We’ve seen the numbers. New Frontier Data, one of the leaders in providing data analytics for the cannabis industry, reported that they expect the Cannabis Industry to create almost 300,000 jobs by 2020. With so much opportunity for employment, what can you do to separate your company to attract the best employees and, once you have them, retain and prevent them from leaving you?
One of the best tools to utilize is implementing and offering your employees a benefit package through your company. When employees are comparing job offers and compensation, the scope and cost of the benefit package is a key factor in whether or not they will take the job. According to a study conducted by the Society for Human Resource Management (SHRM), here are some statistics showing the impact that offering a benefit package provide:
- 92% of employees indicated that benefits are important to their overall job satisfaction
- 29% of employees cited that their overall benefit package was the reason for them to look for a new job while 32% stated they were unlikely to look elsewhere strictly due to the benefit package that they receive
- 72% of organizations have increased their benefit offerings in the last 12 months to retain their employees while 58% did so to attract new talent
- 98% of organizations offered at least one type of health care plan in 2018 while over two-thirds (69%) offered their employees multiple plan options
As you can see, organizations who are offering benefit packages to their employees are attracting employees at a higher rate and are also more successful at retaining their employees.
Not only does the implementation of a benefit package help with attracting and retaining employees, but it also leads to healthier employees. According to a study done by the Health Enhancement Research Organization (HERO), 90% of business leaders cited that their employees’ health had a significant or very significant influence on the overall productivity of the organization. Besides for productivity, below is a table highlighting what other areas business leaders felt was directly affected by the health of their employees:
To further support this concept, here are 5 more reasons why having healthy employees translates into a positive impact on your business:
- Fewer Accidents – healthier employees are more focused and aware of their surroundings, which mean less accidents due to inattentiveness along with a lower chance of communicable illnesses being spread as healthy employees will benefit from a boosted immune system.
- Less Sick Pay – Tying into the lower chance of a communicable disease being spread, because you have a healthier workforce there will be less employees calling out sick which translates to more work being done.
- Fewer Workers Compensation Claims – According to a report conducted by Northeast Business Group’s “Weight Control and the Workplace”, overweight employees file twice the amount of claims than average and cost companies over $70,000,000,000 (Yes, that’s in BILLIONS) a year!
- Lower Turnover – When employees are happy and healthy, they are less likely to seek a new job. This will reduce the cost and frequency of recruiting and training a replacement.
- Higher Morale – a healthy workplace will translate into all employees having a higher morale, which will have a ripple effect and increase productivity, teamwork, and just the overall atmosphere of the organization.
Now I know what you’re thinking: “I’m just starting my business and can’t afford to pay for benefits for all of my employees!” and I completely understand. However, you don’t need to pay for the entire cost of the benefits! In the same study by SHRM, the table below shows the breakdown in how organizations share the costs of health care benefits with their employees:
The table above is specifically referencing health care but there are also benefits outside of just health care that you can provide to your employees. They include:
- Wellness Programs
- Paid Leave
- Retirement Savings and Planning
- Work-Life Balance
- Financial and Career
- Professional and Career Development
- Travel and Relocation
Now knowing that there are ways to make implementing a benefit package cost-effective for both you and your employees, you’re probably thinking: “how the hell am I supposed to figure out how to put something like this together?” and the answer is simple – reach out!
We have a team here at Brown & Brown that is dedicated to working with you and putting together a benefit package that aligns with your organization’s goals and budget along with crafting these packages to cater to the requests and needs of your employees. All that we need to do is set up a call, talk about your business and what benefits you and your employees are looking for, get a census of your employees, and then the next time we talk will be to discuss the different plan options that we put together for you and figure out which one makes the most sense to move forward with.
Reach out today and we’ll work to separate your business from the rest and make sure that you keep your employees while also continuing to attract the best of the best.
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