Improving Employee Benefits
City of Burlington
Economic Development Department
March 24, 2022
Improving Employee Benefits
Amid the Great Resignation, it is critical for companies to consider the best strategies to strengthen employee retention. Employee benefits can help to attract talent and minimize employee offboarding, while boosting employee health. Health benefits are, arguably, the last place you want to cut costs.
If the pandemic has taught us anything, we should know that healthcare benefits are an indispensable need among workforce participants. Companies that offer a comprehensive healthcare package will inevitably position themselves with a competitive edge over their opponents. Studies show healthcare expenditure is tied to positive economic advancement, as a healthy workforce leads to an increase in human productivity; thus, accelerating economic growth. When eligible workforce residents are healthy― they are more likely to participant in the job market.
Research suggests that healthier workers are physically and mentally more energetic and robust, which adds to their productivity and ability to earn higher wages. Sickness absenteeism― a major occupational health problem― is less likely when workers have access to health services, reliable transportation, and affordable health care insurance. When people don’t need to take sick days, they retain greater income that can be cycled back into the local economy through consumer spending.
Ideally, an economy thrives when many workers in a community can contribute to the functioning of local businesses. Filling and creating more job opportunities helps the economy by increasing overall gross domestic product (GDP). A. Garret, from Smart Capital Mind, defines GDP as the “value of all products or services generated by the region or country where the socioeconomic group resides.” A High GDP reflects higher economic growth.
Higher economic growth leads to elevated tax revenues, which enables governments to allocate greater funding towards public services; like, health care and education. This can stimulate higher living standards across demographics, which includes greater life expectancy, higher rates of literacy and a stronger understanding of civic and political issues. All in all, improving healthcare package offerings for employees creates a ripple effect of economic growth in our community!
Furthermore, by investing in the health of your team― you signal that you care for your employees beyond fiscal returns. Which in turn, creates an atmosphere of unity through trust which builds internal loyalty and greater employee satisfaction. Some benefits of employee benefits are listed below:
- Medical Insurance
- Life Insurance
- Disability Insurance
- Retirement Insurance
- Lifestyle Benefits
- Parental leave, sick leave
Read more here to learn how to develop an attractive employee benefit package.
Chandler Vaughan, Project Manager, EYOS Fellow
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