Five Reasons Why Good Employee Benefits Are Good For Business
While you focus on the vision for the company and make the big decisions, your employees are making it happen. Providing employees with health benefits helps ensure that your most valuable resource is being supported, conserved and developed. Investing in the health and wellbeing of your employees is more than just meeting market demand: it’s a way to maximize the investment you’re already making in your business. Here are the top five reasons why good employee benefits are good for your business.
1. Employee benefits can increase productivity
Physical and mental health events can have a significant impact on the effectiveness and engagement of employees, which is why healthy employees are more productive than unhealthy employees. Healthy employees are more likely to be efficient, producing the best they can with the resources available. Increased productivity means less time and material waste, and more output.
2. Employee benefits can decrease absenteeism
The long-term payoff for investing in the health and wellbeing of your employees is a decrease in absenteeism. When employees are not physically and mentally well, they are more likely to be absent from work. It’s no secret that absent employees cost you money. It’s expensive for a number of reasons: paying the employee while they are absent; paying someone to fill in for the absent worker; failing to receive the benefit of the training and development investment you’ve made in the employee, and paying for the administrative costs of managing the absences. The bottom line is that investing in something that can reduce employee absences is good business.
3. Employee benefits can increase retention
In today’s competitive employment landscape, with record levels of unemployment, retaining good employees is a key to success. Employees who feel supported by their employers are less likely to find alternative employment. It’s expensive and it hurts productivity to have high turnover, which is why finding strategies to increase retention is vital to business success. If investing in the health and wellbeing of your employees means they’re healthier, happy and less likely to leave the company, it just makes sense.
4. Employee benefits can decrease stress
Healthier people generally have fewer stresses or can handle stress in more effective ways. By investing in the health and wellbeing of your employees, you’re helping reduce their stress. This benefits your business in a few ways. With less stress, your employees are likely to be more productive. They’ll also make fewer claims on your employee benefits plan. Stress has been known to be a contributing factor to many physical and mental illnesses. Decreasing stress is a benefit to everyone!
5. Employee benefits minimize chronic or long-term health issues
By investing in the health and wellbeing of your employees, you’re also helping to minimize or prevent chronic or long-term health issues that will affect your employees and their performance. Focusing on prevention and maintenance before an issue arises will save your business money in the long run. Chronic or long-term health issues often cause absences, lost productivity and more claims (if you already offer an employee benefits plan), so investing in your employee’s health and wellbeing is a good long-term strategy.
Good Advice is Key
Whether you already have an employee benefits plan or are looking to introduce your first employee benefits plan, there are lots of approaches to supporting the health and wellbeing of your employees. Review your options with one of our licensed advisors on the phone or in-person or contact us for a comparison quote.