Employee benefits actually benefit employers as much as they do workers. A generous benefits program is one of the best recruiting tools. It’s also one of the best of ways of retaining qualified staff and avoiding high turnover, and of ensuring a productive, positive workforce. Administering a full time employee benefits program can be a complex matter. Hiring a firm of HR specialists can help business owners, human resources professionals and individuals to find the solutions for their needs.
High turnover affects earnings
High turnover is a sure sign of employee dissatisfaction. For employers, there are many disadvantages to high turnover: it adds costs in terms of hiring and training employees, it reduces earnings due to lack of continuity and experience in the workforce. In fact, businesses lose as much as $11 billion each year because of high employee turnover.
Conversely, improving employee satisfaction and engagement has a direct impact on the bottom line as well as on the work culture in the organisation. A Gallup poll found that by increasing the number of talented managers and doubling the rate of engaged employees, companies could achieve higher earnings, by as much as 147% higher per share than their competitors. Experienced HR managers understand that an outstanding benefits plan is one way to ensure employee satisfaction and engagement.
Worker engagement and well-being
A large number of workers are always looking to improve their situation, and the availability of jobs suggests that it is relatively easy for them to change jobs. As many as 44% of Millennials are not happy in their jobs and say that if they could, they would leave their current jobs within two years. As many as 35% of employees say that without a pay raise, they would consider looking for a new job. And given the healthy state of the job market, 50% are confident of their ability to find a new job within a year.
Employee dissatisfaction hurts businesses as well as workers. Polls find that actively disengaged workers are almost twice as likely to be diagnosed with depression than their more engaged counterparts. Engaged employees overall have a higher sense of well-being and are actually more likely to recover “fully” from illness, injury or hardship. Employee group benefits are an essential part of the package of measures that employers can use to ensure worker engagement.
Favored employers offer full time employee benefits
Group insurance and other benefits promote worker engagement. Full time employee benefits include medical care, paid leave, paid vacation and other basic benefits and coverages. For employers looking to add full time employee benefits, an HR specialist firm can help them to find cost effective benefits solutions. Researchers have found that the number of benefits offered by the employer directly affects worker satisfaction. When companies offer 11 or more benefits, about two-thirds or 66% of the employees consider it a great place to work and would recommend it to others.
Full time employee benefits help both employers and workers. By reducing turnover and improving productivity, they help to increase earnings. For employees, job satisfaction translates into an overall sense of well-being that affects their lives, their families and their communities.