Now, more than ever, companies are forced to adapt and compete in the market in much different ways than before in order to survive this changing world. As companies hire employees, those who fail to take care of their employees risk losing them and jeopardizing the business. Businesses that emphasize the need for managing employee benefits generally have happier, more loyal employees; half of all employees cite the benefits as a significant reason why they remain with their employer. Growing small businesses need to attract not only customers, but potential employees to their business:
managing employee benefits is an investment opportunity to help increase the quality and morale of your workforce, which leads to better business overall. Since 57% of companies have a plan to increase their HR management software and services over the next 18 months, it is important to know what the most desirable benefits are to employees.
Maternity and Paternity Leave
Employees are entitled to up to 12 weeks of job-protected, unpaid leave over the course of any 12-month period under the Family and Medical Leave Act (FMLA) for reasons including a child’s birth, the care of immediate family and spouses, or self-care in the case of a serious medical condition. Paid maternity and paternity leave is becoming a significant consideration for young employees looking to launch their careers.
Paid Sick Leave
Studies show that up to 98% of full-time employees have access to paid sick leave, yet only 59% of small businesses offer this benefit to employees. The principle is simple: employees won’t care for a company that doesn’t show they care about the employee.
On the lines of taking care of employees, companies that offer paid vacation weeks to employees constantly see higher retention rates than companies that do not offer these benefits. Figures show that around 77% of employees receive paid vacation time, including holiday pay when they have the day off.
Group Health Insurance Plans
Companies that offer insurance coverage to their employees is a basic criterion for many job-hunters. Up to 99% of full-time workers in the U.S. have access to medical benefits as it is required under various legislation that health benefits be offered from companies with more than 50 employees. Investing in the health and happiness of employees is just plain common sense for anyone trying to run a successful business. More research here.