Common Misconceptions About Employee Benefits
Many myths surrounding employee benefits cause organizations to underestimate the value they bring to the table. The most common myths have to do with the cost of benefits, young workforces not requiring accident or sickness benefits, and a lack of employer return on investment. Today, we will be going through some of the most common misconceptions about employee benefits, why they are not true, and show you how they can instead help your business. Contact me, Liisa Holm Coaching for leadership coaching.
Investing in Employee Benefits is Too Expensive
Investing in your workplace demonstrates how much your organization cares about their employees. While you may not consider them so, employee benefits are a key factor in employee productivity and performance. When employees feel valued, they are more likely to remain loyal, and in turn, achieve higher levels of productivity and performance. You’ll want to evaluate the short-term costs against long-term organizational objectives and analyze how your organization’s benefits compare to the benchmarked data for organizations with whom your company competes for talent.
The Biggest Benefit is Salary
While salary is and will always remain important, it is only one factor that influences satisfaction in the workplace. Sometimes, it is not even enough to encourage employees to stay at a company; Harvard Business cites that 80% of employees would choose additional benefits over pay raise. Employees are increasingly looking for employers who offer holistic benefits packages to determine who they want to work for and how long. Your best bet is to stay informed on how the workforce is rapidly changing and evolving, and fill the gaps where your employees are left unsatisfied in their benefits.
Employee Benefits Offer No Return On Investment
Absenteeism, otherwise known as unplanned employee absences, and presenteeism, defined as when employees are present at work but not doing their job, will hurt productivity and your revenue, as you can probably imagine. A main common denominator for both is stress, injury, or illness. Employers with a health benefits plan that doesn’t acknowledge employee health and wellness will pay for the negligent care of their employees. To combat this, integrate employee wellness programs into your benefits, which will reduce stress and boost productivity. Investing in employee health and wellness can curb many factors that reduce quality of performance and greatly contribute to the overall success of the company.
Employee Education Isn’t Necessary for a Successful Benefits Plan
Just because you’re making a change that will benefit your employees doesn’t mean that your employees will understand how to use it. It is not enough to explain benefits just once — employees need a comprehensive education about their plan to understand how they can get the most out of their benefits. Setting up questionnaires, seminars, and meetings that go in-depth about benefits will be a huge resource to your employees; they’ll never have to wonder if they are using their plan the right way.
Employee benefits are more than perks — they help build a reputation centered around employee wellness, which will help drive organization performance. Investing in the right type of benefits for your organization can help keep employees satisfied and maintain a strong workforce. To gain more insight into how you can benefit from health benefits, schedule a consultation with Liisa Holm Coaching.