain Good Employees and Recruit Top Talents
Candidates are drawn to employers who offer health benefits over those ones who don’t. It’s not enough that you offer a higher salary because larger employers provide better benefits to attract more employees. If you want to hire top talents, consider giving employee health benefits package. Even if you own a small business, setting aside money for your employees’ health benefits makes all the difference. According to a survey conducted by Clutch in 2018, 62% of companies provide health benefits to employees.
3. Promotes Positive Workplace Culture
Offering benefits to employees is one way to show how you value them. When they’re happy with what they’re receiving, you will maintain a positive culture, which also encourages employee loyalty. Health benefits also show that you are taking care of your employees’ needs.
4. Job Satisfaction
Have you ever wondered why some employees jump from one workplace to another? One possible reason for the employee’s discontentment is the lack of health benefits. Without a health insurance plan, employees need to spend for their medical treatment personally.
While providing health insurance to employees are also expensive for employers, it can provide long-term benefits, especially when there’s comprehensive health coverage. Companies who realize the value of employees will consider them as an investment. This means that taking extra care of their health will create a positive effect on the company and on the employee as well.
When it comes to choosing health insurance for your employees, keep in mind that different employees have different needs. Working moms consider childcare benefits beneficial. Some of the known childcare benefits provide a variety of coverage like paid parental leave, child subsidies and much more.
Aside from keeping the health of your employees in check, health benefits also strengthen the bond between you and your employee. It might be expensive, but letting your employees know that you care means a lot. When employees are happy, it will reflect on their quality of work.
Still exploring employee benefits options? Talk to us.
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