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Sixty percent of employees rated benefits as a very important contributor to job satisfaction. With that many employees placing value on employee benefits, it’s important that you, as an employer, ensure your benefits are set up and attract and retain the best employees. According to Career Builder, only 49% of employees are satisfied with their current benefits, which means you have the opportunity to make your benefits even better to appeal to 51% of your employees!
Why are employee benefits important, and why should you care?
Employees want to stay healthy. When they are given benefits that meet their needs, they are more likely to remain with your company. For employees, moving to a new company means changing healthcare plans and providers – which is a headache no one wants to get involved in. When your employees’ needs are met, they are more productive, happy, and engaged in their work.
Offering the essential benefits to employees is important, but it is also important to offer them voluntary/worksite benefits, as well as ancillary benefits. Employees value benefits that they are able to tailor to their needs. Aside from ACA-compliant minimum essential coverage, SBMA offers clients the ability to combine their benefit needs with various voluntary/worksite and ancillary benefit options.
Why is employee morale so important?
Companies with happy employees are known to out-earn and outperform their competitors. Morale is essential to the success of your business. There are quite a few major benefits to having high morale within your company.
Increase in teamwork across the organization.
Individuals are more inclined to work with one another and collaborate when they are satisfied with their jobs and general feelings of well-being. Those with high morale are more secure in their roles and invested in the company. This investment leads to working harder and accomplishing more as a company.
Employees with high levels of morale find that their retention levels are greater than those with lower morale. Employee retention is essential to your bottom-line. The cost of turnover and onboarding can be extremely expensive. One important way to measure your success of a business is through your retention rates. With a benefits package that encourages employee satisfaction, you will see greater success overall.
Positive employees are much more productive and more likely to put in extra effort. According to Gallup, on average an unhappy employee takes 15 extra sick days per year. When employees don’t show up to work, it wastes time and money and decreases performance.
How can you improve employee morale beyond employee benefits?
Employee benefits can only go so far for employee morale. Implementing wellness programs on a periodic basis can help encourage healthy living. Programs including stress reduction programs, weight loss programs, health risk assessments, health screenings, nutrition education programs, and vaccination clinics can benefit employees beyond traditional benefits programs.