Many company administrators would laugh at the idea that they could actually be gaining a return on investment from their benefit strategies. However, time and time again we are able to show that not only is a return on your investment possible, but it should be expected!
Remember that a dollar on a paycheck is worth a dollar to the employee and it costs you a dollar, but benefits aren’t like that. Employee benefits can be worth 10x their cash equivalent. It’s like getting a huge discount on employee pay.
In the meantime, let’s take a peek at a study done by American Express showing what benefits many employees found the most value in when assessing their total compensation (they also note in the article that most of these creative offers would be tax deductible, but warn to double check with your tax attorney):
– 100% employer-provided benefits – This is growing trend primarily within tech oriented companies currently who are fight to attract and retain top talent. Many companies are using this carrot on a stick to lure them in! Not all companies can pull this off, but those doing so coupled with effective communication are seeing the positive reward of their efforts on their bottom line.
– Give lots of paid time off – Sure you are paying for the time the employee is not actively working, but the benefits are worth much more than the cost to you. Employees are more productive in weeks leading up to and following a vacation; projects will get finished, work quality will soar and effectiveness in their job will increase. Employee morale is boosted creating a more productive workforce year ‘round. Also you can use this to recruit. Just providing a week or two more than your competitor will give you the edge to lock in on that top talent.
– Feed them – An apple costs a quarter. A hungry and irritable employee costs hundreds. A cup of coffee costs a dime. The caffeine boost is what actually gets some work done today. You get the idea.
And much, much more! There is a plethora of resources and tools available to employers today, many of which most employers do not know exist, that can be used to accomplish your benefit strategy goals effectively. Let’s schedule a time to discuss your current benefit strategy and assess where you would like to be in the future!