The quality of employee benefits can influence the success of your small- to medium-sized businesses in recruiting and retaining valuable workers. Working with a PEO partner like Progressive Employer Management Company can boost your ability to offer the benefits that are most attractive to them.
According to the 2016 Health and Voluntary Workplace Benefits Survey by the Employee Benefit Research Institute, job satisfaction is directly linked to employee benefits offerings:
Importantly, job satisfaction and worker morale continued to be strongly correlated with benefits satisfaction. Nearly 6 in 10 workers (59 percent) who are extremely satisfied with their benefits are also extremely satisfied with their job overall (compared with 18 percent who are very satisfied with their benefits or just 8 percent who are not satisfied with their benefits). Similarly, more than 2 in 5 workers who are extremely satisfied with their benefits package describe current employee morale at their workplace as excellent (43 percent), compared with fewer than 1 in 10 (8 percent) among those dissatisfied with their benefits.
The traditional core benefits, such as health insurance, retirement plans, vacation, and paid time off, remain the basic building blocks of employee satisfaction; however, a well-thought-out package of voluntary benefits that employees can elect to pay for can make your workplace even more attractive.
According to the National Association of Health Underwriters, frequently offered voluntary benefits include:
By partnering with a PEO like PEMCO, your business can leverage our expertise and business relationships to secure the best voluntary benefit offerings for your employees. Our benefits experts can also relieve you of the burden of plan design and administration so you can focus on business growth.
PEMCO’s buying power and expertise can help your business access the voluntary benefits most attractive to employees. Are you ready to save money and increase the quality of your employee benefit offerings? Then contact us today.