With Employers Competing for Returning Workers, You Should Care About Employee Benefits

As a small or medium-sized business owner, there are several reasons why you need to give serious attention to employee benefits. The commitment of your employees to work is critical to the success of your company. And unless employees are sure that their well-being is a concern of the management, their disposition to work can affect the overall productivity of the company.  Having worked in the Benefits Industry for 32 years, we are very familiar with wants, trends and expectations.   REQUEST A FREE COPY OF OUR BOOK “Employee Benefits Blueprint” CLICKING HERE.


At the core of any company’s ability to attract and retain the best skills and talents is the capacity of that company to offer competitive employee benefits plans. In essence, one simple solution for reducing employee turnover costs is offering the right benefits. Understandably, the concern for many small businesses is the affordability of robust employee benefits. Even for large corporations, they can be quite expensive. But did you know that SMBs can also provide competitive employee benefits to their staff without breaking their purse?  You can review options at our website: www.cobensrv.com


But right before we touch on that, here are five reasons why every small and medium-sized business should take employee benefits seriously.


  1. It Makes Your Company Stand Out from the Competition


It’s very easy to think that salary is the only thing that makes you competitive, especially when you operate in the same markets as giants like Coca-Cola, Pfizer, etc. You do not need to go overboard when it comes to salary or benefits, but you sure do need to have something worthwhile for your employees to look forward to.


It could be extended parental leave or paid exam leave. But generally, ensure that the benefits you`re offering are as specific as possible to the lifestyle and needs of your workers. As a small business, a good way to set your business apart from the competition is by offering attractive benefits.


And in case you`ve never thought about this, you must understand that many potential employees often check to know what they stand to benefit besides salaries as they shop for jobs. Remember that you need the best hands on your team and when your employee benefits plan isn’t encouraging, chances are, you`ll lose them to the competition.


  1. Employees Will Stick Around Longer


Have you wondered why employee attrition is so high in your company? It is not always about salary. According to LinkedIn, companies with higher compensation and benefits plans recorded 57% lower attrition in 2019. The lack of a sound working environment could be the issue. Perhaps, your employees don’t feel cared for, so they move over to places where their welfare is taken seriously. In such a situation, you`ll spend more time and resources searching and hiring replacements than you normally would.


It`s a given that job seekers shop around and compare job offers for the best ones before accepting to work for any company. The same applies to your current employees. So you want to also take a very good look at your benefits plan to know what you`re missing and how to make necessary improvements. If possible, interview your employees and find out what benefits issues they would like to have addressed.


As already mentioned, reducing the cost of employee turnover is one reason why SMBs should care about employee benefits. The good news is that it doesn`t necessarily have to be an over-the-board, mind-blowing benefits offer. A good rule of thumb is to ensure that at the level where you are, your employee benefits plan should reflect your capacity as a company and also your company’s appreciation of the hard work of the employees.


  1. To Improve the Productivity of Your Company


In most cases, employees will give their best to a company when they have access to perks like good retirement plans, excellent health insurance cover, or financial aid scheme. Increased staff dedication and productivity can often be traced to the presence of these perks. But in reality, that is expected; people tend to naturally give back when they’ve been given too.


In other words, motivating your staff members to put in more effort into work becomes so much easier when they understand that they’re being adequately compensated for their efforts. When designing employee benefits plans, one area of major concern is health insurance. It takes healthy workers to make a productive team. Again, you don’t want to go cheap on this score.


According to a research published by Harvard Business Review, 88% of people admitted that they will consider things like health insurance, dental, and vision insurance when choosing a new job.


  1. Your Employees are Happier and Less Grumpy


Bearing in mind the benefit of having happy employees at work, there’s no that investing in your employees’ satisfaction at work is important. To keep your employees engaged, forge stronger work relationships, and boost the yield of your organization, you can incentivize productivity and achievements at work.


There are many ways to let your employees know that they mean so much to the company. From offering perks like free lunch and free gym memberships to providing flexible work arrangements (such as working from home or anywhere) and employee assistance programs, there are several other methods you can adopt to keep your staff happy at work.  We have


  1. You Can Partner with a Professional HR Solutions Company


ABM Insurance offers customized options to help Small and Medium size companies offer “Big Company” benefits and solutions, with advanced technology to support your growing business.   If you do not currently offer a program, want to upgrade your program and or want to reduce the cost of what you are currently providing, call 800-362-2809.     We can not only reduce the cost of the programs you are offering but can also reduce cost of the administration by taking it over at no cost to you.    Additionally, you will provide products and systems that are equal or, in most cases, much more robust than larger companies in your industry.    Call Mike Alexander Jr. at 800-362-2809, ext 225 for additional information.  Click HERE for more information


Getting the Help Your Businesses Needs


To attract and keep good talents, you must be game-on on employee benefits. Otherwise, you`ll likely struggle to grow and achieve your business goals. Call Mike at 800-362-2809, Ext 225