How Employee Benefit Programs Positively Impact Businesses

It was only until a few years ago that a mere paycheck sufficed to keep your employees content. Benefits sounded nice but they weren’t a necessity back then.

These days, employees expect a lot more than just a payroll slip from their companies. This includes health, dental insurance, retirement plans and more.

While the idea of enhanced employee-benefits program may seem a costly affair, it’s no secret that businesses that offer health insurance plans, paid time off (PTO) and flexible work schedule witness a remarkable improvement in employees’ productivity and morale.

That is to say, providing meaningful benefits to employees can incentivize employees to strive to reach their fullest potential and boost your bottom line.

Below we have listed top 3 reasons why employee benefits programs are crucial for your business.

1. You make more money.

The primary goal of any business is to make money.

A 2015 report published by the Aberdeen Group highlighted the performance results companies experienced after the promulgation of an employee engagement program. It revealed that businesses that fostered high employee engagement achieved higher revenues, more customer referrals and reduced costs.

Happy employees are great for business. A benefits program that truly makes a difference in your workers’ lives will always have a positive effect on your bottom line at the end of the year.

2. You save money by retaining old employees.

Believe it or not, small raises no longer keep your employees happy. Glassdoor’s 2015 Employment Confidence Survey found that 79 percent of employees would prefer additional benefits to a salary raise.

Small pay increases may save you some bucks but they do nothing to spur employee motivation. The worst-case scenario here is that your best employees might jump ship at the first opportunity.

As a business owner, you might probably be already aware that recruiting an employee is far more expensive than retaining an experienced hand by offering them new benefits.

As the labor market tightens, employers face a daunting task of drawing the best bet from a very limited pool of workers. Hence, it becomes all the more important for businesses to acknowledge the talent that they have already hired and turn them into a productive and high-performing team.

Needless to say, enhanced employee benefits program is a way to do just that!

3. You boost your employees’ energy levels.

Energy levels brimming over and persistently enhanced moods trigger peak performances by employees. A survey conducted by the American Psychological Association in 2016 discovered that approximately 91 percent of people employed at firms with employee wellness programs Delaware feel inspired to do their best and share a good rapport with their supervisors and colleagues.

This goes to show how important it is for businesses to invest in their employees’ physical and mental well-being, in order to further their company’s progress.

If your eyes are set on generating long-term profits, it’s about time you lend support to your employees. Offer them benefits packages that go above and beyond the needful.

Our dedicated team at JS Benefits Groups looks forward to help you streamline the administration of your health and welfare benefits. Drop a line at info@jsbenefitsgroup.com or call us at (877) 355 – 6070.