{"id":6481,"date":"2020-06-23T15:50:25","date_gmt":"2020-06-23T07:50:25","guid":{"rendered":"https:\/\/www.pacificprime.com\/blog\/?p=6481"},"modified":"2024-11-08T11:01:03","modified_gmt":"2024-11-08T03:01:03","slug":"why-should-smes-care-about-employee-benefits","status":"publish","type":"post","link":"https:\/\/www.pacificprime.com\/blog\/why-should-smes-care-about-employee-benefits.html","title":{"rendered":"Why should SMEs care about employee benefits?"},"content":{"rendered":"<p>Silicon Valley technology companies are known for their <a href=\"https:\/\/www.businessinsider.com\/perks-that-silicon-valley-workers-can-take-advantage-of-2019-9#facebook-provides-4000-in-baby-cash-to-new-parents-plus-reimbursement-for-adoption-or-egg-freezing-4\" target=\"_blank\" rel=\"noopener noreferrer\">incredible employee benefits<\/a>. Whether it\u2019s Facebook\u2019s USD $4000 cash grant to new parents or Airbnb&#8217;s USD $2,000 annual stipend for stays in any of its listings, these companies seem to be in an \u201carms race of perks\u201d that cause most small and mid-sized enterprises (SMEs) to feel overwhelmed.<\/p>\n<p>However, there\u2019s something crucial that SMEs can learn from these companies: salary isn\u2019t always enough to keep employees happy. It\u2019s not necessary to go <em>overboard<\/em> with employee benefits. It\u2019s just important to be <em>onboard<\/em> with the idea of employee benefits. If you\u2019re not convinced as yet, this <a href=\"https:\/\/www.pacificprime.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Pacific Prime<\/a> article explains why.<\/p>\n<div class='code-block code-block-4' style='margin: 8px 0; clear: both;'>\n<p><button class=\"mo-modal-open\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-4629\" src=\"https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/SEO-Baner-Corporate.jpg\" alt=\"Corporate insurance banner\" width=\"1138\" height=\"493\" \/><\/button><\/p><\/div>\n\n<h2>1. It makes you stand out from the competition &#8211; something SMEs need more than anyone.<\/h2>\n<p>A <a href=\"https:\/\/www.glassdoor.com\/employers\/blog\/salary-benefits-survey\/?nabe=6392912005562368:0\" target=\"_blank\" rel=\"noopener noreferrer\">Glassdoor study<\/a> polled over 1,100 US adults and found that 63% look for employee benefits when looking at job ads. That means, out of 10 qualified candidates for a job, there\u2019s a high chance the firm may lose 6 candidates if they don\u2019t offer any benefits.<\/p>\n<p>Of course, these are US-centric results and may not exactly apply to your situation. Nevertheless, it does show the importance of employee benefits when it comes to attracting, hiring, and retaining talent.<\/p>\n<p>Just like when you shop around for the best candidates, job seekers are also comparing job offers for the best one. If two jobs are almost identical, except for one offering flexible working schedules, which one do you think a job seeker will choose?<\/p>\n<p>As an SME, you\u2019re competing for talent not just with other small firms but also larger ones. Providing employee benefits helps you stand out as an employer. What&#8217;s more, if you plan to grow quickly, you\u2019ll need the best candidates by your side.<\/p>\n<h2>2. Happy employees means higher productivity.<\/h2>\n<blockquote><p>Andrew Carnegie once said: \u201cThere is little success where there is little laughter\u201d.<\/p><\/blockquote>\n<p>It\u2019s an age-old saying that laughter is the best medicine. That\u2019s because when a person <a href=\"https:\/\/www.helpguide.org\/articles\/mental-health\/laughter-is-the-best-medicine.htm#:~:text=Laughter%20triggers%20the%20release%20of,can%20even%20temporarily%20relieve%20pain.\" target=\"_blank\" rel=\"noopener noreferrer\">laughs<\/a> they tend to trigger the release of endorphins, which are the body\u2019s feel-good chemicals.<\/p>\n<p>Laughing makes a person happier because it generates a sense of well-being and relieves pain temporarily. Therefore, at the workplace, it\u2019s no surprise that <a href=\"https:\/\/www.pacificprime.com\/blog\/how-laughter-can-boost-employee-productivity-in-the-workplace.html\" target=\"_blank\" rel=\"noopener noreferrer\">laughter<\/a> boosts productivity.<\/p>\n<p>How do you promote laughter? It\u2019s something that has to come naturally. You can hardly engineer a funny joke among coworkers. Yet providing employee benefits like mindfulness sessions may be able to increase the likelihood of laughter at work.<\/p>\n<p>Here are our top 3 non-monetary employee benefits to keep your staff happy.<\/p>\n<p><iframe loading=\"lazy\" title=\"Employee Benefits - Top 3 Non-Monetary Benefit Ideas For HR\" width=\"700\" height=\"394\" src=\"https:\/\/www.youtube.com\/embed\/cd5x98CjJpo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h2>3. Your staff will stay with you longer and this will lower turnover costs.<\/h2>\n<p>One of the biggest reasons why SMEs are deterred from providing employee benefits is because they fear it\u2019ll cost them a lot. Ultimately for employers, especially for smaller firms, the bottom line is of utmost importance.<\/p>\n<p>In reality though, having employee benefits can actually reduce costs in the long run. It\u2019s simple &#8211; providing long-term benefits like retirement plans or investment advice is a way to incentivize employees to stay with your firm, which reduces turnover costs.