A study showed that 59 percent of employees would accept a lower-paying job with a better-built benefits package.
What benefits does your business currently offer? How do these benefits compare to your competitors and others in the industry? What are your plans for future benefit offerings?
It’s no secret that benefits play a large part in the job search and job retention of employees.
Keep reading to learn more about how you can improve employee benefits coverage and save money:
1. Incentivize Employee Health Efforts
Healthy employees typically visit the doctor less, take fewer days off, and are more productive than those that are not healthy.
Motivating your employees to live a healthy lifestyle can save your business money in the long run. There are ways to reduce healthcare cost by incorporating employee wellness initiatives into the workplace.
This can start simple, by offering healthier options for snacks or replacing a drink machine with a water station. Catering in healthier meals and hosting wellness challenges are also easy ways to create a culture of healthy being cool in the workplace. While it may take planning at the start, it will create a healthier work environment and end up saving you money on insurance.
2. Use Technology to Save
Are there certain areas of your business that can be automated or assisted by technology?
Even as a small business, you can use technology to get more work done and save more money on operating expenses. Setting up an automated phone system could save you from having weekend coverage in the office. This would allow employees to enjoy the weekend off and save you from paying someone overtime to do a task that technology can help with.
Breaking down all of the areas of your business and identifying where it would make sense to utilize technology is a good place to start.
3. Educate on Employee Benefits
Are you offering benefits that your employees are not using?
It is always beneficial to do a self-audit of your employee benefits and make sure that your investment is going in the right places. For example, if you pay for everyone to have access to a certain gym and only two employees attend the gym, then your resources are not being maximized. In this situation, you could negotiate a lower rate with the gym and save money while still accommodating the employees that utilize the benefit.
Without your employees understanding how to use their benefits, it can fail to serve your business in the way that you intend to. Holding a meeting to explain any new benefits or including it as an important part of new employee onboarding is very important.
Get Started Today
Now is the time to start saving money and focusing on providing employee benefits that everyone will enjoy and utilize. Start the conversation with your employees and make benefits a focus in the future. Check out our blog for more informational articles like this.
