Employee satisfaction is central to your success as a business. Contrary to what you may assume, simply offering the greatest number of benefits possible is not always the best solution. Instead, it’s critical to consider the long-term your employee benefits plans will have on your business. In fact, offering too many benefits is one of the top three mistakes that employers make when creating a group benefits plan.
Benefits and Employee Satisfaction
While salary generally dominates the discussion of workers’ pay, the benefits plan you offer is an essential element of their total compensation. By providing your staff with benefits like prescription, dental, and mental health coverage, you set yourself and your employees up for success.
In the past few years, the link between employee satisfaction and productivity has been the subject of significant research. In fact, data show that job satisfaction affects not only employee retention and output but also customer perception of your business. A 2020 study published in the International Journal of Bank Marketing found the “… unique positive impact of employee job satisfaction and affective commitment, as perceived by customers, on the emotional, social, relationship and epistemic benefits, as well as on the formative index of customer perceived value.”
Understanding Long-Term Costs and Risks
Offering a comprehensive benefits package that includes things like restorative dentistry and orthodontics and group savings may seem attainable this year. Still, it’s important to remember that you’ll have to keep paying that cost (or more) each year.
In spite of more coverage generally translating to your employees feeling more supported, as a business owner, it’s your responsibility to ensure that the plan you offer is feasible in the long run. If you find that your current benefits plan is no longer financially viable, you may find yourself needing to cut back on the coverage you offer. Whatever benefits you may have reaped from offering an impressive plan can be immediately erased by having unpredictable levels of coverage from year to year.
Employee Benefit Sustainability
Regardless of your business, every employer wants to support their employees in a cost-effective, sustainable way. Fully understanding the ramifications of your plan can eliminate the risk of having to slash benefits in the future.
Each company has unique needs, and working with a qualified expert group benefits provider can ensure that you find the perfect plan for you and avoid potentially costly issues down the road. This allows you to create a comprehensive, sustainable plan that promotes long-term employee satisfaction.
Craft the Perfect Benefits Plan with Zarmac
Zarmac Benefits has been providing benefit programs to both new and established businesses for over 20 years. We take the time to analyze what you need and customize a benefits package specifically for your business style, now and for the future.
Zarmac provides critical analysis specific to your business to deliver real choices, advise on trends, streamline renewals, and optimize your plan design. We make it easy for you and your team by supporting the management of your program. We also proactively educate and eliminate questions to ensure there are no surprises.
Ready to protect your business and your team? Find out more about the Zarmac difference!