It’s no secret that company culture greatly impacts the productivity, collaboration, and employee engagement within a workplace. These days you don’t have to look far to find research that supports the value of taking an employee-first approach to company culture. And what lays the foundation for a company’s culture? The benefits businesses offer their employees.
While some of the world’s largest corporations have been recognized for their nap pods, snack bars, and ping pong tables, even small businesses can gain an upper hand when recruiting and retaining talented employees by offering basic – yet competitive – benefits.
1. Benefits Attract Top Talent
While salary is the first thing potential new employees look at when applying for a job, it isn’t their only consideration. Health insurance is often a deciding factor. Offering a comprehensive benefits plan to employees helps a business stand out in the job marketplace.
Studies have shown that many people would give serious consideration to a lower-paying job with a great benefits package over a higher-paying position with little to no benefits.
While health insurance is a top factor when it comes to benefits, it’s not the only one. Current and potential employees recognize the deficiency in standard health coverage and seek out employers that offer benefits like dental, vision, and life insurance, as well.
With the bulk of the workforce having families or other obligations, flexibility and protection are must-haves when it comes to being happy in a position. Remote work opportunities, paid-time-off, retirement plans, and more are becoming increasingly important to the workforce.
Businesses that want to recruit the best have to offer the best. With comprehensive benefits packages available for employees, employers are more likely to see an influx of job applicants. Not only that, but it makes them more competitive in the job market, meaning the people they offer jobs to are more likely to accept.
2. Building a Positive Work Culture
For many people, it’s not just about getting paid to do a job. It’s about finding some fulfillment in their lives. One way to encourage a positive work mindset is to show employees, present and future, how much they are valued – both their health and their happiness.
Benefits go beyond checking a box; they are an extension of how a company cares for its employees. Benefits should align with a company’s mission and goals for the future.
Additionally, employees should get good use out of and feel comfortable using their benefits.
With a benefits package and culture working in tandem, businesses will not only see better utilization rates but happier employees, which leads to a more productive organization.
3. Retain the Best Employees
When employees are happy in their positions, they are more likely to stay at the company for a long time.
Constantly onboarding new talent is a costly process. Businesses should be onboarding more people because they’re growing, not because they’re losing people as fast as they hire them.
Benefits have a direct correlation to employee retention. Health insurance is a huge consideration when deciding whether or not to stick with a job. Basic healthcare coverage isn’t usually a one-size-fits-all solution, however, and businesses need to keep supplemental insurance in mind to fill the coverage gaps.
Competitive benefits packages allow a company to hire top talent, keep them happy and productive at work, and ensure that they don’t find greener pastures somewhere else.
At AgentLink, our Benefits Department helps Insurance Agents provide their clients with benefits packages that positively impact their recruiting and retention. If you have questions about how you can help your business clients win with stellar benefits packages, start a conversation with an AgentLink team member today.