Have you ever thought if smart employee benefits are worth the extra administrative tasks and overall costs?
Here’s the fact: Yes, absolutely!
Offering smart benefits to employees is not only beneficial to the employees but also the business. Find out how!
Why Smart Benefits are Important for All Employees?
According to a research, more than 75% of employees prefer additional benefits and perks instead of an increase in the pay. And when it comes to smart benefits like providing company-maintained tech devices (smartphones, laptops, software), free internet connections, and other benefits that enable employees to work with increased flexibility, it is definitely going to be more enticing than ever.
Every employee – regardless of the industry or position – deserves the best of smart benefits to be able to offer the same advantages to the organization they’re serving with increased loyalty and productivity. The cost you incur by offering smart benefits to your employees is almost instantly recovered when employees stay longer with your business and achieve better and bigger organizational goals.
Adding smart benefits to employees’ packages increases productivity, focus, loyalty, recruiting, and attendance.
Let’s have a closer look at each of these aspects.
Retention is one of the biggest problems that organizations of all sizes have to deal with. The cost associated with hiring new employees can be detrimental to growing businesses. That said, offering smart benefits to all employees is a great way to earn employee loyalty.
When employees earn something other than their basic salary from the company, they feel obliged to return it to the company in one way or the other. With smart benefits on the list, organizations do not limit the set of conventional benefits and offer employees what match their lifestyles and current requirements.
When organizations earn employee loyalty, they gain several other benefits like more enthusiasm, higher motivation, better teamwork, and more willingness to work hard for better results.
Increased Productivity and Focus
When employees fail to maintain a balance between work and personal life, it often divides their focus and makes them less attentive at work. This also affects their productivity and overall contribution as an employee. With smart benefits, employees can enjoy more flexibility at work and can easily cater to both work and personal life.
This does not only help relieve their stress, but also enables them to focus more on work and put in hard work to offer maximum productivity.
More smart benefits encourage employees to come to work every day. Since they can enjoy the flexibility of work hours and other benefits, employees become more enthusiastic and serious about work. They can take care of the reasons for absenteeism without compromising on work, which increases overall attendance.
Smart benefits like flexible work arrangements and hours can reduce the amount of stress employees take to cater to their family issues by missing work. On the other hand, if employees miss work for health reasons, offering smart health benefits can also help them stay healthier by going for regular doctor visits so they can easily come to work every day.
When you’re so focused on offering great employee experience to your workforce, you’re likely to improve your ability to hire the best talent and attract more candidates.
Employees tend to share their excellent workplace experience with friends and family, encouraging more people to offer you their services. With the list of smart benefits on the package, employers can hire the best talent on comparatively lower salaries and compensating it with the best smart benefits most employees look for these days.
Are Smart Benefits an Expense for the Business?
Smart benefits such as unlimited access to country-wide student loan forgiveness programs, do not have to be expensive. If you’re a growing business, you can offer benefits like more work flexibility, remote working options, and access to the software at home. All of these do not have to cost a thing but in return can offer amazing benefits for better employee experience.
And in case you offer benefits at a cost, the advantages you earn in return will outweigh the expense you incur. So in the long-run, it is more likely to work like an investment, which will continue to give you benefits and a workforce that remains loyal to the company in the years to come.