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Why Are Employee Benefits Important?

October 5, 2020 by New City Insurance

Two coworkers greeting each otherIf you are an employer or a human resources executive, you know that certain employee benefits are mandatory under federal or state laws. These benefits include unemployment insurance, workers’ compensation insurance, and unpaid family and medical leave. Aside from a salary, work schedule and hours, and the responsibilities that come with a job, benefits represent one of the most appealing aspects of a career opportunity.

Top Reasons To Offer Employee Benefits

According to a 2018 survey conducted by the American Institute of CPAs (accountants), 80% of employees said they would choose a position with benefits over an identical job that offered a 30% higher salary but no benefits. There are several reasons why benefits are important to both employees and employers. Here are five top ways you and your employees can gain from offering benefits.

Acquisition Of Top Talent

As an employer or HR leader, you always strive to ensure that you are hiring the most qualified and talented workers for each open position. One of the most effective ways to reward such top talent is by offering your employees benefits.

Benefits serve as a way to show employees how valuable they are and serve as a form of protection when certain events (illness, injury, pregnancy, etc.) alter their life in any way.

Improving Employee Retention

If you continue to provide basic benefits year after year, your employees will likely be motivated to stay with your company for a long time. This is especially true if your organization is prepared to offer benefits even during times when it is experiencing financial hardship. Failure to provide such benefits can contribute to attrition, which occurs when an organization loses workers (who are not immediately replaced) via a natural process such as resignation or retirement.

Reducing The Employee Turnover Rate

employees satisfied with their benefitsMany studies reveal a strong link between benefits and employee turnover rates. According to Work Institute’s 2017 Retention Report, 9% of employees surveyed named “compensation and benefits” as a reason for leaving their company. This report also estimated that it can cost as much as 33% of an employee’s yearly salary to replace this worker. Therefore, never underestimate the impact that benefits can have on employee turnover.

Retaining High Employee Morale

Research also demonstrates that employees’ morale and overall satisfaction improves when they receive benefits. According to smallbizgenius, a resource for small businesses, 72% of surveyed workers stated that “having more work benefits would increase their job satisfaction.” Many employees also say that having superiors who show appreciation for their workers also leads to higher satisfaction, and providing benefits is one way to do this.

Enhancing Employee Loyalty To The Company

A satisfied employee is generally more likely to be more loyal to your organization than a disgruntled worker. If an employee becomes frustrated with a company because of its failure to provide high-quality (or any) benefits, he/she may abruptly resign and criticize the business and consequently contribute to fewer people applying for open positions at the organization.

How Do I Acquire Employee Benefits?

Before you acquire employee benefits, you should review your company’s objectives and budget to determine how much you can afford to offer. This process is called performing a cost-benefit analysis. You should also inform yourself on which benefits are mandatory under federal and your state’s laws. If necessary, compile a report that outlines all of this information. After you have done this, contact a reputable insurance agency that provides these employee benefits.

Speak To An Experienced Employee Benefits Firm

Employer researching employee benefitsReach out to the experienced professionals at New City Insurance in San Diego, California for more information on the importance of employee benefits. Since our founding in 2008, we have strived to reshape the insurance industry and provide our clients with personalized, high-value solutions that addess their unique needs and concerns.

Regarding employee benefits, New City Insurance offers benefits such as 401k and retirement plans, executive benefits (asset allocation, wealth planning, etc.), group health insurance, benefits for PEOs (professional employer organizations), and wellness plans. All of these options are designed to help your business’s employees achieve their financial goals in life and consequently maintain a strong relationship with you. We have experience working with many different types of industries, including the aerospace, biotech, engineering, cannabis, IT, manufacturing, and oil and gas sectors.

No matter what your organization’s goals and budget are, New City is prepared to do everything possible to ensure that your business can offer your employees benefits that will give them a reason to stay with you for as long as possible. Call New City Insurance today at 888.210.2759 or contact us online to schedule a consultation with one of our qualified agents.

Filed Under: Benefits

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Google Rating
4.9
New City Insurance
New City Insurance
4.9
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
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