Home » Why Is It Important to Build Employee Benefits Programs?
June 15, 2023
Lyceum Insurance Services

Why Is It Important to Build Employee Benefits Programs?

Employee benefits are essential to maintaining your organization and caring for your workforce. These programs and incentives come in many forms but are generally designed to provide employees with various perks in addition to their direct compensation. Many employees may even value ideal employee benefits over higher salaries or wages in today’s labor market. As an employer, your organization must prioritize establishing and maintaining optimal employee benefits programs.

What Are Employee Benefits?

Employee benefits programs come in many forms and may contribute to various aspects of your workers’ lives. Generally, these offerings are intended to improve an employee’s quality of life and provide additional rewards as part of their employment. Standard features of many employers’ benefits portfolios may include the following:

  • Health insurance
  • Life insurance
  • Disability insurance
  • Family and medical leave
  • Vision insurance
  • Dental Insurance
  • Employee assistance programs
  • Learning opportunities
  • Financial wellness programs
  • Student loan assistance
  • Retirement programs
  • Wellness incentives
  • Paid time off

Your organization’s employee benefits portfolio may comprise many different components. The ideal combination of offerings may vary significantly among employers, so your organization should consider surveying its workforce to determine needs and preferences.

Advantages of Building Employee Benefits Programs

Offering ideal employee benefits may have many positive effects on your organization’s workplace and culture, including the following:

  • Improved employee health—By providing your employees with opportunities to enroll in health, dental and vision insurance, or to be reimbursed for fitness-related costs, workers may become more productive and be absent less frequently.
  • Better attraction and retention—Many employees highly value their benefits. This may mean that attractive offerings could help your organization differentiate itself in the labor market. The best available talent may be more likely to work for you, and your current top performers may be less inclined to pursue other opportunities.
  • Higher morale—An optimal benefits portfolio can significantly impact your employees’ lives even outside of the workplace, such as by reducing nonwork-related stress. For example, making health insurance available to spouses and dependents or offering flexible work schedules could help workers care for their families and achieve a good work-life balance. Similarly, retirement plans and student loan assistance programs could help your employees feel more financially secure.

Build the Right Benefits Package

As an employer, the health and wellness of your employees should be a top priority. By assessing and addressing the subject of employee benefits, you can help your workforce maintain their quality of life while potentially aiding your bottom line.

For over 40 years, the agents at Lyceum Insurance Services have dedicated themselves to helping employers optimize their benefits portfolios. We will draw on this extensive experience to ensure you and your employees get the most out of their selections. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

Categories: Employee Benefits