To win new customers, you must first capture the hearts of your employees.
Most groups are concerned with these benefits objectives:
Retaining Employees
Surveys show 70% of employees are either not engaged at all or actively disengaged at work. This is an expensive problem, especially when you consider the costs to replace an employee can exceed 20% of their salary.
40%of employees say a wide selection of benefits make them feel more loyal to their employer. (Metlife)
26%of workers say that corporate perks are an effective way to improve employee retention. (CareerBuilder)
Engagement Levels by Generation & Gender (Gallup)
⅕of employees say a wide selection of benefits make them feel more loyal to their employer. (Center for American Progress)
48%of U.S. employees are prepared to leave their employer for a company who will more clearly recognize their contributions.
Controlling Healthcare Costs
Maintaining a healthier workforce can lower direct costs such as insurance premiums and worker’s compensation claims, positively impacting many indirect costs such as absenteeism and worker productivity.
2018is the year that nearly 24% of the total U.S. workforce will be age 55 or older compared to 18% in 2008. (CDC 6)
-$1,685is the average productivity loss per employee due to personal and family health problems. (CDC 5)
Up 114%Since 2000, health insurance premiums for a typical family of four have increased by 114%. (CDC 4)
200%reduction in healthcare costs is achievable, according to the Wellness Council of America, with every $1 invested in wellness saving $3 in future healthcare expenses.
The Potential Benefits of Workplace Health Programs Include
For Employers
- Lower health care and disability costs
- Enhanced employee productivity
- Reduced employee absenteeism
- Decreased rates of illness and injuries
- Enhanced corporate image
- Improved employee morale
- Improved employee recruitment and retention
- Increased organizational commitment and creation of a culture of health
For Employees
- Increased well-being, self-image, and self-esteem
- Improved coping skills with stress or other factors affecting health
- Improved health status
- Lower costs for acute health issues
- Lower out of pocket costs for health care services (e.g., reduced premiums; deductibles; co-payments)
- Increased access to health promotion resources and social support
- Improved job satisfaction
- Safer and more supportive work environment
(CDC)
Increasing Employee Productivity
When employee satisfaction is high, companies see up to 27% higher profits, 50% more sales, 50% more customer loyalty, & 38% above-average productivity.
Engagement's Effect on Key Performance Indicators
Median outcomes between top and bottom quartile teams
60%of engaged employees say their job sparks creative ideas compared to just 3% of those who are disengaged. (Gallup Poll)
4 ×Employees who are very satisfied with their benefits are four times more likely to be satisfied with their job. (Metlife)
70%of American workers are "not engaged" or "actively disengaged."
240%When organizations successfully engage their customers and their employees, they experience a 240% boost in performance-related business outcomes compared with an organization with neither engaged employees nor engaged customers.
Attracting Employees
Studies show that the more benefits you offer, the more likely your employees are to recommend your company as a great place to work.
Here’s what employees say matter most.
78%of employees say the provisions of an employee benefits package is very important in their decision to accept or reject a job. (Employee Benefit Research Institute)
Reducing Administration Costs
HR outsourcing helps companies convert rising internal expenses into fixed costs from a trusted supplier, freeing up capital for revenue generating and growth-promoting activities, like talent development.
10 Reasons to Outsource Perks
- Reduce Operating Costs
- Minimize Legal Risk
- Access Merchant Talent / Expertise
- Improve HR Staff Productivity
- Provide Previously Unavailable Benefits
- Avoid Internal Technology Investments
- Increase Support & Responsiveness
- Leverage Specialized Merchant Technology
- Keep HR Focused on Executing Strategy
- Measure Key Performance Metrics
60%of companies outsource to save money. (SHRM)
Compared with other benefits, Employee Discounts are easy to understand, accessible daily,
and deliver immediate financial value.
Making Better Financial Decisions
85% of employees report some level of financial stress, which is why smart companies are always on the lookout for benefits that will promote financial stewardship within their organization.
49%of employees worry less about unexpected health and financial issues because of the benefits they receive. (Metlife)
85%of employees report some level of financial stress. (Financial Finesse)
62%of employees take their own action to save on household expenses. (Nielsen)
$100k+income households are twice as likely to use coupons as those earning <$35,000. College degree holders are also twice as likely to use coupons as those who did not graduate from high school. (CNBC)
