Why is offering competitive employee benefits important? Some companies operate on the premise that they have to give their employees benefits, almost as if having benefits are a fundamental right for an employee. While we do agree that it is an employee’s right to have benefits, there is a difference between having benefits, and having GREAT benefits — and believe it or not, providing your employees with great employee benefits will actually benefit you, as much as it does them.
Corporate Financial is your local source of South Florida employee benefits consultants, and in today’s blog post we will be discussing a few of the reasons why providing your employees with a comprehensive benefits package is actually beneficial to you, as an employer.
Increased Employee Loyalty
According to a 2016 study, offering comprehensive employee benefits packages to your employees can increase overall company loyalty by over 60 percent. Why? Well, to put it simply, when an employee is comfortable with their benefits package it is easier for them to look at long-term growth with your company versus seeking alternative employment.
Increase Employee Attendance
Another benefit that you will see as an employer offering better employee benefit packages is an increase in overall employee attendance. Some of the most common reasons that employees miss work are because of family events, financial issues, and health issues. By providing your company with better employee benefits you might see a reduction in absences as a result of having better medical care, padded finances, and more flexible work schedules.
Increased Ease Of Recruiting
It is an odd concept that offering better employee benefits to the people in your company, it will affect people outside of your company. By offering better employee benefits, potential job candidates will be more likely to seek a position with your company. In fact, they might even be willing to work for less. A survey conducted in 2016 by Aflac Workforce Report found that 55 percent of employees would be somewhat likely to consider taking a lower paying job, as long as it has a comprehensive benefits package. Additionally, by offering more competitive plans you will also attract higher-quality candidates — making offering better employee benefits a win-win situation for both you and your employees.
What Benefits Do Employees Want?
We likely don’t have to tell you as an employer that picking an adequate employee benefit plan is not an easy feat. You have to consider options like group health, life insurance, dental insurance, vision insurance, disability insurance, and even retirement plans. But how can you determine how to bundle insurances, and what quality of insurance is needed for each intricacies of the plan? Well, it is actually quite simple, you contact us at Corporate Financial and ask to speak to one of our experienced benefits consultants — but for the purpose of this blog post, we will quickly go over the coverages that are most desired among employees.
According to the Employee Benefit Research Group, employees find the following benefits are important:
- Health (64%)
- Dental & Vision (37%)
- Life (26%)
- Retirement (45%)
- Pension/Defined Plan (25%)
- Retiree Health (21%)
- Disability (21%)
- Long-term Care (15%)
- Other (15%)
But As An Employer, How Do I Select The Right Employee Benefit Packages?
Selecting the best employee benefit packages to offer to your South Florida employees is not an easy decision. The packages must be meticulously picked, with many factors being considered to ensure that you do not provide too little, or too much. To make it easier, you can simply contact your local Miami, Florida, benefit brokers and benefit consultants here at Corporate Financial.
At Corporate Financial, we provide protection that performs, so you can live your life without limits — and why would you offer your employees anything less? Contact us today to speak to one of our experienced benefit brokers.