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 convince them that your company is a better place to work than your competitors. A strategic, quality benefits package can help you attract and retain those top employees.
Employees value a well-rounded selection of benefits, and health insurance, a 401(k) plan, life insurance, dental coverage and quality voluntary benefits are a few of the plans that you can consider offering.
When your 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 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.
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.
Offering a quality array of employee benefits will pay off through a stronger, more productive workforce with employees committed to your company.
Working with Lambent Risk Management will help you develop a strategic 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.
Efficient Use of Resources
Offering valuable 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.