The Importance of Offering Employee Benefits
Turns out, the best way to reel in and retain the right hire is to offer a prime benefits package. In fact, 80% of employees would stay with an employer who offered benefits rather than move to one who didn’t—even if the other employer offered a position with more pay. To help employers understand the importance of offering employee medical coverage and other incentives, here are three major areas of business that benefit from employee benefits.
When you’re looking to fill a position at your company, you’re going to interview and be interviewed by candidates. That means, while you’re looking for the best candidates, the best candidates are evaluating whether your offer matches their wants and needs. Without an employee benefits package, you’re at risk of losing some highly skilled applicants to other companies. Nearly 30% of employees will reject a job offer if the benefits don’t meet their expectations, which severely limits your company even if you offer a strong salary.
Offering benefits isn’t just a great way to attract preferred candidates to your company; it’s also a significant factor in keeping your employees happy long after the onboarding process ends. Almost 50% of small-business employees found employee benefits to be either extremely or very important to their workplace happiness, which means the right benefits will put the right employees at your location and improve their job satisfaction.
Studies have shown that employee benefits have a strong connection to employee turnover. Roughly half of employees listed benefits as an important factor that keeps them from leaving their current employer, which makes benefits a top priority for retention. So, if you want to decrease the employee turnover in your business, you’ll need to offer a worthwhile reason to stay.
Securing Benefits for Your Employees
No business owner should have to break the bank to bring in top talent. Instead of outbidding your competition and offering a salary that’s out of range for your budget, entice your applicants with a benefits package that provides more value with less cost to you. At Professional Employer Resources, we offer a range of employee benefits so you can customize a perfect package for your staff. You can supply your staff with a range of options including health, vision, dental, and life insurance to cover all the important areas of their wellbeing. To start creating your benefits package today, call 888-599-4991.