Many surveys have concluded that employee benefits form a great part of overall employee satisfaction. Even though one may argue that there is a global recession and employees should be more concerned about holding on to their jobs, it is still important to consider your level of productivity.
When you boost your company’s morale by providing employee benefits, you let your employees know that you care about them and want to help them invest in their future. In return, this will boost your worker’s productivity, turnover, and loyalty and generally have a better outcome for your bottom line.
Another benefit of providing employee benefits in a company is that you are helping your employees safeguard themselves against potential risks. When they have less financial worries about pension provision and asset protection, they can devote more time to working efficiently and concentrating on their career.
Although many talk about “basic employee benefits” as if these are the simplest things for a firm to provide, the truth is that the majority of companies in South Africa do not provide employee benefits.
The term “cost to company package” is known to be more alluring to new recruits than the term “basic employee benefits” and many job hunters look for the net annual salary (instead of focusing on their pension needs for the future).
The good news is that many companies are concerned about providing their employees with benefits. The advantages are numerous:
Allow your employees to focus on their jobs and work environment by removing unnecessary stress! Provide basic employee benefits and reap the rewards of a positive environment at the work place.
It is wise to let new employees work a probation period (usually three months) before you allow them to start receiving employee benefits. This way, you can be sure that the person has longer-term goals with the company (and you won’t be wasting employee benefit packages on somebody who is going to be resigning soon).
Twenty 2 Twenty Consulting is an independent Employee Benefit specialist and we can advise you on different employee benefit packages that suit your company. Contact us for more information now!
Employee benefit consultants identify a company’s pension and other benefit needs and looks around for the best plan to suit your company. An employee benefit consultant isn’t affiliated to any specific company benefit program which means that you aren’t sold a one-size-fits-all package.
Each company is unique and a Company Benefit Consultant needs to ensure that your employees are getting the best benefits (while ensuring the stability and growth of your company’s future).
Build a relationship. Your employee benefits probably won’t be a once-off deal (it will need revision and adjustments over time) so make sure that you like the person, trust the person and develop a relationship… so make sure you can trust your consultant completely and develop a working relationship.
Find out about their experience. Are they experts in employee benefit planning? Get information about other companies that they have assisted and how they work with clients.
After service plan. Find out how they will continue to help your company. How often will you meet with them? What aspects of your employee benefit plan will be reviewed?