Ways Employee Benefits Can Affect Your Bottom Line
04 / 06 / 20

Number of Ways Employee Benefits Can Affect Your Bottom Line

Employee benefits affect your bottom line. How? Well, most importantly, exceptional employee benefits not only attract exceptional team members but motivate them to greater productivity and encourage enhanced engagement and loyalty. When your employees feel appreciated and taken care of, they, in turn, are committed to your company’s success. Your success means higher consumer ratings, better reviews, significant growth and a bright future.

Recent studies indicate employee benefits are among the keys to job satisfaction. As a result, employers are pursuing the best employees with enhanced employee benefit packages including healthcare plans, vision, dental, and life insurance, as well as educational programs, flex-time, and paid vacations. With the average cost of employee benefits at 30 percent of salary and rising, costs come into play, which means employers need to find exceptional benefits at even more exceptional values. And that is where Burchfield Insurance Group comes in. As a growing employee benefits firm, our focus is on acting in the best interests of our clients, through unmatched service delivered with integrity and trust. Our goal is always to partner with vendors to deliver the best value for our clients.

Rising Employer Concerns

Employees change jobs frequently, often a result of better benefits packages. Employee turnover means added costs, negatively impacting the bottom line. With the average cost per hire hovering at around $4,000, employers are often concerned, because even after a new team member is hired, productivity goes down during the training, education, and acclimation phase. On top of that, employers see absenteeism as a costly issue for those employees who remain with the company.

Health and Wellness Equals Engagement and Success

The truth is employers who enhance their benefits packages, see an almost immediate return on investment in terms of performance, engagement, and less absenteeism. In addition, a healthier team means lower healthcare coverage costs. Thus, a well-crafted benefits package is a sound investment which not only helps recruit but retain the best employees. Here are a few ways enhanced employee benefits improve your company’s bottom line.

Assist in Recruiting the Top Employees

Regardless of the size of your company, a strategically designed benefits package can attract the employees you seek, while reducing your overall efforts. Flexibility is key in tailoring your employee benefits package, so that it is attractive to each unique generation of valuable individuals. The result will be a benefits package which will improve your hiring efforts.

Help You Retain the Best Talent

Attracting the best talent is a challenge in the current job market. Competition for the best employees is tough, which means employees consider benefits packages as carefully as job offers. Many companies find enhancing benefit packages not only assist in recruiting, but encourages retention of employees. Among the most sought after benefits are comprehensive health insurance, retirement, wellness programs, and educational opportunities.

Enhance Employee Engagement

Employees can increase employee engagement with a great benefits package. Happy employees have enhanced morale, and are typically more productive, which, in turn, can increase company profits and the bottom line.

Improve Health and Wellness

Health initiatives like wellness programs, comprehensive healthcare coverage, and similar programs can improve the health and wellness of your workforce, including their overall wellbeing which results in less stress and greater productivity and engagement.

Increase Employee Satisfaction

There is a direct correlation between a premium benefits package and overall employee satisfaction. Why? Employees who are valued by their employers have enhanced levels of job satisfaction. Greater job satisfaction for employees means increased productivity, engagement, and confidence, which translates into more satisfied customers, along with more return customers.

Contact Burchfield Insurance Today

At Burchfield Insurance, we understand that your industry is unique, and we can help you design the ideal benefits package to recruit, retain, and engage the best employees for your company. Contact us today for a FREE quote and discover the ways developing a premium customized benefits package can help improve your bottom line.