Employee Acquisition – Attracting the top talent in your industry is a challenge for all companies and those that are offering a quality employee benefit package definitely have a leg up. Aside from pay rate, benefits are one of the most important elements that prospective employees look for in a company. When choosing whether or not to accept a position, most employees will choose the option that provides the best benefits, all other things being equal.
Reduce Turnover – In addition to attracting the best employees, a good group benefits offering will also help you retain those employees and reduce turnover. This is an especially important point in today’s job market since many companies are attempting to use better benefits to headhunt workers from other companies and lure them away from their current employers. In this sense, a comprehensive benefits package acts as a sort of “line of defense” against losing your most productive workers.
Health & Performance – Healthier employees perform at a higher level and miss less time from work, thus increasing companywide productivity through health incentives, wellness programs and a quality health insurance plan. Good benefits also keep employees invested in and loyal to their company, especially those businesses that offer more than the bare minimum (which is slightly more than half of them). Quality benefits options help protect your investment in your staff and guard against lost productivity.