Many companies are still on the fence about whether to provide employee benefits or not. But the fact is, it’s good for business. If you offer employee benefits your staff will be happier, which, in turn, will make them more productive.
According to research, happy employees are 12% more productive. At Google, (a company that offers many amazing benefits) employee satisfaction rose 37% once they invested in employee support and satisfaction initiatives. Do you offer employee benefits? If you do and you’re not seeing a rise in productivity, it may be time for a refresher. Here are some of the signs you need to enhance your employee benefits program:
Your employees are lacking morale
Low morale can be destructive for a business, as it can lead to decreased productivity, absenteeism, poor performance, and can even affect turnover. According to Access Perks, disengaged employees cost organizations between $450 and $550 billion annually. Are you worried your employees are unhappy? Look for red flags like changes in attitude, lack of initiative, limited engagement, and ‘clock-watching.’ Make sure you communicate with your employees to find out what’s bothering them and how you can address their concerns.
To learn what signs to look out for in unhappy employees and how you can help them get back on track, have a look at our new infographic Best Practices for Managing Unhappy Employees.
You have more millennials in the workplace
With baby boomers retiring, millennials are poised to take the wheel. And since these two generations are so inherently different, their desires and goals are poles apart. If you have more millennials than boomers in the workplace, your benefits package will definitely need some sprucing up. Aside from healthcare (the most popular benefit for all ages), millennials want flexible work schedules, career development, and more time off. Employees over 50 value retirement plans and healthcare above all else.
You’re struggling to recruit top talent
Recruiting skilled workers is more challenging than ever before. According to a recent survey, 65% of CFOs have trouble recruiting for current vacancies. The war for talent is on the rise since more and more baby boomers are retiring. A 2016 Workplace Trends report found that 79% of HR managers struggle to find people whose skills match job requirements when positions become available at their organization. If you want to recruit top talent that will take your company to the next level, you need to have credibility and influence, as well as an attractive benefits package.
Pro tip: if you’re having trouble figuring out where you’re falling short, try to survey your current employees to find out what they want.
Your current benefits aren’t aligned with the company culture
A great company culture is something all organizations should work towards. Do your employee benefits reflect your company culture? When your benefits and culture are aligned, the payoffs can be really favorable, especially when it makes your employees feel valued and supported. The benefits you offer should align with your organizational processes like hiring, onboarding, training, and policymaking. Are health and wellness a key element in your company culture? Then provide healthcare. Do you strongly believe in work-life balance? Then provide flexible working hours.
Do you feel like your employee benefits program needs a refresher? FBC will provide you with a benefits plan that will attract and retain top employees and make financial sense for your business. FBC is Arizona’s oldest and largest locally-owned insurance & benefits consulting firm with extensive knowledge and experience in employee benefits & consulting. If you want to know more about what our company has to offer, download our Solutions and Services Guide or request a meeting with us.