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The Value of Employee Benefits

By May 2, 2015June 9th, 2020No Comments

Professionals TalkingOnce you have the pick of the talent pool, how do you keep them from jumping ship? The best way is to offer unbeatable employee benefits. Many business owners shirk employee benefits, mistakenly believing they can’t afford them or they don’t need them. Although, skipping a benefits package may boost your bottom line in the short gain, this penny-pinching tactic could snuff out chances of your business’ long-term prosperity.

Employees who receive valuable benefits are more likely to be satisfied, work harder, miss fewer work days and are less likely to quit. In short, when people feel valued and respected, they often have a higher commitment to meet your company’s goals. Offer the right benefits, and your business may jump start is growth. Offer no benefits, and you’re likely to say goodbye to your top employees when they seek work at another company that does offer benefits.

Benefit Basics

The law requires every company, regardless of size, to provide employees with certain benefits. For instance, you must comply with all healthcare and workers compensation requirements, along with giving employees time off to vote or perform military or jury duty.

However, you do not have to offer retirement plans, dental plans, life insurance plans, paid vacations, holidays or sick leave. But these are exactly the benefits that attract top employees and make them value their employers more.

Staying Ahead of the Competition

In reality, most companies offer most, if not all, of those benefits to stay competitive in the job market. For instance, many employers provide paid holidays or let workers take time off without pay. Most employees also expect one to two weeks of paid time off per year.

And the list goes on: health insurance, life insurance, dental and vision coverage, bereavement leave and maternity leave. Though none of these benefits are required by law, offering them to your employees can, in turn, improve their feelings towards their employers.

This is why companies should think less about their bottom line and more about their future prosperity. To keep top employees from jumping ship, companies should offer benefits to employees to improve the workplace environment.

Ready to offer your staff the best? Call Loftis & Wetzel Corporation at (580) 363-3434 for more information on Oklahoma City employee benefits.