Super Smart Strategies to Follow in 2020 to Make Your Business a Better Place to Work – Part Three

Kevin Kenealy 2020 Employee Benefits Package Strategies Comments Off on Super Smart Strategies to Follow in 2020 to Make Your Business a Better Place to Work – Part Three
Super Smart Strategies to Follow in 2020 to Make Your Business a Better Place to Work - Part Three

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Another aspect of your employees’ overall health and performance is related to their own understanding of finances. When surveyed, financial worries cause the most amount of stress in people’s lives. When you consider all factors that can be related to this, such as lessened productivity at work, physical illness that can arise from excessive stress, missing scheduled shifts (which only increases the stress), and using company hours to handle other aspects of their lives, the cost can become staggering.

It can be wise to help your employees understand and cope with their financial concerns like saving for retirement or other future plans. A good way to approach this would be to add a financial wellness program to the benefits being provided by your company. Like the other wellness packages that are offered through these providers, the financial program ultimately targets aiding your workforce with your employees’ overall well-being. When you consider the residual effects of financial stressors, giving your employees access to information and tools that they may not have known they should be asking for, you will be cultivating a much more productive team. When people are not focused on financial worries on payroll time, the business will improve, and they can rest assured that they are making good decisions when it comes to the future of their families. 

It is important for employers to maintain a competitive edge when it comes to the recruitment and retention of quality employees. An excellent approach to this is by offering additional voluntary benefits that are relevant to your employee’s needs. Benefits packages are becoming increasingly valuable to the younger generation of working individuals, and if you want to develop a loyal workforce for years to come, it is important to appeal to your younger staff members. For example, more recently available options like student loan repayment is obtaining a large amount of interest from Millennials and other college graduates. When questioned, well over three-quarters of employees believe that this kind of benefits package should absolutely be included in their employer’s benefits package options.

Other voluntary benefits packages are becoming much more favorable amongst employees such as; identity theft protection, long term care coverage, pet insurance, and financial counseling. It is expected that these voluntary benefits options will only increase in popularity over time. Employees are starting to consider the long term investment that they make in their employing companies and actually like to shop around before making the decision to dedicate their time and effort to their employers, they want to be able to grow within their chosen career just as much as the employers want to find and maintain a highly motivated and well trained staff.

Looking forward with your company’s growth in mind, benefits packages may not be considered as typically offered options. But when you look at the level of loyalty it builds with your employees and how it can ultimately strengthen your bottom line costs over time, it is easy to see that the initial investment in implementing them is well worth your while. Re-evaluating the manner  you approach and present these voluntary benefits can help you attract a stronger workforce by appealing to the more qualified individuals that you hope you employ.

 Today and into the future, benefit programs are anything but “typical” and companies are striving to build employee loyalty while managing a strong bottom line. So, when you think about employer-sponsored benefit plans, consider rethinking your approach to benefits compared to what has been traditionally offered. When you do, you’ll find many opportunities to attract and retain highly qualified and satisfied employees along the way.

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