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Recruit, retain, retirement ... three things that companies want to improve within their business. The three R's help individuals better understand the real purpose of benefits.
Offering a great benefits package helps recruit the best people for the job. Compensation is alluring, but benefits can be just as important when it comes to making a decision about a job. When trying to recruit people for a position, remember to highlight your benefits options. When it comes down to deciding between two similar jobs that pay the same, the benefits package could make or break the deal. It is helpful to know what your team wants as benefits. Although healthcare is an important factor to include in your benefits package, so are other wellness options, including education on how to be financially healthy. Companies that offer educational options to their workers will, in turn, obtain more productive, loyal team members. Keep in mind that various benefits can be used to recruit new workers for your company.
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In order to retain your team members, you need to constantly assess your benefits package so it keeps workers invested in your company. Plus, offering various educational and wellness programs will help your workers focus on their job instead of just their paycheck. When team members feel financially equipped, they are able to think about their productivity at work instead of wondering how they will pay the bills at home. If your company offers the appropriate benefits, team members won't be searching for a new job to meet their needs.
Many people don't realize how financial stress affects workplace productivity. Money problems can show up in marriages and other issues at home. Those factors always follow team members to the office. All too often, workers are stressed out about personal issues, which results in distraction and wasted time. Offering financial education to your team allows them to be better equipped at home so they are able to be better workers at work.
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The third and final thing to remember about offering a benefits package is retirement. Offering retirement options helps your team prepare for the future. When they are taught about retirement now, they won't have to worry about it later. Offering matching contributions is an excellent benefit you can provide. If you care about your team, you will want to see them retire on time because they planned for their future. Properly timed and planned turnover via retirement is just as good for your company as unplanned turnover is bad and costly for your company. Every company needs a well-balanced mix of new and seasoned team members for the sake of knowledge transfer and for maximizing the investment of the compensation and benefits expenses.
When you're mapping out your company's benefits package, keep the three R's in mind and you'll have a team of happy, loyal and productive workers. Financial Wellness can help you do this effectively.