.Salaries and wages are important for job seekers, but did you know that another factor is rising as the most important consideration for job offers? That’s none other than benefit. Glassdoor reports that nearly 60% of job seekers are counting on employee benefits among their top considerations in a job offer. A common inclusion in an employee benefits package is insurance. What really is the importance of insurance for your employees?
What is the importance of Insurance as an Employee Benefit?
Your employees value security and wellness
While perks such as gym memberships or entertainment are nice, your employees actually place the least value on benefits that don’t directly impact their finances and wellness. In fact, according to a survey by Glassdoor, employees said that health insurance is the most important they receive from their employer. And financial benefits are important due to the challenges your employees may face in that area.
Providing financial and health insurance to your workers will help show that you value their wellness—may it be financial, physical, or mental.
You will have a competitive benefits package
As previously said, benefits are increasingly becoming important not only to your current workers but also to your potential ones. Adding good insurance plans in your benefits package makes it competitive, and therefore helps you attract and retain talent.
A competitive benefits package also helps improve employee performance, satisfaction, and loyalty.
Provides protection to your employees
Your employees don’t only value themselves, but also their loved ones. Accidents happen and in the most unexpected times, too. One importance of insurance as an employee benefit is that it provides protection to your employees, as well as their families. So that when accidents do happen, they are more prepared.
Strengthens relationship with your employees
Once employees feel satisfied and happy with the insurance plans you provide them, they can focus more on their work. Therefore, increasing their productivity. Happy and satisfied employees also have better and stronger relationships at work.
Insurance is one of the commonly offered employee benefits that are not talked about. Most employers offer them but don’t consider or forget their great importance. Not only with the workers, but to the company as well. Offering good insurance plans goes a long way!