Can Employee Benefits Help You Retain Employees?

Chris Freitas • May 17, 2023
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Employee benefits have historically incentivized employees to stay with a company for long periods of time. As these employees learn new skills and master their craft, their potential to add more value to your organization also increases. 


Let’s discuss the ways that employers can keep quality employees on their team longer and improve the company’s bottom line. 

 

Employees are grateful 

Employee benefits take a lot off of your employees’ plates. By offering them a high-quality health insurance plan at better rates than they could find on their own, they have a lot less to worry about. This simultaneously helps them concentrate at work and makes them grateful to your organization. 


So, how can you improve your benefits offerings? Offering health insurance is a big one, but flexible hours and offering paid leave are also popular low-cost alternatives. The most important thing is to understand what your employees value and what works best for them. Consider asking your employees what kinds of benefits would make them happiest. Then, you can meet with a skilled benefits consultant to create a competitive benefits package that will meet the needs of your workers and your business. It’s also valuable to regularly review your employee benefits and perks to ensure that they're comprehensive and appreciated by your employees. 

 

Talented employees will gravitate toward your company 

Talented workers looking for a new job are more interested in working for a company that invests in their wellbeing. These extra benefits beyond high pay can make a difference when candidates receive multiple job offers, so investing in employee benefits now increases the chances that you’ll have the right talent coming to you for a job. 


In a crowded job market, employee benefits are essential to attracting and retaining top talent. In fact, a recent survey from Vantage Circle revealed that 50% of employees would choose to work for an employer with better benefits than another company, and this number is even higher among younger workers. 

 

Employees are healthier 

Benefits can also reduce absenteeism and the number of sick days used. Employees that are receiving regular healthcare checkups are less likely to get sick, and thus they’re willing and able to come to work for their shift instead of needing to stay home to recover. 


A higher percentage of your workforce coming to work more often can have huge implications on the productivity of your team. This helps to reduce miscommunications and workflow slowdowns when everyone is in their station. 

 

Employees are loyal 

Providing employees with the right employee benefits not only makes them happier and more productive, but it also increases their loyalty to your organization. Employees are less likely to look for another job if you provide them with everything they need to be contented. They’re also more likely to innovate and bring their best ideas to work if they feel that you’re showing up for them. 

 

Conclusion 

Employee benefits can help you keep employees and save you money in the long run by reducing direct costs (like sick leave) and indirect costs (lost productivity). Furthermore, offering comprehensive benefits will actually increase your workforce’s morale, which can ultimately drive higher productivity and help your business grow. 


If you’re ready to start investing in the health of your business, speak with an experienced benefits consultant at KBI Benefits today. 


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