Employee Benefits
Refrain from thinking that giving incentives to your employees will benefit only the employees. The truth is that it will benefit your company, too. One of the reasons why it’s good for you to give employee benefits is that it follows the law of karma. If you do something good, then something good will happen to you.
Aside from the law of karma, the act of giving perks to your employees also follows man-made laws. Yes, there are some benefits that you have no choice but to give to your employees as it’s the law. While the law may vary from state to state or country to country, the majority of laws mandate employers to give the following to their employees:
- Workers’ compensation
- Disability compensation
- Minimum wage
- Overtime
- Social security taxes
- Family and medical leave
- Unemployment insurance
It’s not always that employers give perks because the law says so. There are also those that employers give because they are kind. At times they may feel responsible for doing so, too. These are called employer-provided benefits. One common example is health insurance, although it’s something that large companies have to give to their employees. Other examples of such type of perks offered by employers include:
- Dental insurance
- Vision care
- Life insurance
- Legal insurance
- Paid vacation leave
- Fitness benefits
- Retirement benefits
Whether given because required by the law or the employers volunteer to do so, employee benefits are not only beneficial to the employees, but also the employers themselves. Here are some of the reasons why this is so:
It Reduces Turnover Rate
One thing stays true when it comes to incentives that employers give: perks make employees feel happy and important. They are less likely to leave and look for different jobs if they are content with their current jobs and their present employers, too. Especially if the good employees are the ones who will leave due to dissatisfaction, the company will take a hit. Besides, diligent employees do not grow in trees these days.
It Enhances Job Performance
Employees that are happy because of benefits usually work harder to show their employers that they did not make a mistake when they chose to offer incentives. It’s also their little way of acknowledging and appreciating the gesture. Perks that have something to do with wellness helps keep the employees healthy, which is vital for them to carry out their jobs. Your company will benefit from having employees that are happy, hardworking, and healthy.
It Boosts Your Image
You may consider benefits, especially employer-provided ones, as some form of good PR. Your colleagues, partners, clients, and the competition will admire you for doing what’s right for your employees. The recipient of the perks may also tell their family and friends how generous you are, thus boosting the appeal of your company. Handing out incentives is like a non-selfish way of making customers notice you.
Conclusion
Giving your employee perks is beneficial to the people who are working for you; this is true whether the law orders it or it’s due to your kindness or initiative. However, the employees are not the only ones that can benefit from getting incentives. Such a righteous and generous act can also provide benefits to you and your company.
Author Bio: Carmel Issac is a freelance writer who offers to ghostwrite, copywriting, and blogging services. She works closely with B2C and B2B businesses providing digital marketing content that gains social media attention and increases their search engine visibility.
