Finding the right employee for your business is tough. Keeping the employees you’ve found can be even tougher.
Even though today’s job market is full of hopefuls seeking out employment, finding an experienced employee who is a value-add to your business is a challenge. You have to make sure that your offering is attractive and that it’ll keep them happy.
This is often where employee benefits come into play.
Many companies offer a Cost-To-Company or CTC package
This often means that the package is shared between a monthly salary and then any additional benefits the company offers its staff. Examples are retirement annuity funds, medical insurance, petrol or phone allowance and sometimes even gym benefits.
Companies who offer their employees these types of benefits are likely to find their employees remain loyal. What’s more, many employees are often exposed for the first time to financial planning, savings and the like, when they enter the workforce.
Companies who guide their staff on these matters are bound to gain loyalty as the employee is further integrated into the company’s systems through their financial and human resource consultants.
Money matters can be overwhelming to many so having a company’s assistance is ideal
When it comes to both medical cover and retirement annuity plans even the most financially-savvy individual can get lost in the jargon. Often times people only learn about how awful it can be to not have proper medical cover or insurance or savings, when it’s too late.
So, it’s truly a big deal to potential employees what type of benefits you’re able to offer your staff. By offering them benefits that improve their lives you’ll find yourself dealing with workers who feel more secure in their livelihoods.
The biggest benefit that most employees want is medical insurance
Medical aid and hospital plans are costly expenses but the public healthcare system is not up to standard so private healthcare is considered to be the only answer. Private healthcare is extremely expensive though and many people fall into enormous, crippling debt when faced with a medical emergency and they have no medical cover available.
Other benefits that employees deem important and necessary are retirement annuity plans, disability insurance and travel allowance if their private vehicle is used for work or they have to travel on public transport for work purposes.
By offering your staff and potential employees benefits such as these, you boost morale, engagement and truly assist them in their time of need; especially when they’re desperately ill or at retirement age.