Why Employee Benefits are important?

In modern world concept it is important to handed employee benefits since employees not only consider over the salary consideration. But it also understood that there are prominent need of potential employee of company on the address of benefits in non-monitory aspects as well inclusive of health care facilities , working hours facilities , office environment and etc.

Followings are discussed about reasons of offering employee benefits



1. Improve Productivity and Engagement

Offering a competitive benefits plan will ultimately improve employees’ morale and boost their engagement. By offering team health benefits, you help relieve their stress and empower them to be more present and productive at work. When employees feel their employer cares about them, they’re more likely to reciprocate. It also a method to show their value of hard work, and they’ll show you they value your company by giving their best every day.(williams, 2002)




2. Increased Attendance

Offering employee benefits can help increase employee attendance in a number of ways. The main causes of absenteeism are health issues, family commitments, and finances. While company ultimately can’t prevent employees or their families from getting sick, company can support their wellness and contribute to an environment that is conducive to work.When they’re able to work from home and at times more convenient for them, they can take care of family and financial matters while remaining productive at work. Plus, offering benefits can reduce the number of financial errands employees must make(Jack J. Phillips, 2003).



3. Increased Loyalty and Retention

Employee loyalty is generally declining. One in four millennials say they’d leave their companies for a new job if given the opportunity. It’s important to note that millennials think about work differently than previous generations—especially since they’ll make up 75% of the workforce by 2025. Millennials don’t primarily judge a company’s success based on its financial performance but by how the company treats its people.To boost employee loyalty, you need to offer the right benefits. In fact, 70% of employees believe that benefits customized to their needs would increase their loyalties to their companies. Employee benefits offer an opportunity to exceed the expectations of both current and future employees.



4. Better Recruiting

Providing great benefits allows you to attract the top talent in industry. After salary, benefits coverage is the most important tool in attracting quality candidates, and 57% of Glassdoor survey respondents said benefits and perks play a major role when deciding whether to pursue a particular job.(Paymedia, 2020)

Reference

Jack J. Phillips, A. O. C., 2003. Managing Employee Retention: A Strategic Accountability Approach. s.l.:Butterworth-Heinemann.

Paymedia, 2020. Benefits The Who, What, When, Why, and How of Employee Benefits. [Online]
Available at: https://www.paymediahcm.com/benefits-who-what-when-why-how
[Accessed 15 2 2020].

williams, R. S., 2002. Managing Employee Performance and Reward: Concepts, Practices, Strategies. London: s.n.