Navigating Economic Uncertainty: Investing in your employees is an investment in your success.
If you’re anything like us, you probably spent your summer sipping drinks on patios, hitting the links, enjoying family camping trips, and indulging in more ice cream cones than you’d care to admit.
Summer’s that time of year when you loosen the purse strings and take a break from monitoring your money. But now that September’s here, you might be thinking, “Oops, I spent more than I realized.”
As autumn unfolds, we’re facing the added challenge of soaring inflation and record-high housing and food costs, which can pinch our wallets even harder than usual. In times like these, everyone is on the hunt for ways to trim their expenses, including business owners.
It’s tempting for employers to think about cutting employee benefits as a quick fix for short-term financial relief, but it’s worth taking a moment to consider the long-term impact.
Group benefits are a safety net for employees. When economic uncertainty is in the air, they are more essential than ever and can be the key to retaining a happy, healthy and productive staff, even in the toughest times.
Here’s why:
Employee perks do wonders for morale and productivity. When employees get those benefits, it makes them feel valued and appreciated. Recently, the importance employees place on their benefit plans has skyrocketed to levels we haven’t seen in ages. These benefits aren’t just about motivating employees; they also help keep them healthy, which means fewer sick days and less turnover.
Offering comprehensive employee benefits can also give employers an edge in the job market, making it easier to keep and attract the best talent. A report from LifeWorks says a whopping 34% of Canadian employees stick with their current employers mainly because of the awesome benefits.
Sure, as Dental and Healthcare plan prices rise with other expenses, it might seem like axing those employee perks will provide quick financial relief. But the truth is, it could lead to significant and lasting losses down the road. Instead of taking away your employees’ safety net, consider these friendly suggestions to help your employees out:
In addition to those, here’s how you can be a superhero to your employees through benefits:
In short, as we transition from the carefree days of summer to a season of economic uncertainty, it’s important to resist the temptation to cut employee benefits and instead explore other ways you can help your employees. After all, prioritizing your employees’ well-being ensures a prosperous future for both your team and your business.