Figuring out how much to pay your people is always a delicate balancing act. First, you want to offer enough that you attract the best and earn their loyalty; for example, PayScale’s 2015 Compensation Best Practices Report found that “seeking higher pay elsewhere” was one of the two top reasons employees might leave a company.
From the employer’s perspective, a benefits package has a job to do. You spend time, energy and money putting together a competitive package, and it should benefit not just your workers, but also the organization itself.
Happiness with benefits correlates strongly with employee satisfaction: three out of four employees who do rate their benefit package as excellent or very good also rate their employer as an excellent or very good place to work.
Overwhelmed employees are susceptible to burnout. Employee retention and engagement – already challenging issues to address – become even more difficult. Two-thirds of business owners name “the overwhelmed employee” as one of their most serious business challenges.