How Employee Benefits can improve your business

When it comes to keeping your workforce happy, take-home pay isn’t the only thing that matters. In fact, for younger workers and hard-to-find highly skilled staff, working conditions and the full suite of benefits are just as important as basic pay.

Employees today want benefits that ensure their wellness now and in the future – medical aid, life insurance and a retirement plan that offers them peace of mind.

A solid package of employee health and financial wellness is just as good for business as it is for employees.

Research has found four key benefits for businesses offering good benefits packages:

1.???? Enhanced job satisfaction and retention:

Benefits improve job satisfaction, which is critical for retaining top talent. A 2018 study by PwC found that 83% of employees who were satisfied with their benefits were also satisfied with their jobs. Companies with happy employees are more likely to reduce turnover costs and maintain a stable workforce.

2.???? Improved productivity and engagement:

Benefits drive employee engagement, and engaged employees are more likely to be productive and committed to their work. Research found that companies with engaged employees outperform those without by as much as 202%.

3.???? Positive impact on mental and physical health:

Health benefits such as wellness programmes, health insurance, and mental health support reduce absenteeism and ‘presenteeism’ – when workers are there, but not performing at their best. In a study by OC Tanner, 79% of employees said their health and wellness benefits positively impacted their overall well-being.

4.???? Competitive advantage in recruitment:

Research from UK firm Glassdoor showed that for 48% of job candidates, employee benefits was a deciding factor in whether to apply for a role.

The case for good benefits may be clear, but how can you be sure the benefits you offer will stand the test of time? By partnering with a reputable employee benefits provider to develop a tailored benefits package that meets employee needs and your company's goals, your organisation can offer a compelling benefits package and help set your employees on the road to financial wellness. A reputable, trusted partner will also help you navigate the complexities of benefits administration, stay compliant and keep up-to-date with industry best practices.

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