A productive, motivated workforce is essential to every organization’s success. Providing employees with the benefits they need to take care of themselves and avoid stress can help them stay focused and engaged. It also shows you care about employees’ well being, and in response, employees are more likely to care more about their jobs.
This week, I’ve been reading about the connection between employer-provided benefits and employee productivity. I think you’ll find these articles helpful.
Understanding the Connection Between Accommodations and Productivity. Employee Benefit News: “Providing accommodations can help reduce employee absenteeism and presenteeism, the type of productivity loss associated with employees working through medical conditions. Accommodations also can help prevent employee disability leaves, because employees can receive the assistance needed to help reduce or mitigate symptoms associated with illnesses or injuries.”
A New World of Benefits. LifeHealthPro: “A convergence of a more galactic nature is taking place in the employee benefits marketplace as the needs of both employers and employees intersect. This intersection is leading to a new employee-benefits dynamic and never-before-imagined opportunity for benefits producers and agents: As employees are seeking help with their personal finances to achieve greater security, employers are looking for ways to help them achieve just that as a way to improve employee engagement and productivity.”
Consider Financial-Health Benefits to Increase Employee Productivity, Engagement. FiercePracticeManagement: “Employees' financial wellness can also affect that of a company...through improved productivity. In fact, 20 percent of employees say their financial issues have been a distraction to them while at work, according to a 2015 survey from PricewaterhouseCoopers (PwC), while each week 37 percent spend three or more hours thinking about or dealing with their personal finances. Companies should keep in mind, however, that they must customize programs to address issues faced by employees of various roles and career stages. Many practices, for example, are currently employing people belonging to all four generations, each of which has its own priorities, such as educational debt, elder care, mortgage payments and child care.”
One in Three U.S. Employees Would Quit If Current Employer Failed to Sponsor Health Benefits, Accenture Finds. Business Wire: “Not surprisingly, the impact of employers not sponsoring health insurance would have a significant negative impact on workforce productivity, including widespread employee dissatisfaction (cited by 64 percent of respondents), less motivation to work hard (32 percent) and increased absenteeism (21 percent). For a company with 1,000 employees who earn an average salary of $50,000, these turnover costs could climb to more than $3 million in the first year alone.”
Time to Expand Your Employee Benefits? FindLaw: “Offering employee benefits can help you attract and retain quality experienced employees, and have lower turnover rates. Every time you lose an employee, you're losing money and productivity. The cost of hiring a new employee, training him, and waiting for him to gain the skills and productivity to match your old employee could outpace the cost of offering your current employee benefits. If you already offer some benefits, expanding employee benefits can also be helpful for improving employee morale and productivity. If your employees believe you care about them and their well-being, they'll care more about the job that they do for you and be more invested in your business' success.”
Winston Benefits is an HR solutions company that helps businesses enhance and optimize employee benefit plans, enrich compensation and rewards programs, and save money on benefits communication, enrollment and administration. Contact us to learn more.