The conversation about employee benefits has been shifting over the past few years. Benefits used to be standard and simple—health insurance and paid vacations—but benefits are now considered an expression of a company’s culture and values. HR and business leaders have an obligation to their employees and their companies to develop benefits packages that support their employees while also reflecting their goals and values. Here are just a few ways your employee benefits packages can support building a strong work culture and contribute to its transformation.
Improve Employees’ Health and Wellness
Corporate benefits like full-coverage health insurance, flexible work schedules, and paid time off all help to create space for employees to take care of themselves. Employees who have a solid work-life balance and a thriving wage to support themselves during difficult times are more resilient, physically and emotionally.
This reduced stress and increased resilience translate into fewer absences. It also makes employees more creative and more willing to innovate and take risks that, ultimately, make the whole company stronger.
Reduce Turnover and Increases Loyalty
Let’s face it: Hiring people is an involved and expensive process. The less often you have to do it, the better for your bottom line. But it’s also good for company culture. If employees are constantly coming and going, it’s hard to form meaningful connections, which can make doing good work harder.
A solid corporate benefits package makes employees more loyal and, as a result, less likely to leave the company. That gives employees more time to connect and work together and it reduces turnover costs.
Boost Employee Engagement and Productivity
Employees that feel safe and secure at work are more productive. When people feel they can trust their company to take care of them, they’re more likely to engage in the work that they’re doing. They’re also more likely to engage in culture-specific activities that aren’t necessarily work-related, like celebrations and skill development opportunities.
All of this leads to greater work satisfaction, which in turn further boosts engagement and productivity. It’s a positive feedback loop!
Strengthen the Company’s Reputation
As more employees are choosing their wellness over a company’s bottom line, businesses need to find ways to entice workers to come work for them. Extensive benefits packages are an easy way to make your company stand out from the crowd. This not only encourages more people to apply, but it also encourages current employees to refer their friends and other connections to come work for your company, too! And you can feel assured that referred applicants will be strong ones, as they’ve essentially been pre-vetted by your current employees.
What Employee Benefits Should You Offer?
There’s no simple answer to what corporate benefits will best serve your employees. But there are things you can do to make sure you’re meeting your workers’ needs:
- Ask for feedback (and implement it) with anonymous surveys.
- Plan SMART goals to keep your company focused on improving the culture.
- Figure out what is and isn’t working so you can adjust accordingly.
- Use your company’s values to inform your benefits packages.
Finally, recognize that your company’s culture isn’t a static thing. It’s always evolving and changing as your company grows. Your benefits package should evolve and grow alongside it.