How Employee Benefits can help improve Employee Engagement
So why is it that benefits are so important to employees?
If you work in HR, then you know how important it is to have happy employees. Not only do happy employees lead to better business results, but they’re also less likely to leave their positions for greener pastures.
It’s obvious that happy employees are better for a company and its bottom line, but how can employers make sure their staff is satisfied and engaged? The answer lies in the benefits you offer your team members. Here’s why:
Employees who feel valued by their employer will naturally be more invested in the work they do and in the performance of the organization as a whole—simply put, when your people feel good about the benefits they receive from you, they care more about job satisfaction and staying with you longer.
We all want to be valued
The next question to ask yourself is, what do your employees most want?
At a deep level, all humans have three core needs:
A need to be valued
A need to feel important
A need to feel that they are contributing.
These needs must be met before we can be truly engaged.
It gives them the security they need
Giving employees the security they need
One of the best ways to increase employee engagement is to take care of your employees' needs. This means giving them a competitive salary and providing them with benefits such as training, insurance, and retirement plans. By offering these perks, you can give your employees the security they need to know that their family is taken care of.
One example is health insurance. Healthcare costs are rising every year, and it's becoming harder for people to afford the care they need. Employers who offer health insurance allow their employees the security of knowing that should something happen to them or their family member, they'll be able to afford quality medical care without taking on a huge amount of debt.
Another example is retirement plans. As people age, they become concerned about how they're going to support themselves once they stop working full time or if something happens and they can no longer work at all due to an injury or illness. Employers who offer decent retirement plans allow their employees peace of mind regarding how much money will be available when it comes time for them retire so there aren't any surprises down the road
Benefits show employees that their effort is appreciated
Benefits make employees feel valued by their employer.
It’s no secret that most people are motivated to do good work because they like the feeling of being appreciated for what they contribute. When an employee feels valued, then he or she is more likely to become engaged and invested in his or her work. Benefits can be an important tool towards making employees feel appreciated because they help convey that their hard work is appreciated by the company. By including benefits in your company’s offerings, you are showing employees that you acknowledge the impact of their hard work on your business.
Benefits improve morale and culture within a company, among both current and potential future employees.
Benefits increase morale because they have a positive effect on how employees view their job as well as how others view it as well. Employee satisfaction not only improves how much effort they put into their work but also how much satisfaction they derive from doing it—making them happier at the office and more likely to stay there longer in addition to working harder while there! Boosting company culture can also be done with benefits since offering competitive packages makes businesses stand out among other competitors--something more likely to attract top talent than otherwise would happen if these sorts of perks weren't available anywhere else nearby either geographically speaking or even just within industry-wide competition (especially considering).
When you offer benefits, it shows your employees that you care about them
One of the greatest benefits of offering employee benefits is that you’re able to show your employees that you care about them. For example, let’s say your company offers a student loan benefit. The average student debt load in the U.S. is over $40,000 - so, you can see how a student loan benefit might be very helpful and be greatly appreciated by your employees! Or perhaps an employee has a child with asthma or any other chronic illness that requires frequent doctor visits and prescriptions. By offering medical insurance & a prescription drug plan for this employee’s child, it will help reduce their stress and anxiety levels, knowing that their child will be able to get the care they need when they need it!
Employee benefits are a crucial part of attracting new talent to join your organization. In fact, more than three-quarters (77 percent) of workers said they would choose additional benefits over a pay raise; 61 percent said they would want more benefits rather than more money if given the choice today. When you offer benefits, it shows your employees that you care about them. They understand that you're not just trying to pay them as little as possible and get the most work out of them for their buck. Benefits are a sign that you're interested in investing in their well-being, which will make them more likely to invest in yours.
A good benefits package is also a way for you to stand out from the crowd of other potential employers--who knows, maybe those potential employees were considering you but were also looking at other companies with better benefits. A great package can be enough to seal the deal and help you land that person you really want to work for your company.
And finally, a well-thought-out benefits package can help communicate your company's culture as one that cares about its people, creating an atmosphere where employees feel more comfortable and at home. Even if they aren't actively taking advantage of all the benefits available, it's nice just knowing they're there.
Benefits give you a competitive edge and make for improved employee engagement.
When employees feel valued, they’re more likely to stay. More than half (56%) of employees worldwide would stick with their current employer if they offered better benefits and perks. Health insurance, paid time off, and retirement plans are a core part of the compensation package — but what are other ways you can make your employees feel valued?
Great employee benefits not only help you attract top talent, but also improve employee engagement. A comprehensive employee engagement strategy will include benefits that make your people feel secure and cared for.
Your company culture plays a major role in the growth of your company. By making sure that you offer competitive benefits, you can ensure that your team members are happy and engaged.
For years, employee benefits have been a key tool for companies in attracting and retaining talent. A competitive benefits package can help employers differentiate themselves from others in their industry and attract workers who will bring a wealth of ideas, energy and experience to their organization. The debate surrounding the best types of benefits to offer has long been settled: the most effective employee benefit is one that’s tailored to your employees’ specific needs. Ideally, your company’s benefit offerings will be able to meet the varying needs of your workforce. No two employees are alike. Some are single or young parents with fresh college degrees. Others are married, middle-aged professionals with children ready to build careers of their own. And still others may be retired veterans who enjoy working part-time while pursuing personal interests. Offering one cookie-cutter benefits package is sure to leave some employees feeling shortchanged, while another group may find themselves paying for coverage they just don’t need. Benefits give you a competitive edge and make for improved employee engagement.And finally, a well-thought-out benefits package can help communicate your company's culture as one that cares about its people, creating an atmosphere where employees feel more comfortable and at home. Even if they aren't actively taking advantage of all the benefits available, it's nice just knowing they're there.
We live in a world where there are countless ways to be engaged. The cost of living, our desire for fulfillment, and the need to make a difference are all strong motivational factors that can influence this decision. But at the end of the day, none of these things can exist without financial stability. If you provide your employees with the tools, they need to achieve this goal, they will likely feel more engaged in their jobs, which will lead to higher retention rates in the long run.