Especially when you are in the early days of growing your business, you may be struggling to keep the books in the black and the question of providing benefits to your employees may be the furthest thing from your mind. However, more and more it is important to think about workplace benefits not as an expense but as an investment in your employees that will have positive returns for the growth of your business. It may seem impossible to do, but with the assistance of financial planners with experience developing employee benefits programs, you may find that it is easier than you thought to make it happen. If you are still on the fence, consider just a few of the benefits that employers can expect when they provide benefits to their employees.
Healthy Employees Come to Work
It seems obvious but it bears stressing that healthy employees don’t call in sick for work. Providing access to affordable medical services is a great way to help your employees stay healthy. Simple preventative measures like flu shots can go a long way towards making sure your staff avoids seasonal illnesses, and regular checkups can help to identify more potentially serious illnesses before they require more significant medical intervention or result in long-term disabilities. It is also important to appreciate that employees may have to miss work because their children are ill – for this reason, it is worth thinking about making benefits available not just to employees but also to minor children.
Morale and Productivity
Especially as the “millennial” generation becomes more dominant in the work-force, it is important for employers to recognize their different attitudes towards work. Rarely do these workers expect – or desire – a “job for life” and as a result they are much more willing to leave employers who do not have a respect for work-life balance. A key to attracting and retaining this next generation of employees is the provision of health benefits – this goes some way in assuring them that they are working in a culture that supports them as employees but also as people. And with all employees, regardless of their attitudes towards work, collegiality and work-place satisfaction can be challenged when employees are forced into over-work situations to cover the work of ill or absent colleagues. It is well-known that these factors are very important contributors to work-place productivity – if employees feel well both mentally and physically, they will be able to dedicate their complete attention to their tasks. They will also be less inclined to call in sick for so-called “mental health” days.
It can seem daunting to provide benefits, whether you are just starting out or whether you are contemplating providing benefits for a large number of employees. There are many questions to be asked and priorities to be established so that you can find the best balance of benefits and costs. This underscores the importance of working with experienced professionals who can help you develop the best plan for your business and your employees.