Employee Benefits: 3 Reasons to Invest in Employees

Employees are a critical asset for your business. You need quality workers to carry out your mission and support customers. Offering a competitive benefits and compensation package is the best way to invest in employees, and attract and keep talented team members. This includes robust health benefits. Employees expect employers to provide medical insurance, and dental and vision coverage. Consider three reasons why investing in your employees is a wise move.

1. Healthy employees spend more time at work, and less time at the doctor or sick at home

Benefits like medical insurance, and dental and vision coverage, feature a range of preventive screenings that can keep employees healthy. Usually, they are offered at no or low cost to employees and their covered dependents. These tests assist health professionals in detecting signs of medical conditions. If health problems are caught early, treatment costs are less expensive, providing savings for employees and employers.

Employers can meet the diverse needs of employees by offering a variety of plans with different features and coverage options.

2. Employees who feel secure are more productive

Employees admit that they spend several hours every week thinking about their health and financial needs. Many employees live paycheck to paycheck. In fact, about 40% of Americans don’t have enough money saved to cover a $400 unexpected expense.

Employers can provide benefits that help employees improve their well-being, including their social, career, financial, community and physical needs. Top coverage choices in these areas include medical, dental and vision benefits. Other valued benefits are student loan repayment assistance, tuition reimbursement, financial planning, saving for retirement and work flexibility.

Benefits that help employees with their health and finances can resolve their stress and worries. As a result, workers are more focused at work, enhancing their productivity.

3. Engaged employees tend to stick around

Employees want to work for an employer who cares about them. Offering a robust benefits package that meets diverse needs is essential to taking care of employees. Employers who provide coverage options that meet employees’ needs are more likely to have employees who feel satisfied and stay on the job. And by keeping talented workers, employers save money on finding and training new employees. This way, employers won’t need to worry about delays in serving customers that can impact business growth.

The best way to know the benefits employees value most is to ask for feedback. Conduct pulse surveys seeking workers’ ideas on benefit choices, plan features and communication preferences. Listen to what employees want, and make sure to tell them how you’re responding to their needs and requests.