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Employee Benefits are significant contributors to a company’s success. It assists in retaining more employees, allowing everyone to receive the medical and dental assistance they require, and helps to create a company culture that values every member of the organization, at every level. With the right set of benefits, employees can stand to afford better healthcare, build funds for their retirement, and maximize their days off. Good employee benefits also provide the backdrop for excellent PR opportunities, as they are a great indicator for potential hires that your company prioritizes the well-being and satisfaction of their workforce.
BP Consulting is a leading paperless Canadian benefits and pensions consulting firm, with the goal of helping organizations consolidate their benefits to create an effective holistic benefits plan for their company and employees. In the interest of educating organizations and our readers about the real importance of effective employee benefits, we’ve made this list highlighting the 3 main reasons why having employee benefits matter.
What are Employee Benefits?
To get on the same page, let us first define employee benefits. This is a type of compensation a company provides their employees, in addition to their wages. Common employee benefits can include paid vacations, health insurance, and retirement plans. Having some basic employee benefits gives your company better chances of attracting or hiring more quality employees, and helps to create an environment where your employees actively maximize their time at work to consistently produce great results.
Obtaining the right set of benefits depends largely on the benefits advisor you work with. BP Consulting prides itself on delivering the most holistic combination of benefits that fit your company and employees needs like a glove. For more information on our benefit services, check our About Us page.
The 3 Main Reasons
There are a number of significant reasons to have an employee benefits plan for your team. The reasons for providing a certain set of benefits vary from company to company, depending on what they want to achieve. Yet, there are 3 main reasons to have a holistic employee benefits plan in play:
1. Job Satisfaction
A team that benefits together, stays together. Providing employee benefits for groups such as paid vacations, office perks, and enjoyable fitness/wellness programs can greatly decrease the stresses in your employees’ lives. Stressors could be related to their health, finances, or personal life.
Employee benefits which include health-care options, early access to wages, and retirement plans will help give your employees the peace of mind they need to work well and happily. Having attractive employee benefits is one of the best ways for a company to ensure their employees are enjoying their job, and doing their part to increase productivity at work.
2. Work-Life Balance
We touched on stressors in the previous point, and a huge stressor for many employees is their lack of a work-life balance. Some employees might be giving too much at work, and end up neglecting their own families or personal lives. As a result, they might consider their lives unfulfilling and unsatisfactory. This becomes a problem for them as soon as they leave the office, with major issues in their home lives weighing heavily on them and therefore affecting their performance on the job day-in and day-out.
A healthy dose of benefits with the option to work from home, an appropriate amount of vacation time, or more flexible work hours can help decrease the weight of work. It will also give those employees the opportunity to balance the scale themselves, and address their commitments in both their personal and professional lives.
3. Saving For Retirement
No one wants to be in the corporate jungle all their life. Every employee that works knows that there needs to be a plan for the future when they are older. At some point, the acknowledgment of retirement always comes up, it’s a reality. So how can employee benefits help you make this reality work for your company and employees?
Aside from providing life insurance options, companies can capitalize on this reality by providing certain retirement benefits, such as a pension plan which allows the employee to place a pretax percentage of their wages toward their savings for retirement. Other types of retirement benefits include employee stock ownership, profit-sharing, and cash-balance plans. Providing retirement benefits for your employees will help them reduce their stress over building their savings for the long-run, and the need to provide financially for their families.
Employee benefits can keep employees happy in and out of work, which in turn keeps the company running smoothly. Something to keep in mind about employee benefits is that the most important ones support your employees’ financial and personal health. The right set of benefits can transform a workplace from a struggling raft into a cruise of success. When considering your company’s benefits, remember the three main reasons we’ve given you as to why they matter so much. Those points will help guide you through the process of choosing the correct combination of benefits for your team.
If you’re looking to customize and create the perfect employee benefits plan for your company, connect with one of our consultants at BP Consulting. Our expert consultants can help make the process easy, and will ensure that the results are astounding.
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