Daniel Patullo, Employee Benefits Specialist
I help business owners attract and retain employees through a comprehensive benefits package
Do your employees have a reason to stay?
Are you giving your employees a reason to stay with your company instead of searching for a job someplace else?
The old-school idea of an employee spending 40 years at a company and then retiring is long gone.
According to the Bureau of Labor Statistics, the average person works for 12 different companies throughout their life, with many workers spending 5 years or less at each place of employment.
Employee benefits are one of the easiest ways to keep your employees happy and loyal to your company, let's look at why.
Employees want benefits
Employee benefits should not be looked at as a business expense that you're forced to pay into. Think of employee benefits as protecting the people who are allowing your company to grow. You wouldn't be where you are without your employees.
Let's take a look at a few stats from my Employee Benefits 101 course:
42% of employees who switched jobs listed better benefits as a reason for switching.
79% of employees prefer employee benefits over a higher salary.
Let those numbers sink in for a moment. If you do not provide benefits, you are at risk of losing almost half of your current and potential prospective employees.
On top of that, almost 80% of them would take benefits over a raise. It makes sense, a $1000 raise is more like $700 after taxes, and with benefits $1000 goes a long way in terms of dental care or healthcare.
Still not convinced? I'm sure you've had a few employees who needed to take time off of work due to an injury or chronic pain. If those employees had benefits, they could have visited a physiotherapist and been back to work a lot sooner. Not to mention taking fewer sick days.
