National Employee Benefits Day on April 2 marks an excellent opportunity for organizations to reflect on how their benefits packages enhance employee well-being, productivity, and satisfaction. This blog presents five reasons why benefits truly matter to employees and employers alike.
Vision Insurance Offers High ROI
Affordable vision insurance can significantly boost productivity. Vision issues cost the global economy over $410 billion annually. By providing vision insurance, employers not only support employee health but also reap a high return on investment through enhanced employee performance.
Family Benefits Reduce Turnover
Offering family-oriented benefits such as parental leave, childcare assistance, and flexible schedules can lower turnover rates. With 36% of employees having considered or left jobs due to insufficient family benefits, creating family-friendly policies fosters loyalty and reduces the expenses related to hiring and training replacements.
Professional Development Enhances Engagement
Learning opportunities are crucial for retaining and engaging employees, especially among Gen Z, 76% of whom value professional growth. Organizations with robust learning cultures often see increased productivity and profitability. Including professional development in benefits packages can lead to long-term organizational success.
Mental Health Coverage Drives Productivity
Mental health coverage positively impacts productivity dramatically. For every $1 invested in mental health care, there's a $4 return. Expanding access to such benefits can address the $1 trillion global loss attributed to untreated mental health issues, boosting overall organizational well-being.
Educating Employees Boosts Participation
Educating employees about their benefits leads to higher participation rates. Informed employees participate in retirement plans at rates of 70%, compared to just 52% of uninformed employees. Improving communication and education around benefits can thus significantly enhance their use and effectiveness.
Investing in employee benefits not only strengthens teams but also fosters loyalty, satisfaction, and productivity. As organizations celebrate National Employee Benefits Day, focusing on comprehensive and thoughtful benefits packages is key to long-term success.