Use Your Benefits Package to Attract and Retain Employees
Remaining competitive in the hunt for the right job candidates who will propel your business to success is a struggle. Once you find the people you need, you have to persuade them that your company is a better place to work than your competitors. A strategic, quality employee benefits package can help you attract and retain those top employees.
Employee benefits packages offer value to your employees and help you boost productivity and retention in a cost-effective manner. Here are a few of the advantages of offering employee benefits as part of your compensation package:
Talent Attraction and Retention
- Employees highly value a good benefits package. Developing a strategic employee benefits package that targets specific types of individuals can help attract the right job candidates to keep your organization running at peak efficiency.
Once you have these top-performers at your company, providing a tailored employee benefits package will serve as a barrier to them leaving—a great benefits package can be a huge advantage when looking at retention strategies because it holds more than just monetary value for the employee. A bigger salary at another company likely won’t be as strong a pull for an employee tempted to leave if the other company’s employee benefits package isn’t as attractive as yours.
Healthy, Productive Employees
- When your employee benefits package includes a combination of health insurance and dental and vision coverage, you will have employees who are able to take a proactive role in managing their health. They will have easy, affordable access to health care, reducing absenteeism due to illness.
When they are on the job, healthy employees are more productive than sick ones. It’s beneficial for your company’s productivity and your employees when they have access to medical coverage and time off when they are sick.
- A good employee benefits package leads to satisfied employees with higher morale. Employees who find value in their benefits are typically more willing to commit to their company because it helps make them feel valued—which leads to increased productivity and decreased absenteeism.
Efficient Use of Resources
- Offering valuable employee benefits can help lower top employees expectations for salary. Many employees are willing to accept good benefits in lieu of a slightly higher salary.
This is an advantage to your budget because the value you present to employees with benefits, especially health insurance plans, can be monetarily equal to a raise in salary for them, while costing you less due to group rates and lower payroll taxes. Employers can avoid the hidden cost of paying extra payroll taxes on higher salary by instead offering benefits to provide similar value to employees.
- Even if you think you can save a little money in the short term by skimping on employee benefits, you will eventually face the consequences through a lowered ability to attract high-achieving employees, increased difficulty retaining your top performers, and lowered morale and productivity.
Employees value a well-rounded selection of benefits, such as health insurance, a 401(k) plan, life insurance and dental coverage. Offering a quality array of employee benefits will pay off through a stronger, more productive workforce with employees committed to your company.
Working with Sandy Spring Insurance will help you develop a strategic employee benefits package that works for your budget and offers attractive options to your employees. We can also give you access to educational materials for your employees as you launch your new or improved benefits package.
Contact us at 410.897.5800 or www.sandyspringinsurance.com.