7 Ways Employee Benefits Can Lead to More Business Success

Author Bio: Frank Mengert

Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.

Article Contributed by: Frank Mengert

Most businesses want to make sure they create a positive working environment for their employees. The happier and more secure employees are in their roles, the more engaged they are in their work, the better the business results.

To get to this point, many businesses focus their efforts on streamlining their operations and introducing new productivity solutions to help keep their teams productive and efficient. However, one of the most impactful ways to help your employees stay motivated day-to-day is by showing them that the company appreciates the efforts they make.

Employee benefits are a great way to achieve this, and the value they bring to your workforce can go a long way in establishing a company culture built for success. Below are seven different ways offering a comprehensive benefits package to your employees can help your business grow more sustainably. 

Attracting Top Talent

When trying to attract talented individuals to your business, it often requires more than a competitive salary to gain their interest. Having a well-structured benefits package in place can help your business stand out from the large list of businesses also looking for qualified individuals to join their own organizations.

In fact, many times, having a benefits package can be the deciding factor that pushes job candidates to apply to one business over another. And with competition growing, especially when it comes to finding individuals with specialized skillsets, any edge you can get is better.

It’s important to remember that when an individual decides to join your business, they’re essentially taking a leap of faith that the time and effort they put in will pay off long-term. Employee benefits can help to add more confidence in this decision as it already proves that you are a considerate employer that wants to ensure “all” of their needs are met.

Boosting Employee Retention

Offering benefits to your teams can be an effective way to increase the loyalty they have to the business. This can directly lower your staff attrition rates and help you develop and promote more leaders from within.

Although offering benefits to employees is definitely an investment on behalf of the business, it’s important to weigh these expenses against the costs associated with having low employee retention. It can cost your business a significant amount of time and resources when hiring, onboarding, and training new staff members.

and employee feedback, you can make sure you have a comprehensive benefits package in place that shows your employees that sticking with your business is worth their while. It also helps to build a happier and more fulfilled workforce that makes it more enjoyable for everyone.

Increasing Employee Engagement and Productivity

Another way to improve the engagement of your employees is by providing them with benefits that can directly support their mental health and overall wellness. Providing access to various mental health resources helps your employees better manage their stress in and out of the workplace and can help them live happier, more fulfilled lives.

When your employees come to work less stressed, they are much more likely to enjoy what they do for the business, and it will often show in the work they produce. These types of benefits also demonstrate to your team that you value their ability to maintain a balanced view of their work and personal lives, ensuring they have the necessary resources to destress when needed.

Building a Positive Company Culture

How you format your benefits offerings can say a lot about who you are as an employer. Comprehensive benefits show your employees that you care for your team in multiple ways, which is a core aspect of the business's values.

For example, providing company-sponsored wellness initiatives or implementing policies that support your workers' families can help establish a deeper connection between employees and the business. This creates opportunities for enhancing the company culture, which can have a direct impact on the morale of everyone in the business.

With more employees feeling valued by the company and their families, this type of environment can make individuals more excited to be part of the organization, which creates a positive brand image that helps attract even more qualified talent. 

Enhancing Employer Brand and Reputation

How your business is perceived can make a significant impact not only on your recruitment efforts but also on your customer relationships. When you have a business that’s reviewed well by employees because they feel they’re given competitive benefits, it shows current and potential customers that you know how to take care of your people.

Having this type of reputation in the industry can become a key differentiator between your brand and others. It can make it more likely for others to trust your business’s claims and be more interested to learn about your products and services.

Offering employee benefits can also help you create internal brand ambassadors who are excited to share about new job opportunities with their friends and previous colleagues. This can be a passive, but effective, way to increase your talent pool while also helping you save significant resources on recruitment efforts as you grow.

Providing a Competitive Advantage

One of the most important things you need to do as a growing business is keep an eye on your competition. However, this doesn’t just extend to the overall usefulness and cost-effectiveness of your products and services. It also means looking for ways to show your employees or potential job candidates why your business is a better fit for them than others.

Investing in a competitive benefits package for all your employees demonstrates that you recognize the importance of meeting and even exceeding certain industry benchmarks. This helps employees have the peace of mind knowing that they aren’t missing something when they decide to work for your business instead of another. This helps to avoid distractions throughout the year and keeps your entire workforce more engaged.

Help Your Business Grow More Sustainably

Ensuring that your employees are motivated on a day-to-day basis and happy in their roles is a crucial way to build a more successful business in the long term. By investing in your team and offering them competitive benefits packages, you’ll be able to increase the loyalty your employees have, helping your business grow more sustainably.