Employees are arguably one of the most important assets to a business. The performance of employees affects a business’ bottom line.
Employee benefits are an incentive for most employees to accept a position and work with a level of dedication that will benefit all. A generous benefits package also give the employee a sense of good will passed on from employer to employee and gives them a sense of belonging at a particular company.
Offering generous employee benefits such as tuition reimbursement, telecommuting, paid vacations, sick time, profit sharing, etc. will increase the overall happiness of employees and happy employees are productive employees!
While the mentioned benefits are extremely costly to employers, the long-term advantages of offering such benefits surely outweigh the cost.
Here are the top reasons employers should offer generous benefits to their employees:
Attracting top talent
Many prospective employees will measure a job offer by its compensation and benefits package. A solid benefits package will attract employees who are career oriented because they are seeking security and stability.
A generous benefit package communicates to top talent that this is a company who cares about their employees and is stable enough to offer such benefits to their employees.
Employee retention
When an employee leaves a company, it requires the employer to invest in a replacement. Although usually budgeted, there will be a cost attached to advertising for a new hire, providing the necessary training, taking the time to interview the potential candidate and expending a new salary.
Retaining employees will eliminate the financial risk attached to employee turnover. A higher salary is not always the hook to keep an employee on board, but most employees seek comprehensive and generous employee benefits.
Increased employee morale
By offering generous benefits, companies give employees a reason to care about their work and remain loyal to their employer.
An employee with benefits will display a higher level of dedication and are less likely to miss work. A company who invests in their employee’s professional and personal well-being will probably see loyal and dedicated employees who give them a return on their investment.
Employees who are committed and working to their fullest potential will drive the success of a business. Companies that invest in their employees’ will not only gain a competitive advantage over other employers, but they will most likely have a dedicated and loyal workforce.
This was originally published on the Genesis HR Solutions blog.