Keeping your employee welfare plans in accordance with national and local policies shows respect for both your employees and the law, encouraging employees to behave ethically in return.
Your Company Looks Better
Providing better employee welfare benefits reflects well on your company, building its reputation, often attracting both good press and good people.
Employees Stay Healthy
If your health plan has wellness coverage and preventative care, employees are more likely to stay healthy, cutting down on absenteeism and sick days.
Employees Feel Valued
Providing for employees’ welfare shows that you value them. It makes them feel a part of the team. This can help make them feel welcome and happy in your company, motivating them to work harder.
Recruitment and Retention
Good employee benefits attract good employees. Studies show that only salary ranks higher in job choice criteria, so benefits are often the deciding factor for workers who are most in demand. Also, benefits such as pensions and medical insurance can help keep employees, providing extra incentives to stay.
The Benefits of Benefits
As a rule, great companies have great welfare benefits. Keeping talented employees and attracting more depends on more than a paycheck alone, for several important reasons.