If you’re a business owner, you know that in order for your business to thrive, you need to keep your employees happy. Not only can happy employees be more productive, they’re probably more likely to stay loyal to your company and be committed to a shared goal – helping your business succeed.
You can boost overall job satisfaction and create a positive work environment by showing employees that they’re valuable to you. One of the most effective ways to demonstrate your appreciation is through the benefits you offer.
As a business owner, you can attract new employees and enhance the morale of existing employees by offering a variety of benefits that promote their health and financial security:
1. Protect Your Employees’ Health
78% percent of employees in excellent health report being happy with their current job, versus only 51% of employees in poor health. As part of an overall focus on wellness, there are three basic types of insurance that employers can provide to help employees stay healthy: medical, dental, and vision insurance.
Medical insurance is one of the most sought-after benefits. Typically, employers offer more than one option. With some plans, employees have to pay higher deductibles, but will have less expensive monthly payments.
Dental insurance gives employees access to dentists who provide a wide variety of services, including x-rays, cleanings, and fillings.
Vision care plans can save employees money on eye exams, glasses, and contacts.
2. Protect Your Employees’ Income
Your employees, and perhaps their families, depend on the salary you pay them. In fact, it’s likely their most important asset. But many people believe that nothing will happen to them that would prohibit them from being paid, so they don’t protect their income. Providing an easy way for your employees to cover themselves in case they get too sick or injured to work is a benefit they’ll appreciate. And making sure you give them the ability to protect their loved ones if they pass away can help make your employees feel secure. Income protection insurance and life insurance are two major ways to help employees protect their income in the face of illness, accidents, or worse.
Income protection insurance will provide a good foundation to safeguard up to 75% of your employees’ income if they’re unable to work due to an accident or illness.
Term life insurance protects your employees and their loved ones for a limited time period – usually the period of time they are employed by you. If they pass away during this time, their beneficiaries whom they designate will receive a sum of money.
3. Protect Your Employees’ Savings
Even if you offer medical and income protection insurance, not all costs associated with illnesses and injury will be covered. At no cost to you, you can offer employees the choice to have other benefits to help protect their savings in the event of serious medical problems.
– Accident insurance provides direct payments to employees, based on a wide variety of circumstances related to an accident.
– Cancer insurance provides direct payments to help manage the financial burden of recovering from cancer. This coverage can help ease the financial strain of treatment and out-of-pocket expenses – such as transportation and child care.
– Critical illness insurance offers protection in the event of critical illnesses, such as stroke or heart attack. This insurance is generally received in a lump sum payment directly to your employee, and can be used for any purpose.
4. Prepare Your Employees for Retirement
Retirement savings plans can help your staff save for the future. Offering a group pension plan is one of the best ways to make sure your employees build savings, and these regular contributions can be insured so that they continue to be made the event the employee becomes disabled. Your company can match a certain percentage of your employees’ contributions and help their savings accumulate faster.
5. Educate Your Workforce So They Can Benefit
Once you have a benefits package in place, don’t forget to educate your employees about their options. You can make the enrollment process easy and convenient by choosing a provider that offers education, personal service, and ongoing support. That way, your employees will have everything they need to select the benefits that best meet their needs.