An increasing number of workers cite their employee benefits as a major factor in why they continue working for a company. A high level of retention is important for a business to thrive as it has a direct impact on the company’s bottom line.
So, why are so many businesses ignoring benefits when thinking about their strategy for future growth?
A good benefits package is also crucial for recruiting. Talented employees with good work experience may have multiple options available to them when searching for jobs. If one company offers them a rich set of benefits to choose from and the other only meets the minimum requirements, which employer do you think they’ll choose, all other factors being equal?
Not to mention, research has shown that employees are more productive when they’re satisfied with the benefits their employer offers. They miss less days of work. They don’t spend time daydreaming about quitting or considering other options. They’re also more likely to be committed to the company’s goals.
Good benefits are crucial for a company to flourish. Here are the top four that most often get overlooked.
Retirement Benefits
What could possibly put employees’ minds at ease more than knowing their financial future is secure? Retirement plans can help do just that. These plans allow employees to not only save for the future, but also to do so free of taxes. Funds saved in a retirement plan can be withdrawn tax-free after the age of 59. The money can also be used for any hardships that occur prior to retirement, but taxes would apply.
Dental Coverage
Dental insurance is a much desired benefit, yet less than 40 percent of companies offer it. The good news is that there are a number of options available, including supplemental coverage that employees can buy themselves, at a reasonable rate, directly from a dental insurance provider. Oral health is a valuable part of the overall wellness picture, and one that shouldn’t be overlooked.
Paid Time Off
While most employers offer vacation time, many do so in the form of days or even weeks at a time. Another option employees love is paid time off they can use by taking merely an hour or a couple, here or there. This flexibility increases the amount of time they can be away from work, and still get paid, while they run important errands or just do nothing at all. Better still, this time can be offered at no direct cost to the company.
Long-term Disability
There are currently over 35 million Americans who are classified as disabled. And over half of those are still in their active working years. Employees don’t like to think that something debilitating could happen to them, but the statistics are daunting. Most disability plans replace up to 70 percent of a worker’s salary for as much as 10 years, giving them some solid reassurance that their families could make it if the unthinkable did happen.
Are any of these important benefits missing from your company’s offerings? We can change that today. Give us a call.