"A diverse and inclusive environment builds a sense of belonging among workers. When your team feels connected to work, they tend to work smart and harder, producing quality work."
The Importance of Providing Inclusive Employee Benefits
Inclusive benefits are typically designed to help promote employee wellbeing and satisfaction. This is done through benefits ranging from paid caregiver leave and equality of opportunity right through to mental health benefits and remote working provisions.
With this in mind, Let’s take a look at the importance of providing employee wellbeing and benefits that include all staff.
#1 – Attracts high-quality staff
An organisation that wants to be competitive must build a team of skilled and talented staff. But such people are rare, meaning they have options when it comes to determining who they work for.
It is tough out there, and great pay may not be enough for your staff. Talented job seekers from different backgrounds are more attracted to businesses that promote and follow through on inclusion and diversity and want to be rewarded with things that boost their lifestyle and comfort. So, providing benefits that include all staff might land you dedicated and talented people you’ve been waiting for.
#2 – Minimise turnover rate
Once you have spent money and time to employ and onboard quality talent, all you want is to keep them from jumping ship. Without a doubt, a business’ lack of inclusion and diversity can drive higher turnover rates.
And when your skilled professionals are constantly coming and going, it is hard for a business to progress. It is also difficult to establish a tight-knit team of professionals, and the overall star level will lack.
Luckily, providing flexible benefits is often enough to make staff stick around for as long as possible. Investing in your team shows that you value their job performance and have their best interests in mind.
#3 – Healthier workforce
By providing your employees with flexible health benefits, you'll inevitably reduce sickness absence through burnout and stress.
Similarly, if you offer regular check-ups and a comprehensive health plan, you should definitely see a huge reduction in sickness absenteeism taken, and you will probably be rewarded with employee productivity and loyalty.
#4 – Motivation
Another importance of providing flexible benefits and work wellbeing is the boosting of workforce morale. By addressing and understanding your team's needs, they will most probably take their jobs seriously and be dedicated.
Showing that you really care about your workforce is a way to enhance their loyalty and also get their best in return. There is nothing that can put a damper on creativity and productivity quicker than an extremely bad attitude. By offering employee wellbeing and benefits, you can greatly help keep your team happy.
#5– Savings for employees and employers
Employee benefits that normally operate through net pay deduction or salary sacrifice, where workers give up part of their pay in return for a non-cash like annual leave purchase schemes or childcare vouchers, can financially benefit the employee and employer.
Not only do the benefits help workers spread the cost of huge purchases, but they also benefit from decreased NI contributions and tax – as may their managers.
#6 – Stand out from competitors
The pros of having inclusive benefits to support staff wellbeing can offer a business a competitive edge compared to other businesses that don’t offer benefits.
Offering inclusive benefits within an organisation is also essential since it shows staff that employers are truly invested in their future wellbeing and overall health.
#7 – Better job performance
By providing inclusive and flexible benefits, you can give your team more reason to remain loyal and care about your business. Because of this, they should be willing to put in the time and effort, which can result in high quality and greater productivity.
This strong diversity and inclusion strategy can also help your company drive innovative results.
#8 – Tax advantage
Most employee benefits are usually tax-advantaged for businesses and employees. It isn’t only contributions to retirement plans and healthcare that are tax-free. Many other types of benefits are tax-free, including meals offered at the workplace, mobile phones, personal use of an organisation owned vehicle, employee discounts, cafeteria plans, childcare reimbursement, tuition reimbursement, and life insurance.
#9 - Promotes a positive workplace culture
Your business culture is like the lifeblood of your company. You can keep it healthy and strong by listening to your workforce’s needs and making sure that they are met since it will help them feel more optimistic about your company.
When clients or applicants come to you, they’ll experience a positive, happy environment that they are delighted to be part of. The workers are also likely to share their positive perception of your business outside work, leading to an excellent public image that will help you entice top clients and talent.
Inclusive employee benefits can help you meet the workers’ needs both outside and inside the office. This is a great investment you can make towards keeping your business culture strong.
Aren’t the employee benefits expensive?
As a small-business owner, you’ve got to make a wealth of decisions associated with your company, manage your team of professionals, and market your service or product. One staff-related decision is what low-cost benefits you’ll offer that considers all employees. Some low-cost benefits include:
• Wellness benefits
• Paid time off
• Company-sponsored events
• Educational assistant programs
• Staff referral programs
• Mental health awareness programs
• Stress awareness programs
• Workplace mental health policies. Workplace mental health policies will help reduce suicide risk, mental breakdown and avoid burnout.
There are some cost-free options you can provide employees like flextime, telecommuting, casual dress code, company socials, pet therapy.
If you want to bring in top talent without breaking the bank or offer a salary that is out of range for your budget, consider contacting us over at Juno. Juno will connect your workers to thousands of available services, experiences, and services all aimed at boosting their lifestyle and health.
The bottom line
A diverse and inclusive environment builds a sense of belonging among workers. When your team feels connected to work, they tend to work smart and harder, producing quality work. Due to this, businesses that adopt diversity and inclusion practices see big gains in business results, decision making, and innovation.
This is the reason why rewarding your employees is more than boosting their financial gain. It keeps them productive, loyal, and motivated. Also, remember that employee’s happiness outside work directly relates to their performance at the office.
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