Once you have quality employees on board, how do you keep them from jumping ship? One way is by offering a good
Many small-business owners mistakenly believe they cannot afford to offer benefits. But while going without benefits may boost your bottom line in the short run, this pennywise philosophy could strangle your businesses chances for long-term prosperity. There are certain benefits good employees feel they would like to have.
Heading the list of liketo-have benefits is life and medical cover. If you tell these applicants no benefits are offered, often top-flight candidates will head for the door.
The positive side to this coin is if you offer the right benefit, then your business may just jump-start its growth. Give employees the benefits they value, they’ll be more satisfied, miss fewer workdays, be less likely to quit, and have higher commitment to meeting the company’s goals. If employees feel their benefits needs are satisfied, they’ll be more productive.
A recent survey reveals workers are now after higher salaries and better benefits from employers rather than the need to feel secure. Job security was workers’ number one priority in previous years. Now Kiwi employees are seeking better pay and improved workplace perks. More than 20% of New Zealanders now view a competitive salary and employee benefits as the most important factor in choosing an employer.
This is well up from previous years, with the number of Kiwis valuing long-term job security becoming less and less. A pleasant working atmosphere is now the third most important employment factor, with interesting job content coming fourth, followed by a good work/life balance. This level of flexibility, being a non-monetary benefit, is an easy way to increase levels of engagement and productivity in staff.
Latest Statistics NZ figures show that there are over 35,000 businesses in New Zealand that employ more than 10 people – but only 2000 of them have group insurance for their people at the workplace.
The main benefits of employee insurance at the workplace are:
- There is usually no need for medical underwriting to get cover
- Employees often don’t need to complete any paperwork at all – they are covered automatically
- The premiums are extremely low through the bulk buying concept of a group programme
- Getting a quote is easy. No names are needed – just dates of birth, occupation, salary, gender
Having a benefit like a life or medical programme in place can also help an employer attract and retain key people – particularly in a competitive labour market.
O’Connor Warren Transport has announced the launch of its new specialist life and health division. The development of what will be a key segment to our overall offering reflects demand for increased services from our growing client base. Do not hesitate to contact the O’Connor Warren Transport team to discuss all your business – and now life, health and employee benefits requirements.
Eamon O’Connor is a director of O’Connor Warren Insurance Brokers, which specialises in transport and logistics insurance. He will be sharing his expertise on risk management and insurance matters in DIESELtalk. He can be contacted at: [email protected]