As a business, there are many advantages of employee benefits being part of the package you offer your employees.
These will change dependant on the specific employee benefits you’re offering. In this article we’ll look at 4 advantages of employee benefits but keep in mind that this is not an exhaustive list and there are many more!
Improved employee retention
For employers, whether or not your employees enjoy working at your company should be monitored regularly. Whilst there are things that will be out of your control when it comes to their satisfaction in the job, there are still things you can do to ensure overall employee satisfaction.
One of the advantages of employee benefits is that they convey the message that you as an employer care about your staff. This investment in your staff will likely boost employee satisfaction and instil their belief in your management abilities.
Reduced employee absence
When life throws up challenges, trying to keep a good work life balance can be harder than usual. This brings added stress and can often lead to employees needing time off to deal with responsibilities. This can lead to burnout which brings a whole host of problems and could mean that the employee needs extended leave.
An advantage of employee benefits is that you can use them to help you keep your health and wellbeing in good shape. According to a study published in the Wisconsin Medical Journal, women who take holidays twice or more per year are less likely to become depressed, tense or tired. In fact, the researchers found that ‘the odds of being depressed increased as the frequency of vacation decreased’.
Something as simple as offering a scheme that allows employees to trade a part of their salary for more annual leave can help to alleviate the stresses related to spending an unbalanced amount of time at work compared to at home.
Peace of mind for employees
Employees will be less likely to worry if they know that they can take care of themselves and their family’s needs. For example, offering Private Medical Insurance can sometimes extend to family members depending on the level of cover. Employees can have peace of mind that they and their loved ones are looked after should an emergency happen.
Makes budgeting easier
Whilst there are many health and wellbeing based advantages of employee benefits, there are some great financial related ones too to help making budgeting easier for employees. This helps to create a bigger pool of people that can be supported by employee benefits because everyone can benefit from some financial advice or support no matter what time of their life they’re in.
If you can save and be financially intelligent then budgeting for the little joys in life will be easier. Life is always better when we have some disposable income to spend on the things we enjoy and having financial support can help you with this.
Now that we’ve explored some of the advantages of employee benefits, we hope that you feel more informed as to why employee benefits are a great investment for your company. While you’re here, browse through our employee benefits options for more information on the schemes available to you and your staff.