Why is benefits satisfaction so important?
To help you best appreciate the importance of employee benefits satisfaction, we asked HR managers and business leaders this question for their best insights. From increasing employee performance to influencing employee engagement in the workplace, there are several compelling reasons that explain the importance of employee benefits satisfaction to the success of any business organization.
Here are eight reasons why employee benefits satisfaction is so important:
- Employee Satisfaction Increases Employee Performance
- Employees May Value Benefits Over Salary
- Competitive Benefits Help Retain Employees
- Benefits Make Employees Feel Appreciated and Rewarded
- Benefits Motivate Employees To Give Their Best
- Employee Benefits Are Essential for Health Coverage
- Benefits Satisfaction Helps Save Time and Money on New Hires
- Benefits Influence Employee Engagement in The Workplace
Employee Satisfaction Increases Employee Performance
Employees who feel satisfied with their provided benefits, leadership, workload, and workplace environment will be more inclined to perform well on the job. This may come through in employees being more proactive, producing a better quality of work, and being more willing to comply with workplace expectations. Satisfied employees will lead to a lower turnover rate, which means fewer company resources spent on hiring, onboarding, and coaching new employees. Ultimately, employee satisfaction leads to better employee productivity and performance, which in turn, leads to higher company revenue.
Eric Ang, One Search Pro
Employees May Value Benefits Over Salary
Employee benefits may play a greater role on your employee’s workplace satisfaction than their actual salary. Doctor and dentist appointments can play a significant part of your employees’ lives, from time to time, and mediocre benefits can offset an otherwise solid salary. Employees are far more likely to feel secure and happy in their workplace if they know they’re well protected by their benefits, even if their salary isn’t the highest in the field.
John Jacob, Hoist
Competitive Benefits Help Retain Employees
Many companies offer competitive benefits that other companies may not offer, which makes it difficult to leave the company. Benefits such as student loan repayment or fertility options not only retains top talent, but recruits them as well. This is an effective way to attract candidates while also making team members feel like they’re appreciated and valued. Companies that can support their employees in every step of their life will ultimately decrease turnover and improve worker satisfaction.
Natália Sadowski, Nourishing Biologicals
Benefits Make Employees Feel Appreciated and Rewarded
Employees can feel appreciated and rewarded if they have access to a decent benefits package. In addition to supporting an employee’s family and health, benefits can also assist in retaining top talent by providing them with financial security in the future. A happy worker is one who approaches their work with a pleasant attitude. Proactive, productive and committed to the organization’s goals are the characteristics of these individuals. Increased revenues, fewer employee turnover, and improved overall company performance and efficiency are all boosted by placing an emphasis on employee satisfaction.
Ayman Zaidi, GreatPeopleSearch
Benefits Motivate Employees To Give Their Best
Employees are the building blocks of a business that leads it to the summit of success. They have the power to raise the business or make it fall. Employee benefits satisfaction is one of the main reasons to enrich that foundation with positivity. Employees need the motivation to do work with the same focus and passion daily. While prioritizing employees’ benefits increases Employee morale. The resignation becomes rare. They feel a sense of security, and fulfillment that ultimately leads to the success of the business. However, the end goal of employee satisfaction is always enhancing the productivity level of employees and getting the best out of them which results in the biggest achievement of a business.
Huzaifa Ahsan, FindPeopleFirst
Employee Benefits Are Essential for Health Coverage
One of the biggest reasons is that employee benefits satisfaction is essential for their complete health coverage. The affordable medical care act needs companies with over 50 employees to provide health insurance to 95% of full-time employees or pay a significant fee to the IRS. The health amenities assist employees, and their families afford daily wellness exams, prescription medications, preventive care, and medical treatments. If a candidate or their dependents need regular healthcare, they might prioritize jobs offering extended health insurance plans. Moreover, employees are likely to feel more invigorated if they are motivated to stay healthy.
Shivanshi Srivastava, PaydayLoansUK
Benefits Satisfaction Helps Save Time and Money on New Hires
Comprehensive benefits and incentives programs help companies retain high-level employees, which helps save (both time and money) on new hires, recruiting, and onboarding costs. The vacancy left when an unhappy employee leaves can cost hundreds or thousands of dollars a week. Recent studies have shown that up to 55% of the workforce plans to seek higher-paying jobs by the end of the year; however, 66% of those employees would stay at their current job if their employer offered new benefits instead of a pay increase.
Nir Leibovich, GoCo
Benefits Influence Employee Engagement in The Workplace
With the war for talent heating up, the value of an organization’s benefits offering cannot be overstated, as gone are the days when employees would head to the office just to collect a paycheck. These days, people expect more from their employers, and with the average employee spending about 40 hrs a week at work, business leaders and HR teams must be able to keep their staff engaged. And it is through the implementation of a thoughtful and satisfactory benefits package that companies are effectively able to maintain employee engagement levels, which ultimately translates into a happier, productive, and loyal workforce.
Jory Hunga, iPaydayLoans
Terkel creates community-driven content featuring expert insights. Sign up at terkel.io to answer questions and get published.