Why Employee Benefits are Important?

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In modern world concept it is important to handed employee benefits since employees not only consider over the salary consideration. But is 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 hour facilities, office environment etc...

Following are discussed about reasons of offering employee benefits:

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•  Increased Engagement

What company doesn’t want employees who are highly engaged? Highly engaged employees are happier, more productive and more likely to become brand ambassadors.

Numerous studies have shown the connection between employee benefits and engagement. Benify conducted a study of more than 19,000 employees and HR leaders for our Employee Benefits Report. The results reveal that employees who are most satisfied with their total benefits offer estimate their own level of engagement 11.5% higher than the average and 25.3% higher than those who are least satisfied.

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• Increased Productivity and Performance

Productive employees improve company efficiency. Since the mid-1990s, American analytics company, Gallup, has been gathering data on employee well-being, productivity, and performance. World Economic Forum conducted a meta-analysis of 339 different Gallup studies, which included 1,882,131 employees and the performance of 82,248 business units. The analysis confirmed correlations between employee well-being, employee productivity and performance across all industries and regions. 

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• Improved Organizational Culture

In an increasingly competitive job market, attracting talent is a challenge for many organizations. While there can be many reasons a candidate chooses one employer over another, company culture plays a huge part.

A positive organizational culture is crucial for longevity, retention and attracting new talent. Your benefits offering goes a long way in contributing to a positive culture where employees feel supported and valued.

In the article 4 Tips for Creating a Culture Where Employees Thrive, we suggest thinking of your workplace culture as the foundation for creating employee engagement. Does your company have a culture that is conducive to creating engagement? Creating a culture with the conditions for employees to thrive begins with being transparent, sharing company core values and clear communication.

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•  Strengthened Employer Brand

While simultaneously contributing to a positive workplace culture, your flexible benefits offering also helps strengthen your employer brand.

As shared in the post, 10 ways to build a modern employer branding strategy, today, it’s not enough to simply paint your brand values on your walls and websites. If you want your company values to resonate with employees, you have to live by them and demonstrate them.

From CSR solutions and work-life benefits to insurances and personal finance benefits, our research reveals that employees who say they understand their employer’s vision, mission and core values and up to 28% more engaged than those who don’t.

Employees who are happy and engaged are more likely to become ambassadors. As ambassadors, employees will spread the word about your company, its values and their own positive experience in the form of online reviews and through word of mouth, helping strengthen your employer brand.

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• Promotes Employee Health

Work is important to our happiness and well-being and can provide us with meaning, purpose as well as social connection. However, our lives and interests outside of work is equally as important to our happiness and well-being. Offering flexible benefits is a great way to demonstrate your support for employee health.

Reference

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 on 18th May 2021.

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