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The Right Benefits for the Best Talent
Employees are the main driving force of a company. They are the ones responsible in doing tasks to uplift the image and competency of the business in the global setting.
It is in this light that tells us that employee happiness is also important. As an employer, one of your goals aside from operating the core work of your business is to keep your employees happy, motivated, and satisfied. In doing so, you can ensure employee retention and you can avoid issues and problems along the way.
This is where employee benefits come in. Employee benefits are additional compensations to the basic and standard wage of an employee. Most of the time, they help the employees in both their professional and personal lives so they can continue working in top shape and health.
NNRoad knows the importance of these benefits. With all these in mind, the company has developed an organized way to manage the benefits of employees in your company should you wish to put up one in an overseas country where there are different sets of laws and regulations. We can administer and facilitate the statutory benefits, as well as, additional benefits that your company might be offering so you can concentrate on the core operations of your business.
However, as an employer, you would feel that employee benefits are only deserved by those employees who work hard with results. In most cases, employers only want the best people as their employees. Oftentimes, these people may need unique packages and there is a lot of coverage for employee benefits that these employees may need. Here, we will discuss the types of employee benefits and we’ll have a deeper look into how important it is to implement employee benefits to your company.
The Top 5 Employee Benefits
As we’ve said, there are a lot of benefits that any company can offer to its employees. However, we cannot deny the fact that there are benefits that most employees value more than others. Let’s take a look at the top five employee benefits that are crucial in employee retention and happiness.
- Health Care.
According to a study, 61% of the employees who said they are satisfied
with their company are happy because of the health benefits that their
company is offering them. There are two choices that a company can give
out health care benefits to its employees.
- Group Health Insurance. Group health insurance is the most typical and common way of offering health insurance. The company will purchase and contract with an insurance provider and sign up for a group health insurance plan. Employees can then choose whether they want to be a part of the group health insurance plan.
- Health Care Reimbursement. This is basically providing the employees a stipend or gift card that will be used by the employees to contribute to their individual health care plans. This option allows more room for flexibility as different employees may opt for different health care insurance plan packages.
- Retirement. Retirement benefits allow the employees to be worry-free and live a comfortable lifestyle even after their retirement. Employees will have something to look forward to after they choose to stop working. In some government laws in some countries, there are public social security agencies that provide retirement funds. But, employees also value additional retirement programs. Most employees are so into the job and achieving their immediate plans that they forget to start saving up for retirement. Retirement benefits from companies are a good way to help the employees save up for the future. In most cases, a retirement plan offers several tax benefits that allow the employers to deduct annual allowable contributions from the monthly salary of the employees.
- Workplace Flexibility. There are situations where in an employee will be forced to take time off work without pay because of unforeseen circumstances. This can be very stressful to some. And, stressing over money is never a good thing. This is why some employers offer flexible pay. Other companies also allow their employees to have a recovery period while assuring the employees that it is still paid.
- Wellness Program. Related to health benefits, employees also value their current health. Wellness programs and benefits are growing trends in companies nowadays. This allows the employees to stay healthy and maintain a healthy lifestyle that will permit them to work effectively in the company. Wellness programs include company gyms, exercise classes, yoga sessions, smoking cessation, and stress management. While these programs help the employees individually, it is also a good thing for the employer as the healthier the employees are, the more productive they can be.
- Tuition Reimbursement. Some employees value education more than anything else. According to statistics, there is a $20,000 difference in the annual income of employees with college degrees with those who don’t hold a degree. This is why tuition reimbursement is getting attention these days. Companies who help their employees in furthering their education receive more positive feedback. Moreover, employees who are under the tuition reimbursement program often become educated employees that have the knowledge and experience in the company to do better and excel more in their respective jobs.
The Importance of Employee Benefits
These days, talented individuals who are fit to work for companies don’t just look for the money that they receive monthly. They’d want some things that are outside of their salary to look forward to when they come to work every day. They like to be able to work with no worries. For the employers, they need to have something to motivate their employees to go to work every day with a peaceful and positive mindset and productively do their tasks. It is in this essence that employee benefits exist. Aside from this, there are a couple more reasons why a company should be offering the most desirable benefits possible to their employees.
- Build an interesting appeal. As we’ve said, it is important to hire and attract talented people to your business and have them help you make it flourish. The most effective way to bring them to your boat is to offer tangible benefits that set your company apart from the others. Offer benefits like paid vacations and holidays, health care and retirement plans, and reimbursements. There are even other small-time benefits like disability benefits, family-related leaves, dental plans, and hazard pay. The key here is to work out the proper benefits that will work out for your company. The more benefits, the better. But, that isn’t always the case as some benefits might not work for your company too.
- Eliminate high turnover rate. A business can dwindle down because its employees come and go at an alarming rate. When an employee resigns, he or she will turn his tasks over to a new employee. This can go on for a cycle when your employees leave because of dissatisfaction. This can water down the quality of the tasks being turned over. To remedy this, it is best to offer employee benefits that will make the employees stick around longer. Employee benefits can increase loyalty and retention. Always remember that as an employer, your main priority is employee happiness.
- Uplift your employees’ morale. When an employer knows how to address its employees’ needs by offering the right benefits, it can boost their morale. There is a very high chance that the employees will be more dedicated and focused in their jobs. Nothing is worse than a bad attitude at work as it can jeopardize the quality of the results. When your employees’ attitude towards work is negative, it can have a domino effect to the whole process. So, benefits help keep your employees satisfied and motivated.
- Promote a healthier workplace. When you offer health plans and sick leaves as benefits to your employees, it almost always translates to a healthier workplace. A person can only function in a company if their body is also functioning well. Work can only be completed when your employees are in top shape. If you prioritize your employees’ health and well-being, there is a higher chance that more tasks will be completed and your employees will stay longer as they are assured that their employer has them covered. In case of an accident, an injury, or an illness, the health care plan benefits of the company will cover the employees. This can take out a lot of the stress of the employees and they can recover sooner so they can get back to work and become productive in no time.
- Better output. Benefits push the employees to become more motivated to go to work every day. These benefits make them more at ease and focus on work without worrying on what will happen to them. As a result, they become more focused on their job and return good and quality results. As an employer, you may think that benefits will cost you more money but the long-term advantages will outweigh the costs and it will contribute more than to the finances of the company.
All these are all put into consideration by NNRoad. With their years of experience, they know how important benefits are to acquire great and true professional talented employees. They can manage the distribution of benefits to your employees and ensure that your employees will only get the best benefits so they can, in turn, give back the company the best results.