Business owners often have to review their cost of doing business. The number one cost for most businesses is their labor burden, the cost of having employees. But most know, it is a necessary cost. Wages, taxes, and insurance are also a cost of doing business.
Most Business owners will agree that the most important resource they have in operating their business successfully is their workforce. However, this important resource comes with a price and certain expectations. Employee wages, employment taxes, and workers’ compensation coverage are only the beginning. For many potential or long term employees, benefits are a crucial factor in whether they accept a position or stay with an employer.
If your clients don’t offer employee benefits to their workforces, they may want to ask themselves an important question: “Am I the local training center for my competitors?” The hardest thing to find and keep is a “quality” employee. As a company, your clients regularly recruit, hire and train new employees. Finally, after many hires and fires, they find a few good employees only to lose them to their competitors. They need to ask themselves, “Why”? Is it because their competitors offer more money or did their competitors simply offer them benefits that would protect them against the high cost of medical bills, life insurance, a retirement plan, or other desirable or needed benefits?
Benefits are becoming increasingly important to employees, according to the annual MetLife “Employee Benefits Trends Study”. This study shows workers are relying more than ever on workplace benefits to be their financial safety net. In fact, 46 percent of workers surveyed say they are taking a greater interest in understanding the benefits they get through their employer. More than half say they appreciate the benefits more than ever before, and 41 percent said their workplace benefits are the foundation of their financial security. Quite simply, employees are looking more and more to the workplace for advice about their benefit programs.
One of the significant results of the study is that it shows company owners and executives realize the importance of benefits to their workers. For the second year in a row, the number one objective employers have with benefit programs is to attract and retain top talent.
It’s important that employers understand the role that benefits play in attracting talent. They’re thinking beyond the current economic situation to making their business successful in the future.
Business owners also recognize the importance of benefits to morale : 39 percent of employers believe that workplace morale is strongly linked to the quality of employee benefits. The results reveal that worries about the economy have prompted employees to be even more concerned about the benefit programs provided or made available to them by their employers.
It’s a fact: Quality benefits attract a higher quality employee. With employee benefit programs in place, your clients have a greater chance of attracting and keeping the best employees. Without benefits, your clients’ competitors, for just a few dollars more, can and will steal the best employees right out from under your clients. PEOs offer and administer numerous benefit programs that will enable your clients to survive and thrive when competing for the best available employees.
Through a relationship with the LL Roberts Group you become an even greater resource for your clients, in fact we consider you to be a “Business Solutions Providers” for your clients. Contact us today (toll free) at 877.878.6463 and find out how we can assist you and your clients through the PEO Services that we provide.