Leadership, Total Rewards
How Can I Increase Employee Satisfaction Without Increasing My Bottom Line?
Once you have a great employee on board how do you keep them? One way is by offering a robust benefit package.
Many small businesses mistakenly believe that they cannot afford to offer a great benefits package. While going without or offering limited benefits is offering savings to your bottom line in the short term, the cost cutting mentality could harm your long term success.
While the top of the list of important benefits is medical insurance many employees also demand retirement, disability and other voluntary benefits. If an employer does not offer these additional benefits many top candidates will look for employment elsewhere.
If you offer benefits that your employee truly value and appreciate you can boost employee satisfaction, retention, and productivity. If an employee feels valued and that their needs are being met they are more likely to do better work and be more productive.
One way to offer more benefits to employees without impacting your bottom line is offering Voluntary programs. A benefit offering that is sponsored by the employer but paid for by employee via payroll deductions. Therefore the employee can choose to enroll in the program or not. By offering Voluntary benefits employees can pick and choose which benefits are important to them and their family and essentially creating their own customized benefits package. Because in today’s world one size does not fit all.
Popular Voluntary Employee Benefits for 2018:
- Identity Theft Protection
- Critical Care Insurance
- Pet Insurance
- Student Loan Repayment Plans
- Legal Services
- Employee Well-Being Programs
- Online Learning/Continuing Education
- Financial Fitness
While an employee’s age is a significant factor in what types of benefits an employee need/want, voluntary options allow employers add options that also address other factors. As a result employees can customize benefits programs that meet their individual needs without having to pay for benefits that are not valuable to them.
To learn more about any of these Popular Voluntary Employee Benefits for 2018 or to gauge your employees interests in any of these offering, please reach out to your Exude, Inc. Consultant who can provide you with additional information.