While many organizations offer benefits such as health insurance, retirement plans, and paid time off to their employees, very few fully understand the benefits of doing so. For many, offering these benefits has become common practice, rather than a strategic business decision. However, research has shown that offering benefits can have a significant impact on an organization’s success, contributing to higher job satisfaction, improved employee retention rates, and more. As a business leader or HR professional, it’s important to understand the benefits of offering these types of benefits, and to take steps to ensure that they are accessible and affordable for all employees.
One of the most important benefits that organizations can offer is health insurance. According to a study by the Society for Human Resource Management, 96% of employees consider health insurance to be the most important benefit offered by employers. Offering health insurance can help employees to manage the costs of healthcare, which can lead to better health outcomes and reduced stress.
In fact, a study by the Kaiser Family Foundation found that employees who have access to health insurance are more likely to seek preventive care, such as regular check-ups and screenings. This can help identify health issues early on, which can lead to more effective treatments and better long-term health outcomes.
Another important benefit that organizations can offer is retirement plans, such as 401(k)s or pension plans. According to a study by the Employee Benefit Research Institute, employees who have access to retirement plans are more likely to save for retirement and are less likely to experience financial hardship in their later years.
Offering retirement plans can also help to attract and retain talented employees. A study by the Transamerica Center for Retirement Studies found that 81% of employees consider a retirement plan to be a key factor in their decision to stay with their current employer.
Paid Time Off / Annual Leave
Offering paid time off can help employees to manage their work-life balance, which can lead to reduced stress and improved job satisfaction. According to a study by the Project: Time Off, employees who use their paid time off are more likely to report being happy with their jobs, and are less likely to experience burnout and turnover.
In addition, offering paid time off can also benefit employers. A study by Oxford Economics found that unused paid time off costs U.S. businesses $224 billion each year in lost productivity. By encouraging employees to take their paid time off, employers can help to reduce this cost and improve overall productivity.
Employee Wellness Programs
Offering employee wellness programs, such as gym memberships or on-site fitness classes, can help to promote employee health and well-being. According to a study by the National Business Group on Health, 92% of employers offer at least one wellness program to their employees.
These programs can lead to improved employee health, reduced absenteeism, and increased productivity. For example, a study by the Harvard Business Review found that employees who participated in a wellness program had 11% less absenteeism than non-participants, and were more productive at work.
In summary, offering a variety of benefits to employees can have a significant impact on the success of an organization. From health insurance to retirement plans, paid time off, and employee wellness programs, there are many different types of benefits that can help attract and retain talented employees, improve job satisfaction and well-being, and ultimately contribute to a more productive and successful workplace.
As a business leader or HR professional, it’s important to understand the benefits of offering these types of benefits, and to take steps to ensure that they are accessible and affordable for all employees. By doing so, you can help to build a strong and loyal workforce, and ultimately drive the success of your organization.
Thanks for reading! If you enjoyed this post, be sure to check out my international bestselling books available globally on all Amazon sites and Kindle via the following:
- The Employee Handbook: A Practical Guide for Managing Your Career
- The Manager Handbook: A Practical Guide to Managing Your Team
- The Talent Acquisition Handbook: A Practical Guide to Candidate Experience
- The HR Handbook: A Practical Guide to Employee Experience
You can also connect with me on social media for more content and updates by following the links here:
And don’t forget to visit my website at LeeNallalingham.com for hundreds of free articles like this one. Thanks for yo