How can your perks carry so much influence over your small business? Don't worry, we'll break down the reasons why you need to invest in the strategy of this custom HR solution.
Why It's Time to Start Revamping Your Custom Employee Benefits Packages
Often known as perks or fringe benefits, employee benefit packages cover the indirect pay to your workforce. They typically include things like:
- Overtime and paid time off (PTO)
- Medical insurance (e.g., health insurance, dental insurance, vision insurance, etc.)
- Retirement benefits (e.g., 401k, IRAs, pension plans, etc.)
- Stock options and bonuses
- Maternity leave
- And more
The average employee will greatly value the benefits that your company has to offer. And these days, you can customize your employee perks in a variety of ways when you start out with the right strategy from an HR consultant.
Here's why it's best to invest in the strategic development of customized and competitive employee benefits.
1. Maintain a Healthy Workforce
Health matters. Period. When you don't feel well, you can't work well. If you want a more productive workforce, then you'll want to support their health in any way possible.
When employees get sick, they will have to take time off work to recuperate. But what if you don't offer enough time off for paid sick leave? Employees may feel obligated to return to work before they are fully recovered from their illness. Their premature return risks spreading their infection to the rest of your team.
Medical insurance also plays a significant role in your workforce. If you don't offer dental coverage, employees may put off their trip to the dentist to fill a minor cavity. The longer they put off that visit, the more likely their health problem will become exacerbated.
By offering custom employee perks, like health plans, you can help your employees stay healthy all year round. And healthier employees will lead to a healthier business.
2. Job Satisfaction
There is a clear correlation between your workers' job satisfaction and the benefits you offer. According to one survey, at least 60% of employees rate benefits and perks as a top contributor to job satisfaction (SHRM). Another study found that 8 in 10 employees rank benefits satisfaction as "very high" while simultaneously ranking job satisfaction as "very high" (EBN).
This is because employee benefits provide structure and support to your workers' everyday life. When people know they have things like PTO, workplace perks, or health coverage, they'll feel happier about their position. This will lead to better employee retention rates and stronger workplace dynamics.
3. Attract Top Talent
You want the best for your company. So, you'll need to bring on talented and motivated employees who will help your company succeed. And, as we previously mentioned, benefits packages can be a big deciding factor for many job seekers.
In fact, it's estimated that 30% of employees will reject a job offer if the benefits don't meet their expectations, even if you offer a strong salary (Professional Employer Resources).
Let's put it another way: if you want to be competitive with hiring, you need to focus on your employee benefits plan first. An HR specialist can help provide strategic insights on how to best structure your benefits packages.
4. Improved Employee Engagement
It should come as no surprise that a robust benefits package will improve employee morale. When your employees are happier and more content with their work, they're more likely to go the extra mile to get the job done.
Benefits like flexible schedules and on-site childcare services will help you meet the pressing needs of your workers. Those perks will make your employees feel appreciated and the benefits will help proactively address problems, such as tardiness, workplace distractions, missed days, etc. And those perks will support a stronger company culture too.
Even smaller perks, like free lunches with healthy options, will inspire your employees and make them feel connected with your company values. If you want better employee engagement, then it's time to reevaluate your benefits strategy with an HR specialist.
What Kinds of Custom Benefits Can You Provide?
With the right HR consultants, you'll gain strategic insights into how to best customize your employee benefits for your business. For instance, your HR specialist will develop a custom benefit strategy that involves a handful of competitive benefits such as:
- Flexible working conditions (e.g., remote work options, flexible hours, etc.)
- Wellness programs (e.g., gym stipends, yoga classes, employee assistance programs, etc.)
- Commuter benefits (e.g., public transit cards, parking reimbursements, etc.)
- Generous health policies
- Flexible PTO policies (e.g., unlimited PTO, sick days, etc.)
Revitalize Your Custom Employee Benefits Strategy with CourtSide® Consulting
Make the most of your workforce this fiscal year with our experienced HR consulting firm.
At CourtSide®, we have over 30 years of experience in the HR industry. We don't provide benefits, but we can instead work on a benefits strategy with your business.
We'll leverage our extensive HR expertise to develop a unique benefits strategy that will help restructure your perks packages to meet the needs and demands of your workforce. From health care plans to employee retirement plans and more, we'll go the extra mile to help you strategically revamp your custom employee benefits.
Contact CourtSide® Consulting today to learn more about our strategic approach to this custom HR solution.