Insurance Benefits Retain Employees
Employee benefits play an important role in the total compensation that your company offers and are a major consideration for both recruiting and employee retention.
Insurance benefits retain employees. Depending on the company these benefits may include health insurance required to be offered by larger companies dental insurance vision care life insurance legal insurance paid vacation leave personal leave sick leave child care fitness retirement benefits and planning services college debt relief pet insurance and other optional benefits offered to employees and their families. They look at the total compensation package. Meanwhile more than 75 percent of employees cited benefits as an important reason for accepting a job. Employees are not only looking at salaries when choosing a job.
Attract and retain talent with better employee benefits and insurance plans top benefits you should think about offering to your employees anyone who owns or manages a business big or small knows that finding and hiring new employees is a difficult and expensive task. Employee benefits and especially in british english benefits in kind also called fringe benefits perquisites or perks include various types of non wage compensation provided to employees in addition to their normal wages or salaries. If you want to attract and retain the best it takes a top level employee benefits package. Employees at most companies expect some form of benefits.
Like health insurance improving retirement benefits has a positive impact on improving employee satisfaction. Yet retirement benefits face many of the same problems as health benefits. Voluntary benefits can entice candidates to look further into your organization when you have an open position. Glassdoor found that for every 1 star increase in retirement benefits ratings employees experience a 0 08 star increase in satisfaction with the company.
Health insurance dental insurance or a retirement plan for example. Health insurance is by far the most significant benefit for employees according to the employee benefit research institute and it is the benefit that is most likely to keep employees engaged and motivated. Our work lives blend into our personal lives and vice versa mainly due to technology advancements. To retain the best employees you need to offer a high quality plan that meets your employees tastes and needs.
That includes their paycheck insurance retirement plan student loan and any other employee benefits offered. Employee benefits are a big deal. Instances where an employee exchanges cash wages for some other form of benefit is generally referred to as a salary packaging or salary exchange.
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