In a precarious and shifting economic climate, employee benefits are becoming increasingly more important in maintaining stable and loyal teams. A recent study conducted by MetLife shows that employee satisfaction with benefits is connected to overall job satisfaction. Benefits have also proven to be driving factors in employee attraction, retention and productivity – which means more loyal employees working to help you reach your business goals.
- Paid Vacation Time—Time away from the office is essential for maintaining a work-life balance. A survey conducted by Club Inspirato found that time off is the most valued benefit among workers in the nation’s top 10 cities. A few employees would even prefer vacation time over more money, promotions or bonuses.
- Paid Sick Time – Paid sick time, in addition to vacation time, is something that few small businesses can afford without careful planning. However, paid sick time makes it easier for employers to manage personal health, and it also boosts office health by keeping sick people at home (or at the doctor). Many companies lump PTO time together so employees can manage their personal lives as needed, either for a vacation or a trip to the doctor.
- Medical insurance benefits – Health insurance is a huge aspect of keeping America’s workforce healthy. Both employers and employees spend large sums of money on insurance policies, and though there are many ways to stand out to potential employees, providing affordable and comprehensive health care is the most competitive approach. Company wellness programs can promote employee health and can also lower insurance costs for business owners.
- Non-medical benefits – As U.S. health insurance becomes standardized, non-medical benefits such as dental, disability and life insurance are anticipated to play a greater role in employee retention. In a separate MetLife report, released in 2010, almost 60 percent of small business employees agreed that non-medical benefits contributed to their feelings of company loyalty.
- Flexible Working Arrangements – Today’s workforce is becoming increasingly technology-oriented, which makes it more realistic for employees to work from home. Allowing workers arrangements such as flexible shift schedules are benefits that may not seem very glamorous, but employees with children or other life obligations can appreciate this flexibility as much as PTO.
A great benefits package can make you stand out in your industry, but it can also be costly. Entrepreneurs or small business owners who can only offer limited benefits should ask employees what they prefer. Businesses that make improving employee benefits a part of a growth plan can get employees excited about reaching milestones together. By sharing the bigger picture with your employees, they will be more willing to work toward your bottom line.
About Author: Susan Wells is a freelancer and blogger who writes for insurancequotes.org and other sites that are related to insurance, technology, and lifestyle. She’s always happy to hear from her readers and welcomes your comments and questions.