HRA administration company, Clarity Benefit Solutions, explains why offering good benefits is the best way to grow a business.
The key to growing a business is attracting and retaining top talent. While small business owners may think that salary is the only consideration when potential candidates are weighing the pros and cons of a job offer, honing in on exceptional benefits plays a vital role in a potential employee’s decision whether to accept or decline a job offer.
Employers need to offer the proper mix of mandatory and voluntary benefits to present not only to potential employees, but also to keep current employees from looking for another job. Competitive health plans, flexible working hours, commuter benefits, remote working options, or unlimited PTO are just some of the options smaller businesses can add to their repertoire to attract and retain the best talent. These factors are especially important with millennials (anyone born between 1981 and 1996). Recent studies report that approximately half of millennials take benefits into serious consideration when deciding where they want to work.
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Once a smaller business has hired top talent, it is crucial to keep them. Companies that find it difficult to retain employees have to contend with extra costs of recruitment, training, loss of productivity while onboarding new employees, and more indirect expenses such as impact on current team morale. Loyal, satisfied employees will grow the business—and prevent these additional expenses.
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It’s no secret that employees who are happy with their jobs are more productive. Keeping them healthy is a vital part of their happiness, thus another reason to offer good benefits. This rings especially true for small or start-up businesses. Employees who believe that management is not invested in their health and happiness will be less productive, take more time off, and will be less successful. Employers should show they care with additional perks such as paid gym memberships, financial counseling services, company team building events, charity causes, summer hours, or occasional massages during lunch.
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