Why Employee Benefits are Important
People matter. They are the driving force behind the innovation, effort and dedication in a company’s work. Ultimately, they are the reason that a business performs well or poorly. Your employees want to know that they matter as individuals to the people and organizations that they are loyal to. This is why employee benefits are so important. Everyone must work to survive, but most have a desire to be in a career that not only provides a salary, but also fulfills them as an individual.
As a small business owner, providing good quality benefits for your employees can seem overwhelming, and very expensive. The truth is, though, it’s not as hard as you think. The most important thing to remember is that a focus on the employee and their needs benefits the individual and the company. Employee benefits help lead to happier and healthier employees, and an increase in appeal and decrease in turnover. Saving money in the short term by not offering the best quality benefits will hurt you in the long term by damaging your relationship with your employees, and the overall moral of the company.
Employee Benefits – Promoting a Happier Work Culture
In culture, we’ve seen a shift in the work force as companies go above and beyond to improve their employee’s benefits. For example, the large company, AirBnb, provides a yearly travel credit to employees, and Facebook offers a stipend to buy baby supplies for employees with a newborn.1 These benefits are part of an effort to encourage workers to enjoy the culture of their workplace, and be dedicated to their tasks. When considering benefits, keep in mind that when people’s talents are shown appreciation, their performance reflects it. Not only will they work harder, but also, they will be happier doing so. By providing your employees with the security (and sometimes the fun!) that comes with benefits, you help eliminate anxiety and show thankfulness to your employees. As a result, you help your employees enjoy their work more.
Employee Benefits – Healthy Employees, Healthy Business
The advantages that come with Group Benefits and Retirement Solutions help foster the environment of a successful, healthy workplace. Employee benefits relieve the problem of the “what ifs” that come with day-to-day life. And when life does throw a curveball, employees have the care they need at their fingertips through their group plan. When an employee is in need for health care, or another want that their plan covers, they will have access to resources to help them and heal them. This process will encourage wellness among your workforce, so employees can be a positive part of your business.
Employee Benefits – Grow Your Team, and Keep Them Around
70 percent of people in the job market say that benefits are important to them.3 When talented individuals look for a new career, they search for opportunities that involve well-rounded benefits. Potential employees may even disregard any opportunities that don’t provide benefits – no matter how great the job looks on paper. The truth is, you will have more success in hiring competitive candidates when you offer a culture where the employee and their benefits are of importance. When this is a focus, your team will grow.
If your benefits are competitive, not only will you have success when hiring, but you will also be more likely to keep your talented employees. Studies show that there are fewer turnovers in companies that offer excellent benefits to their employees.3
Choosing your Group Benefits
Building a group benefits plan can seem daunting. Thankfully, Mutual of Omaha goes above and beyond to provide group insurance to businesses, and to help them decide what’s right for them. From accident insurance, to life insurance, to retirement solutions and many more, we offer options to perfectly fit your business. We even offer programs like our Employee Assistance Program, which offers extra resources to help employees stay productive at work. Our committed customer service team can help you find the right products and resources to match the needs of your employees. You can also use our Group Benefits and Retirement Solutions calculators, to help you figure out what your business’s specific needs are.
People matter. And their benefits and wellbeing should be at the front of your mind as a business. Their happiness, health, and job satisfaction will determine your happiness, health, and growth as a business. By establishing employee benefits, you’re establishing yourself as a business that cares.
Additional sources used:
1https://www.fastcompany.com/3056205/the-future-of-work/these-are-the-best-employee-benefits-and-perks
2https://www.glassdoor.com/research/more-money-change-value-at-work/
3https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/2016-Employee-Job-Satisfaction-and-Engagement-Report-Executive-Summary.pdf
Life Insurance and annuities are underwritten by United of Omaha Life Insurance Company, 3300 Mutual of Omaha Plaza, Omaha, NE 68175. United of Omaha is licensed nationwide except in New York and does not solicit business in New York. In New York, Companion Life Insurance Company, 425 Broadhollow Road, Second Floor, Melville, NY 11747, underwrites life insurance and annuities.
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