Why employers should consider offering more employee benefits rather than pay rises

If you are impressed with your team’s recent performance, it’s only right that you voice this and let them know. When just verbal feedback isn’t enough, what else can you do as an employer? Remember, if you are able to keep your employees happy by some positive means, it always proves one of the most important components of running a successful business. 

Pay rises are great, but the power of a good benefits package is quite often overlooked. This is perhaps because the employers possibly get scared of the initial load their business will have to bear in case they offer additional benefits to their employees other than their salaries and the regular rise in them. They must keep in mind the long term advantages their business will avail for its overall success if they endow these additional benefits to their hardworking employees. These advantages will outweigh those initial costs and keep bringing fruit to their business for a long time to come. 

Here are a few reasons why you should put employee benefits before pay rises.

It maximizes your appeal in the market

What a strong foundation of every business requires is the acquisition of skilled and dedicated workers. Offering some tangible benefits to your employees alone will help you have such individuals on board. These added benefits will differentiate your business from the rest on the market. When you offer your employees a lot more than the bare minimum, it will surely maximize your appeal. Benefits such as paid vacations and holidays, solid health plans, and charming retirement plans tend to make your business or company much more attractive and preferable over your competitors.         

It shows employees that you are truly interested in their wellbeing

While increasing a salary is most certainly a kind gesture, it can be seen as the easy way out. By offering employee benefits over bumping up the numbers on their payslip, you will be demonstrating a clear interest in their overall health and wellbeing. No one likes to feel like that they are just ‘another number’, so why not show them that they are not, with tailored benefits packages?

It keeps your employees close

If you are fortunate enough to manage a fantastic, hardworking team that is serious about thriving, make sure that you keep them close. Other opportunities arise, we all know that, but a good employee benefits package could be the thing that keeps them loyal to you and your business. Even if a competitor offers a higher salary, losing the benefits they have with you might still leave them out of pocket.

It increases their productivity

It is a part of human nature that gifts, bonuses and added benefits boost up our moods and always prove a great incentive to give an appreciable boom to our performance and efficiency. The same will happen to your employees as well if you also treat them in the same way. All the added benefits other than the legal requirements will enhance their productivity to their maximum.

Added benefits minimize your turnover rate

Having worked for a company over a few months, employees tend to leave it and move to another one because they may feel monotony here or see that they have no added benefits except for their basic salary. Moreover, it is also possible that some of your competitors may have introduced some added benefits by then and your employees may get attracted towards them. Hence, you are likely to lose your talented professionals and experts if you do not toe the line at the right time. Your business will never be able to make a reasonable progress if your talented employees will constantly keep leaving you. Here, the best solution to cope with this entire hectic situation is to offer very attractive added benefits to all the employees, sticking them around for a long term.        

It attracts new talent for your business

When searching for prospective employees, a vacancy is seen us much more desirable when it’s advertised alongside employee benefits. Naturally, you only want the best for your company, and this includes employees. Whether your business offers retirement benefits, profit sharing or even something as simple as discounted cinema tickets, you can attract the right employees that will want to stick around. Why do all the great and successful companies offer added benefits to their employees? The only reason is that they want to attract and retain A-list talent into their business.

You don’t have to handle it alone

Do you see the beauty in employee benefits, but feeling overwhelmed as to where to start? Well, companies like LifeWorks help organisations develop healthy work environments while improving the wellbeing of their staff. Click here to read more about how they can help your business to create a happier, healthier, and more successful workplace.

It keeps your employees healthy

Suppose you have offered some very solid health plans, dental health plans, health insurance plans, etc. to your employees. These plans along with the sick leaves option will enable your employees to take better care of their health. Regular visits to their doctors together with the best preventative steps will keep them fit and super healthy. There will be a gradual decrease in the number of sick leaves. Moreover, employees on sick leave will never affect the health of their fellow workers if they are carrying some contagious disease. The end result of all this is a healthier workforce for your business.   

Glassdoor once reported that 60% of job seekers say perks are a major incentive when looking for a job and 80% prefer additional benefits over a pay increase. The statistics are there, so why wouldn’t you take notice?  Not only will you can create a more devoted workforce (that will therefore deliver better results), but you can also take pleasure from the knowledge that you’re doing a great thing for people who need it.

Your employees are more than just your employees – chances are, they lead such busy and complicated personal lives too. By offering the likes of online voucher codes, health and wellbeing offers, and gym discounts, you will be alleviating some of the pressure they feel when outside of your building. As a result, they will be more determined to arrive at work each day and do the best possible job for you.

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