Employee turnover costs businesses $11 billion annually. This is due to a number of factors including: job satisfaction, wages, employee morale, and most importantly employee benefits. Many employees now view their jobs and base some of their workplace happiness on the amount of benefits they receive from their employer. If employees do not receive enough employee benefits they may feel under appreciated and their morale will drop. It is important to keep these employees engaged because actively disengaged workers are twice as likely to be diagnosed with depression. As an employer, it is also important to extend these employee benefits without costing your business too much money. Cost-effective benefits solutions can help you not only boost employee morale, it can help retain employees who will stay loyal to your business. Here are some reasons why!
Cost-Effective Benefit Solutions Can Help Make Employees Happy
There is an old saying that “happy cows make great milk” and the same can be said for happy employees producing great results. Many employees want to climb the ladder at their place of employment so that they can receive a pay raise. Half of employees believe they can find a new job within 12 months, and thus 35% say they will look for a new job if they do not receive any sort of pay raise. Unfortunately, it is not feasible to give all employees a pay raise. This is where cost-effective benefits can help keep employees engaged in the work place. Cost-effective benefits solutions can include: full-time employee benefits, health care coverage options, employee group benefits and other benefits plans. This is even more important when your business employees young workers. In a survey, 44% of Millennials revealed that if given the choice, they are expecting to leave their current employers in the next two years. Cost-effective benefits solutions that include health care can help retain some of these younger workers. Some cost-effective benefits solutions do not have to only pertain to health care. One of the most commonly provided benefit to employees is paid leave! This includes paid holidays and also paid vacation time. These two simple cost-effective benefit solutions can help employees feel appreciated in a simple manner and will not cost the employer too much money.
All in all, employees want to feel appreciated and valued at their work place and doing so will help them remain engaged in the work place. Extending these employee benefits can also help boost the reputation of your business. Companies that offer 11 or more benefits, around 66% of the employees called that company a great place to work. They are likely to recommend it as a nice place to work at to other people as well. If you are an employer do not fret, there are cost-effective benefit solutions that can help improve your business and not cost you a pretty penny.