Employee benefits are fringe benefits that a company gives to its employees aside from the wages or salaries that the employees get.
Each company provides different fringe benefits for its employees. It can range from retirement benefits to vacation leaves and so much more. Another example of an employee benefit is life insurance.
Life insurance is an excellent employee benefit that companies can provide for many reasons. For employers, it makes the company a lot more desirable for job seekers, especially those who have their own families. For employees, there are several reasons why life insurance is excellent.
Below are six reasons why any company should thoughtfully consider offering life insurance to their employees:
It will boost their morale
Concerns of your employees outside of work are something that a company has no direct influence over. Thus, if an employee is struggling due to familial concerns or issues, there’s only so little that a company can help with.
Nonetheless, there is still something employers can do. One of the ways that companies can help is by providing life insurance.
Knowing that they won’t have to worry about paying for their life insurance when they work for you is going to give them a significant boost in their morale. Life insurance is especially morale-boosting for people who are starting their own families or those who already have kids.
It provides security
The reason why people are taking up careers is that they require a certain level of financial security. Everybody wants to have financial stability and security, which is why providing employee life insurance is all the more appealing.
Life insurance ensures that there’s an extra level of financial security that helps cover the family too.
When your employees are under a heavy load of financial stress, even if they’re doing fine on the job, eventually this can bleed through to their workplace performance.
If employees aren’t financially stable, they’re less committed to the workplace and they lose motivation to work. Plus, it hikes up absenteeism in employees.
With that said, life insurance is an added benefit that will help reduce the financial stress that your employees could be experiencing. With the reduction of financial stress comes better workplace productivity.
It will boost your recruitment
When recruiters are looking for the right job candidate, they should ensure that they provide the right benefits that can attract quality employees.
If companies are finding it hard to find job candidates that fit their job opening, perhaps it’s time to take a look within first. Review whether or not you are highlighting the benefits that your company provides.
Life insurance is one of the best employee benefits that a company can provide because it can attract both married and single job candidates.
Having certain employee benefits will help boost your recruitment efforts and reduce the time it takes for you to devote to looking for job candidates and going through the entire hiring process.
It provides peace of mind
There are a lot of distractions in the workplace that are both coming from internal and external factors. Some factors are ones out of your control.
For example, employees are concerned about the future of their families. When your employees are busy ruminating about personal concerns, it can reduce their overall productivity.
Helping them regain a bit of their peace of mind is by providing the right employee benefit. Doing so can help them become better workers.
Aside from being better employees, your employees will also feel more motivated and happier in their workplace if they have life insurance that they don’t have to muddle over and worry.
It shows that you care about them
The reason why most employees leave a workplace is hardly about whether or not they can accomplish the work assigned to them. Most of the time, it’s because there is poor company culture.
They might feel like the company doesn’t care about their well-being as long as they show up to do their job and get the company results.
If this is how your employees feel, then your company will have a high turnover rate. Therefore, companies should work on letting their employees know that they care about the employees who work for them.
Providing life insurance is a simple way of communicating that you are willing to invest in the wellness of your employees. It lets them know that their well-being is a concern for the company.
It reflects on your company culture
Poor company culture is what makes employees leave. What’s challenging is that it’s not easy to manufacture a healthy company culture because it is intangible.
However, the people at ServicePros Compare Life Insurance NZ point out that providing employee benefits ‒ such as life insurance ‒ is a step in the right direction.
Make sure that you compare life insurance quotes so that you get the most out of your money and that your employees get the most coverage. Life insurance will make your employees loyal to your company and make them more productive overall.
Offering employee life insurance isn’t something that will only benefit the employee but also the employer.
It gives security and peace of mind to employees while improving work productivity and recruitment opportunities for employers.
Given all of these benefits, companies should then include life insurance in the list of employee benefits that they provide. That way, their employees, as well as the company itself, can reap the benefits that life insurance offers.