You can promote employment opportunities on corporate talent networks. You can use assessment science to put the right prospects in the right places. And you can invest in technology that delivers an exceptional candidate experience.
But at the end of the day, there’s still one recruitment tool that outshines all others: employee benefits.
Here’s a look at five ways offering quality employee benefits helps improve employee work base and attract top talent.
1) Increase your appeal
Skilled dedicated workers are the lifeblood of every successful business. They can also be difficult to attract.
The best employees have options, so it’s important to make yourself more appealing by offering more than just the bare minimum of baseline pay, two weeks’ vacation and standard health plans.
Offering exceptional benefit packages increases your appeal. According to a survey conducted by Glassdoor, benefits and perks play a major role in helping people decide whether or not to accept a job offer.
Creating a benefits program that is better than the rest improves your ability to attract top talent–especially if you can show candidates employee benefits reports that demonstrate exactly what they will receive after accepting an offer.
2) Reduce the rate of turnover
Employee turnover is a normal part of doing business, but it still hurts.
Turnover increases recruitment costs, reduces productivity and affects other employees, teams and the entire business. It’s one of those costs that doesn’t necessarily show up in most employee benefits reports.
Minimizing your turnover rate is a smart move–and offering high-quality employee benefits is one way you can reduce your rate of turnover.
According to a study conducted by Glassdoor, four out of five employees want quality benefits more than they want pay raises.
Give current employees what they want and they’ll be less likely to leave.
Low morale comes at a high cost. It leads to turnover, low productivity, more employees calling in sick and even dangerous work environments.
There are a lot of ways to lower morale and just as many ways to improve it–including offering quality employee benefits.
High-quality employee benefits accomplish two things: They keep your employees healthier, which keeps them at work. And they demonstrate to employees that they are valued.
With that in mind, you can’t really afford not to offer high-quality benefits.
4) Healthy employees
According to the Centers for Disease Control (CDC) Foundation, absent employees cost U.S. employers more than $225 billion annually.
Employees who are sick and not in the office can’t help your company achieve its goals.
Health insurance helps keep employees healthy–and it helps them recover more quickly from illness and injury.
5) Increased productivity
The CDC Foundation says that people going to work sick account for almost two-thirds of all costs associated with employee absenteeism.
Sick employees aren’t productive and they put their colleagues at risk. So why do they continue to show up? Maybe because many workers (nearly four out of 10) don’t have employee benefits that include paid sick time.
This might save you money in the short-term, but over time it can cost you a lot more in productivity.
What do your employee benefits reports say about you?
Do your employee benefits reports show a company that differentiates itself from the competition, cares about keeping employees and works to keep them happy?
If so, you probably have happy, healthy, productive employees. Now, make sure they know what you’re providing! Connect with Compackage.com to generate low cost, easy-to-use employee benefits reports.