<\/p>\n<p>That\u2019s because the process of hiring employees is both time and resource consuming. Think about the job advertisements, the testing and interview phase, the training and induction process, among other costs.<\/p>\n<p>For companies based in the US, it is possible to use the <a href=\"https:\/\/www.payscale.com\/hr\/employee-turnover-calculator\" target=\"_blank\" rel=\"noopener noreferrer\">PayScale online tool<\/a> to calculate the true cost of employee turnover for your firm. Otherwise, <a href=\"https:\/\/www.predictiveindex.com\/blog\/how-to-calculate-employee-turnover-cost\/\" target=\"_blank\" rel=\"noopener noreferrer\">calculate it manually<\/a>.<\/p>\n<h2>4. Want a healthy and active team? Take matters into your own hand.<\/h2>\n<p>Sometimes employees just need a little push. For instance, if a firm is already providing a gym membership, then employees might be more inclined to use it. Exercising helps employees stay healthy and active &#8211; ensuring they\u2019ll not use up sick leaves.<\/p>\n<p>Don\u2019t forget mental health &#8211; it\u2019s particularly important during any pandemic as social distancing policies and the economic consequences are a breeding ground for stress and anxiety. See what your SME can do to <a href=\"https:\/\/www.pacificprime.com\/blog\/covid-19-what-can-employers-do-to-protect-their-employees-mental-health.html\" target=\"_blank\" rel=\"noopener noreferrer\">protect employees\u2019 mental health<\/a>.<\/p>\n<p>If they do happen to fall ill, that will impact them negatively. Not only is it dealing with being sick, but it may also be dealing with the financial repercussions. Providing employees with group health insurance can assure them that they\u2019re taken care of.<\/p>\n<p>Another reason to consider health insurance is that they\u2019re popular. <a href=\"https:\/\/hbr.org\/2017\/02\/the-most-desirable-employee-benefits#:~:text=Better%20health%2C%20dental%2C%20and%20vision,%25)%20when%20choosing%20a%20job.\" target=\"_blank\" rel=\"noopener noreferrer\">Harvard Business Review found<\/a> that health, dental, and vision insurance topped the list of desired benefits &#8211; 88% of respondents said they would consider it when choosing a job.<\/p>\n<h2>5. Using an employee benefits specialist takes away all the hassle.<\/h2>\n<p>Selecting and implementing an employee benefits plan does not have to be complicated. There are a wealth of resources on how to do so yourself on the <a href=\"https:\/\/www.pacificprime.com\/blog\/category\/employee-benefits\" target=\"_blank\" rel=\"noopener noreferrer\">Pacific Prime blog<\/a>.<\/p>\n<p>Of course, engaging an employee benefits specialist can make the process even easier. It\u2019s as simple as having your requirements, your budgets, and consulting an expert who will lay out all your options for you.<\/p>\n<p>If you\u2019re looking for an expert, <a href=\"https:\/\/www.pacificprime.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Pacific Prime<\/a> is a good bet. Whether it\u2019s a tailored <a href=\"https:\/\/www.pacificprime.com\/corporate\/company-insurance-solutions\/?id=emp_benefit\" target=\"_blank\" rel=\"noopener noreferrer\">employee benefits plan<\/a> or <a href=\"https:\/\/www.pacificprime.com\/corporate\/company-insurance-solutions\/\" target=\"_blank\" rel=\"noopener noreferrer\">company insurance solution<\/a>, we\u2019ve got over two decades of experience helping firms all over the world.<\/p>\n<p>To find out more about the service we provide or for personalized advice, feel free to <a href=\"https:\/\/www.pacificprime.com\/corporate\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact us<\/a> to speak to one of our knowledgeable team members today. It\u2019s a no-obligation advice, so there\u2019s really no harm in doing so.<\/p>\n<div class='code-block code-block-8' style='margin: 8px 0; clear: both;'>\n<p><button class=\"mo-modal-open\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-4627\" src=\"https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/PPCOM-B_Bus_01.jpg\" alt=\"Business insurance banner\" width=\"1138\" height=\"493\" \/><\/button><\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Silicon Valley technology companies are known for their incredible employee benefits. Whether it\u2019s Facebook\u2019s USD $4000 cash grant to new parents or Airbnb&#8217;s USD $2,000 annual stipend for stays in any of its listings, these companies seem to be in an \u201carms race of perks\u201d that cause most small and mid-sized enterprises (SMEs) to feel &#8230;<\/p>\n","protected":false},"author":52,"featured_media":6482,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1711],"tags":[1735,3291,1736,3288,3292,3293,3289,3290],"class_list":["post-6481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employee-benefits","tag-ban_cor","tag-companyinsurancesolution","tag-cta_cor","tag-employeebenefits","tag-employeebenefitsplan","tag-employeeperks","tag-grouphealthinsurance","tag-healthinsurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why Should SMEs Care About Employee Benefits?<\/title>\n<meta name=\"description\" content=\"Although SMEs are usually concerned about the bottom line, spending on employee benefits can be helpful in the long run. 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