If you’re a business owner, you know that in order for your business to thrive, you need to keep your employees happy. Not only can happy employees be more productive, they’re probably more likely to stay loyal to your company and be committed to a shared goal – helping your business succeed.

You can boost overall job satisfaction and create a positive work environment by showing employees that they’re valuable to you. One of the most effective ways to demonstrate your appreciation is through the benefits you offer.

Workplace benefits have become more important than ever to the physical and financial well-being of employees.

• Eight out of 10 employees say that benefits are the deciding factor in taking a new job or staying with their current company.¹ 
• Employee benefits are among the top two contributors to employee job satisfaction.²

As a business owner, you can attract new employees and enhance the morale of existing employees by offering a variety of benefits that promote their health and financial security:

1. Protect Your Employees’ Health

Seventy-eight percent of employees in excellent health report being happy with their current job, versus only 51% of employees in poor health³. As part of an overall focus on wellness, there are three basic types of insurance that employers can provide to help employees stay healthy: medical, dental, and vision insurance.

– Medical insurance is one of the most sought-after benefits. Typically, employers offer more than one option. With some plans, employees have to pay higher deductibles, but will have less expensive monthly payments.

– Dental insurance gives employees access to a network of dentists who have agreed to provide discounted rates on services, including x-rays, cleanings, and fillings.

– Vision plans can save employees money on eye exams, glasses, and contacts.

2. Protect Your Employees’ Income

Your employees, and perhaps their families, depend on the salary you pay them. In fact, it’s likely their most important asset. But many people are of the mindset that nothing will happen to them that would prohibit them from being paid, so they don’t protect their income. Providing an easy way for your employees to cover themselves in case they get too sick or injured to work is a benefit they’ll appreciate. And making sure you give them the ability to protect their loved ones if they pass away can help make your employees feel secure. Disability income insurance and life insurance are two major ways to help employees protect their income in the face of illness, accidents, or worse.

– Short- and long-term disability income insurance will provide a good foundation to safeguard about 40-60% of your employees’ income if they’re unable to work due to an accident or illness. You may also consider offering them supplemental individual disability income insurance to protect even more of their salary.

– Term life insurance protects your employees and their loved ones for a limited time period – usually the period of time they are employed at that job. If they pass away during this time, their beneficiaries whom they designate will receive a sum of money.

3. Prepare Your Employees For Retirement

Retirement savings plans can help your staff save for the future. Offering a 401(k) plan is one of the best ways to make sure your employees build savings, and the contributions employees put in will reduce their taxable income. You can match a certain percentage of your employees’ contributions and help their savings accumulate faster.

4. Protect Your Employees’ Savings

Even if you offer medical and disability income insurance, not all costs associated with illnesses and injury will be covered. The average out-of-pocket medical cost for a serious illness or accident is $18,000, and the average American only has about $5,900 in savings⁴. At no cost to you, you can offer employees the choice to opt in to other benefits to help protect their savings in the event of serious medical problems.

– Accident insurance provides direct payments to employees, based on a wide variety of circumstances related to an accident.

– Cancer insurance provides direct payments to help manage the financial burden of recovering from cancer. This coverage can help ease the financial strain of treatment and out-of-pocket expenses – such as transportation and child care.

– Critical illness insurance offers protection in the event of critical illnesses, such as stroke or heart attack. This insurance is generally received in a lump sum payment directly to your employee, and can be used for any purpose.

5. Educate Your Workforce So They Can Benefit

Once you have a benefits package in place, don’t forget to educate your employees about their options. You can make the enrollment process easy and convenient by choosing a provider that offers educational materials, personal service, and ongoing support. That way, your employees will have everything they need to select the benefits that best meet their needs.

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