More and more, it is becoming accepted that there many benefits for employers that come with providing health and other work-place benefits to their employees. For professional insights on the related accounting issues, it is important to speak to a certified public accountant like Heather Weber. In the meantime, here are some of the most important advantages that come with providing benefits to employees.
Healthy Employees Miss Fewer Days
This is an obvious point, but a very important one. Healthy employees are less likely to miss a day at work and employees are more likely to stay healthy when they have regular access to medical services. This applies not only to seasonable cases of the flu – regular medical checkups also make it more likely that debilitating or long-term illnesses will be caught when they are treatable, thus reducing the likelihood that employees will need to take extended medical or disabilities leave. Moreover, even healthy employees may need to miss work in order to care for sick children or spouses. The advantages of providing extended family benefits are clear in this case.
Healthy Employees are More Productive
If employees feel well both mentally and physically, they will be able to dedicate their complete attention to their tasks. This applies to physical as well as mental health – in fact, mental health issues are one of the greatest causes of workplace underperformance.
When employees know that they are working in a culture that supports them in their healthcare needs, they are more likely to demonstrate high levels of morale and loyalty. Team-work and mutual respect between employers and employees increases as well; employees are not forced into over-work situations to cover absence colleagues, which reduces workplace stress. The provision of extended benefits for families is another key to improving moral.
There is no shortage of good press that comes from being seen as a good corporate citizen. Moreover, as you develop a positive image as a good employer, the best and brightest young people will want to join your company – and those who are already there will want to stay.
There are many schemes and options available to businesses to help them balance these benefits (and others) against the costs. Employers will need to consider whether they provide medical only or whether they will also provide dental and vision benefits. Various ancillary benefits, including life insurance and employee-assistance programs to support mental health or substance abuse counseling can also be considered. Employers will also need to consider their options with respect to cost-sharing. All of these decisions should be explored with a professional accountant with expertise in this area to make sure that you are reaping the best benefits for your company while providing the best benefits to your employees.