Three Ways Benefits Improve Employee Performance

Employee well-being is no longer simply something for employees to worry about in their spare time. The hot topic of work-life balance is gaining greater attention post-COVID, and many organizations already realize the financial benefits of a healthier, engaged, happier workforce.

According to new research, employers are adjusting their employee benefits offerings to address the COVID-19 pandemic’s aftereffects and focus more on diverse workforce requirements.

According to a recent Gallup Poll, about 69 percent of all employees are disengaged, leaving one-third of the workforce actively functioning in their employment at full capacity. This amounts to hundreds of billions of dollars in lost production each year. It is a fact that engaged employees who are fulfilled with their work have a better job performance.

What Causes Employees to Stop Performing at High Levels?

A variety of factors can cause employee disengagement. However, the following are the most common:

• Poor working circumstances or employment that puts employees physical and mental well-being under too much stress.
• Low salary and restricted employee benefit plans which provide little in the way of incentive or compensation.
• Inability to do meaningful jobs, rewarding projects, or opportunities for professional advancement

We are always looking for innovative programs, methods, or ways to help our clients improve employee performance. It has been proven that employees who are satisfied with their job, culture, and benefits perform above average.

There are many best practices that have been proven to increase employee satisfaction and performance. We have researched these and found several ways that your business can improve employee performance and engagement through improved benefits.

Expand Your Benefits Offerings Post-COVID

Emotional and Mental Wellness Benefits

Businesses should increase their support for programs targeting stress management, sleep enhancement, resiliency, and mental health services for employees and dependent children. These can include:

• Mental health coverage
• Telehealth coverage
• Health club memberships
• Consider providing more childcare assistance or paid time off (PTO) available to care for a child or other family member.

Financial Benefits Can Provide Peace of Mind

Benefits programs should support emergency savings, debt management, budgeting, resources to support critical financial decisions such as mortgages, wills, and income protection. These can include:

• Tuition assistance
• Life insurance
• Financial planning services
• Retirement planning such as 401k plan
• Flexible spending accounts

Offer Supplemental Benefits

Companies may also offer a variety of optional or extra benefits. They may include the following:

• Long term care coverage
• Identity theft coverage
• Disability insurance
• Family life insurance
• Discounts of a variety of goods and services

Work-Life Balance

Work-life balance is essential to everyone, and employers should explore expanding existing leave benefits or adding new leave alternatives to improve work-life balance following the pandemic.

Compressed Workweeks/Flexible Schedules

Employees are sometimes stressed, not by the task itself, but by the hours they are required to work. 

Paid Time for Volunteering

Volunteering is an excellent method to make employees feel more connected to their communities.

You are not only helping your employees thrive, but you are also sending a positive message to your community that your business or organization is invested in everyone’s well-being by offering a few days or hours of paid time off to give back to the community.

Work From Home

Remote work can be a terrific method to assist employees in achieving a balance between their personal and professional lives if the nature of your organization enables it.

Telecommuting has been proved to improve employee well-being without sacrificing productivity, whether allowing your employees to work entirely from home or permitting remote work one day a week.

Parental Leave

This is a significant issue for both companies and employees. Although giving longer paid time off for new parents may appear to be a large financial expenditure, firms can gain in a variety of ways.

Paid parental leave can lower the number of women who leave a firm after starting a family, attract top talent, enhance the diversity of your workforce, have a significant impact on employee well-being, and be good for children and families.

In Conclusion

Employee performance has a crucial role in an organization’s capacity to achieve its objectives. Happy and productive employees can be valuable assets in guiding a company to success.

You can ensure that you do not fall behind by taking advantage of many of these benefits - creating a positive work environment in which your employees can thrive.

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Leap | Carpenter | Kemps Insurance Agency Can Help Meet Your Needs and Those of Your Employees

Leap | Carpenter | Kemps Insurance Agency can help your company provide a competitive, attractive benefits package without breaking the bank. We have the region’s largest and most experienced team of Employee Benefits professionals as well as access to plans from all the leading providers, including some that are exclusive to Leap | Carpenter | Kemps Insurance Agency.