Business owners are increasingly recognizing the key importance of implementing employee benefit plans in their organization and this is an area that has grown considerably in recent decades. Employee benefits comprise all of the additional things that you offer to your employees on top of their regular salary, which could include pension contributions, health cover / insurance policies, training and education programs etc. Employees are more and more interested in the total benefits package that a potential employer can offer them, rather than just being focused on a binary salary figure and recognizing and understanding this cultural shift in the modern working world is crucial to maintain your ability to recruit and retain the right talent for your business.
Many employees value the benefits that their employer offers, considering them an integral part of their take home pay, none more so than health cover. This benefit can provide financial and emotional security to your employees and their families, without the need for them to complete any health requirements to be on the plan. They are likely to benefit from a preferable level of cover and the plan may even provide them with insurance products such as long-term disability cover, which can be harder to gain outside of a group plan. What’s more, group plans often offer out-of-country emergency healthcare for employees which has the potential to save them money on personal travel insurance products.
Not only do these benefits provide a sense of security to your employees, they can also help them to feel valued as part of your organization, which may in turn foster higher morale and increased motivation within their roles. It is therefore worthwhile for business owners to encourage their teams to recognize the fact that the benefits package that you offer should be considered as an integral part of their take home pay, alongside their actual salary.
Running a successful business, keeping employees happy and attracting new talent can be difficult. For a busy business owner, a big part of your value proposition are the individuals that work at your company.
Employee Benefits are non-cash compensation paid to an employee.
Why employee benefits make smart business sense:
- Save money and time
- Increase the wellness and productivity of your employees
- Be competitive and attract new employees and key talent
- Provide a solid framework for the future
- Form a part of your business’ value proposition
- Increase employee engagement
There are a number of employee benefits and perks that can be valued more than pay raises:
- Health Benefits (ex. medical, dental, life disability insurance)
- Retirement/Pension Plan
- Vacation/Paid Time Off
- Performance Bonus
- Paid Sick Days
- Flexible Schedule (ex. work form home)
- Office Perks (ex. Casual dress, free lunch)
- Employee Development Programs (ex. Professional development, on-the-job training)
- Tuition Reimbursement
- Employee Discounts
- Gym Membership or Wellness Program
- Stock, Stock Options and/or Equity
- Paid Parental Leave (ex. Maternity leave, adoption assistance)
- Childcare Assistance (ex. On-site Childcare, Financial Assistance)
- Commuter Assistance (ex. Company shuttle, commuter checks)
- Diversity Program
Next to salary, health benefits coverage is the most important tool in attracting and retaining key staff. 59% of employees would rather keep benefits coverage than receive a $10,000 raise. (2011 Sanofi-Aventis Healthcare survey)
Talk to us about helping put together an employees benefit package that makes smart business sense.
Talk to us, we can help.