Employees are the driving force behind the success of any organization. They move the business forward and enable it to grow with their skills and dedication. Many business owners today are realizing that taking proper care of their employees presents a significant return on investment. In fact, for every $1 invested in benefits and Employee Assistance Programs, the ROI is $3 on average.
As much as any business would like to achieve separation between work and personal lives, the two are heavily intertwined. An employee who is struggling with personal issues is often unable to remain productive in the workplace.
Employee benefits are a great way for companies to offer much-needed assistance to their employees in many different areas of importance. These benefits cover healthcare, financial stability, elder care packages, and vacation benefits that can enable workers to get much-needed rest to avoid burnout.
In addition to the common employee benefits that most of us are used to, businesses are now implementing Employee Assistance Programs (EAP) that take an extra step to care for employees and boost workplace productivity.
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The tradeoff between offering employee benefits and their cost has long been debated. Is it really worth it to invest in employee benefits, and by extension, your employees? Multiple studies have shown that it is. Here are several reasons why.
Research continues to show that the companies that take care of their employees get more productivity, better retention rates, and a better overall workplace environment. A thorough benefits package also improves a company’s brand by making them known as a place that respects and helps their employees.
Click here to see an example of an employee benefits package for small to medium businesses.
Every company wants to offer a comprehensive package of benefits that allows their employees to improve their quality of life. A healthy, happy staff is proven to be a benefit for business performance and growth. Benefits can also help attract top talent – research shows that nearly 60% of people seeking jobs consider benefits and perks among their top considerations.
But like any business decision, the positive results gained from employee benefits have to be weighed carefully against the costs. According to statistics from MIT, a typical employee can cost their company up to 1.4 times their base salary, after accounting for taxes, healthcare, and insurance benefits.
The key to picking the right employee benefits package is choosing one that meets two of the most important criteria:
All companies will have slightly different criteria for the type of benefits that meet these requirements. Here are some of the most cost effective benefits that are typically popular with employees:
With a thorough understanding of the relative costs of employee benefits, it is much easier to choose the ones that will provide a positive return on your company’s investment of resources. Here is a review of the most popular employee benefits.
Over time, businesses have continued to respond to the needs of their workforce and to develop solutions that cater to these needs. This has led to the development of Employee Assistance Programs (EAP) as a part of benefits packages.
Just a few examples of areas where employee assistance packages can be helpful are:
EAP providers come in several forms. Some health insurance providers offer companies EAP packages included within their normal insurance offering, while others may provide “a la carte” programs that help employees in specific areas.
Because of the diversity in types of EAP providers available, it’s important to do your research before selecting one company over another. Despite what they may put on their websites or promotional materials, not every EAP provider offers the same level of service or response.
For example, many EAP providers offer assistance through a large call center, where employee calls are routed to a phone operator with little knowledge of their issues or needs. In a situation where an employee requires immediate help or is unsure of what to do about a medical situation, the experience of trying to provide information to a call center operator can be challenging.
How is it possible to avoid these types of challenging interactions for your employees? Your best bet is to conduct thorough vetting before deciding on one particular elder care provider or another.
Be sure to ask them at least a few of the following questions:
EAP providers will play a significant role in the experience your employees have with their company benefits. It may take some extra time and effort, but it’s important to thoroughly vet your EAP provider so that you can select one that offers all the benefits your employees need to stay happy, healthy, and productive.
Benefits brokers are also a resource for companies to help choose the right benefits packages for employees. They can save time and money. Here is a guide to getting the most from a benefits broker.
Employee benefits is not a static field. They evolve and adapt to the needs of the workforce. While some of the more buzz-worthy benefits of today’s workplaces include nap areas and ping pong tables, there are plenty of other important trending employee benefits:
Benefits packages trending towards all-around employee development
The broader picture when considering employee benefits is that these benefits packages are becoming more diversified and branching into previously untouched territory. Companies are beginning to offer assistance in more areas than ever before, to both improve the well-being of their employees and ensure they are as productive as possible.
As the large baby boomer generation continues to age into their 60s and early 70s, the U.S. is getting older. Census Bureau reporting from earlier this year shows that the average age in the United States went from 35.3 in 2000 to 37.9 in 2016.
This trend is not likely to halt or reverse any time soon. Increasingly, workers from Generation X, and even some from Generation Y, are finding themselves “sandwiched” between taking care of children and elderly parents. Simultaneously, they have to perform at their best in a full-time job that demands 40 hours a week, if not more.
It’s an immense challenge to balance all three of these difficult tasks. Fortunately, the rise of the internet and the new attention being paid to elder care by both employers and insurance providers means there are plenty of resources available for those in need of assistance with elderly caregiving.
Just a few examples include:
Some of these resources are designed to help educate a caregiver, while others relieve the burden of providing daily help to an elderly or disabled loved one. The more of these valuable elder care resources that can be included in your company’s employee benefits packages, the better off you will be when it comes to employee productivity and absenteeism.
Healthcare legislation is in an upheaval. And unfortunately, it’s resulted in providers such as Anthem and Blue Cross pulling out of the market due to the increasing lack of predictability and fear of unsustainable losses to their companies.
Health care providers don’t know if they’ll be able to count on their profit anymore, so they’re constantly raising their costs - which are passed onto companies like yours who provide health benefits to employees. This uncertainty coupled with rising costs, requires planning process to assess your current healthcare plan so you can move forward.
After your review, important questions to ask regarding your employee benefits:
We help your employees find answers to their elder care questions and connect them to trusted and vetted professionals.
Sign up for a short personal demo to see how easy it is to use our platform and how your employees responsible for elder care can get back to work quickly and be more productive.