Your practice is only as strong as the team you have in place to help run it. Strong teams don’t just happen, and top-talent recruits are not going to flock to a practice that doesn’t respect and value its employees. Benefits matter. They help you attract and retain happy, productive team members. A recent Aflac study revealed that 57 percent of people polled said that “having a comprehensive overall benefits package will play an important role in a decision to leave a current employer.” And 38 percent said that a comprehensive benefits package “demonstrates that their employer cares about them.” A study by Glassdoor’s Employment Confidence Survey showed that four of five employees “would rather have new or additional benefits than a pay raise.”
Offering a benefits package is essential for a small business. Let’s look at a few reasons why:
Attract and retain top talent
A benefits package is a deciding factor for many talented, motivated people looking for a job. A recent Denver Post study found that 50 percent of businesses with fewer than 50 employees — and 96 percent with 100 or more employees — offer healthcare benefits. A benefits package will be a strong factor a would-be team member will consider when choosing between you and the competition. Offering benefits also shows your willingness to invest in your employees and their health and well-being, thereby investing in your small business. Once you’ve attracted a top-talent team, you certainly want to keep it. Investing in your employees will keep them happy, dissuading them from feeling the need to look for other work somewhere else. With longevity comes wisdom and synergy, so once you’ve built a talented team, do everything possible to retain it. Benefits go a long way in not only attracting motivated employees but helping them stay put.
Promote a healthy, productive workforce
Healthier employees lead to healthier businesses. Benefits help your staff members feel valued while also providing them with resources to maintain their own, personal optimal health. Take dental coverage, for instance: if you offer benefits and an employee ends up with a cavity, there’s no reason to put off visiting a dentist until that cavity warrants a root canal and several days off work. Offering healthcare benefits helps keep your employees healthy, leading to fewer employees missing work for sick days and potentially showing up to work even while sick, spreading germs to other staff members and patients.
Boost morale
When a practice owner cares enough about his or her staff members to invest in them, that care is usually reciprocated with maximized productivity and loyalty. Science of Care recently conducted a survey and found that “60 percent of workers who reported feeling cared for by their employer also said they planned to stay with their organizations for three or more years, as opposed to only 7 percent of those who reported they didn’t feel cared for by their employers.”
Offering competitive benefits is a win-win way to attract and retain strong, healthy, quality, talented team members that have every reason to stay loyal to you and your practice for years to come.
