All evidence points to employee benefits programs attracting highly qualified candidates. Employee benefits have become a leading motivator for highly qualified candidates accepting a position. According to the Bureau of Labor Statistics, insufficient employee benefits may affect retention. An average of 4.4% of employees leave their job each month in 2021. Employee benefits programs increase employee satisfaction in these three areas.
1. Feeling Appreciated Turns into High Retention Rates
Providing employees with a benefits package helps them to feel appreciated. When an employee feels appreciated by the employer, they feel more loyal to the employer. These feelings of loyalty can help to cut down on attrition rates. Attracting highly qualified candidates that turn into employees is one thing; keeping them is another.
A quality employee benefits package can help to keep your employees. A recent survey from Indeed found that 67% of employees feeling “appreciated” would stay with their current employer even if offered a higher salary elsewhere.
2. Believing in the Corporate Mission Makes Employees Advocates
Employees that are happy with their benefits become advocates for the business. According to Indeed, employees who rate their employee benefits programs as satisfactory or above also report that they believe in the work they do for the company. Employee satisfaction is critical to ensuring that employees represent your business enthusiastically.
An employee benefits program creates advocates for your business who are excited about doing their work. More importantly, satisfied employees who feel their benefits and compensation package are fair work harder.
3. Work-Life Balance
Employee benefits like paid time off, sick leave, family leave, and other perks are a huge factor in employee satisfaction. Employees that can have the work-life balance that they need are more productive. Work-life balance benefits can drive up satisfaction rates significantly. These benefits can help employees manage stress better, reducing unplanned days off and more. Ensuring your business has a benefits program can strengthen your organization.
Today’s hiring market is competitive. Attracting the right talent requires that you offer more than a fair salary. The best and the brightest are looking closer at benefits packages before they make a choice. Learn more about how employee benefits programs can help your business.