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How To Get Your Employees To Love Where They Work!

How To Get Your Employees To Love Where They Work!

February 05, 2024

Employee satisfaction and productivity are inextricably linked. Employers should care about getting their employees to love where they work because a positive work environment improves morale, job satisfaction, and efficiency. Studies have shown that when employees feel valued, respected, and appreciated by their employers, they are more motivated to stay longer with the organization and produce better results. Not only that, but their well-being trickles back to the organization’s overall effectiveness. 

By providing employees with job security, career growth opportunities, and competitive employee benefits, businesses can keep their teams engaged and interested in the workplace. In this blog, we will explain how significant employee benefits are for increasing employee morale and increasing the business's bottom line in the long run.

Why Are Employee Benefits Important

The importance of offering benefits to employees cannot be overstated. Benefits are an essential aspect of employee satisfaction and loyalty, and they can also be a great recruiting tool for attracting top talent. When people are looking for work, they often consider the available benefits when deciding between two jobs. The type and level of benefits a company offers can tell prospective employees about the culture and alignment of the business.

Benefits can go beyond health insurance and provide additional support for employees in mental health care, financial planning, career development, and family-friendly policies. They show employers value their staff, enabling them to perform at their best with peace of mind about their physical or emotional well-being.

Why Should Employers Care

Benefits are not just an added expense for employers; they reflect a company's culture, values, and priorities. Organizations prioritizing employee well-being show that they care about their employees physically and mentally. Employers should care since it can directly impact their bottom line. Low morale and disengagement decrease productivity, costing companies thousands of dollars annually. 

In fact, employee well-being is closely associated with engagement. Companies with highly engaged employees have 147% higher earnings per share. On top of that, studies find that highly engaged employees with high well-being miss 70% fewer workdays because of poor health annually, are 45% more likely to report high levels of adaptability in the presence of change, and are 59% less likely to look for a job with a different organization in the next 12 months.

As an employer, consider the bigger picture ROI a solid benefits package can bring to your organization.

Employee holding heart

Why Employee Satisfaction Is Important

Employee satisfaction is a critical factor in the successful operation of any workplace. Offering outstanding benefits is an upfront investment to improve employee morale, productivity, and retention rates.

Companies must remember that these investments often go beyond monetary values; higher levels of engagement can lead to stronger relationships between managers and employees, ultimately leading to improved performance and productivity across the entire organization. Below is a list of just a few benefits that offering a top-of-the-line benefits package can have.

Small employers can level the playing field with larger companies by offering competitive benefits packages, even if they can't match higher salaries. Providing additional benefits not only attracts top candidates but also fosters long-term employee retention.

Happy employees

Increase Collaboration

Employee benefits are an essential part of creating a successful and collaborative workplace. When an organization offers generous benefits, it shows that it values its workers, which can lead to greater employee engagement. This can lead to better working relationships between team members, as they will have a shared understanding and appreciation for the help and support provided by their employer.

Better Retention

Excellent employee benefits can lead to better employee retention rates for several reasons. For starters, when employees receive an attractive benefits package, they feel valued and appreciated by their employer. This sense of loyalty and appreciation can inspire employees to stay with the company longer. Additionally, great employee benefits often come with a certain level of financial security that can lower overall job-related stress levels. 

Increased Productivity

Employee benefits such as health insurance, retirement packages, paid time off, and flexible working hours can positively affect employee productivity. These benefits make it easier for employees to focus on their tasks during work hours since they are more secure in knowing their personal needs will be addressed. This improved morale and well-being can lead to higher productivity as employees become more creative, collaborative, and eager to take on additional projects or responsibilities. 

Supporting the mental health of employees is essential for businesses today. According to a recent Gallup poll, 19% of U.S. workers rate their mental health as fair or poor, leading to four times more unplanned absences compared to those with better mental health. This results in an estimated $47.6 billion loss in productivity annually.

Happy employees

How Benefits Improve Morale 

When creating a workplace culture where employees have high morale, offering substantial benefits is one of the most essential aspects. Benefits give employees a sense of stability, security, and a feeling that their employer cares about them. Offering substantial employee benefits also allows them to make decisions such as caring for their health and family needs without worrying about the financial burden. This can help reduce stress levels and improve mental health and well-being, contributing to stronger morale.

Companies should consider various options when looking to strengthen their benefit offerings. Below are a few ways employees can ensure their benefits align with what today's employees seek.

Offer Holistic Benefits

Employee well-being encompasses more than just physical health, and employers need to recognize and support all aspects of their employees' well-being. This includes mental well-being, such as providing access to stress management programs and virtual or in-person therapists; emotional well-being, such as offering counseling services; and financial well-being, with the provision of financial coaches and budgeting tools. 

Ensure Benefits Are Accessible

Employers must ensure benefit information is easily accessible as it can significantly improve employee morale. Employees with easy access to their benefits are likelier to feel loyalty towards their employer and be proud to work for the organization. Additionally, having convenient access means employees can utilize their benefits more effectively and use them in the best way for them. It also reduces frustration from navigating complicated systems or seeking support to access the information they need. 

Offer Personalized Options

Employers must recognize that employees' needs are unique and different, and one-size-fits-all solutions cannot satisfy everyone. Offering a variety of benefits packages is the best way to ensure that everyone gets the support they need. For example, employees who are dealing with serious health issues such as cancer may need additional resources to help them manage their condition. At the same time, those with milder illnesses may be able to manage their symptoms with less costly services. By allowing employees to choose from various options that best suit their circumstances, employers can provide a tailored approach that will make most people happier and more satisfied.

Non-traditional Benefits

Employees today are looking for more than just traditional benefits, such as health and retirement plans. They now desire perks like remote flexibility, professional coaching/mentoring, and personal development. Companies that offer these options demonstrate that they value their employees' professional and emotional well-being. In addition to providing a sense of security, these non-traditional benefits give employees opportunities to grow professionally, bolster their confidence, and even advance their careers. With the right programs in place, employers can make sure their employees feel appreciated and supported while supporting career development goals.

Increase Employee Buy-in Today

Employers should view offering benefits as an investment in their workforce. Not only do they increase employee satisfaction and loyalty, but they also help to attract top talent to the company. Benefits such as vacation days, health insurance, 401K plans, and more can positively impact morale, which leads to higher job satisfaction. This can create an environment of productivity and efficiency that directly translates into better results on the balance sheet. In addition, it helps employers retain their current employees by showing that they value them as much as any new hire. By offering generous benefits packages, employers demonstrate recognition for employees' hard work every day. Ultimately, this results in increased profits and employee retention, making it a win-win situation for everyone involved. 

If you are ready to increase your employee buy-in by offering competitive benefits, contact our team of professionals today! At Benefit & Financial Strategies, we have had decades of experience servicing small and large companies in creating and supporting flexible and affordable employee benefits and retirement plans.