A well-structured employee benefits scheme should be in your 2021 business strategy, here’s why

A well-structured employee benefits scheme should be in your 2021 business strategy, here’s why

-Letlhogonolo Lesiba, Head of Employee Benefits

The new financial year is upon us and many business owners have next year’s strategy built out, filled with new ideas and innovative ways to grow and scale their business.  Each company strategy is different, but almost all of them include employees – they are at the core of most successful businesses. Especially during the past year where the new “working from home” way of life tested and reaffirmed the importance of employee dedication, skill and happiness.  If your employee wellness is not a key strategic pillar in your 2021 planning, how are you planning to survive 2021?

If your employees feel content, appreciated and challenged, your business will be more likely to thrive and grow. Yet, many companies still avoid implementing group schemes, mostly due to affordability issues, but the truth is a well-structured employee benefits scheme may help you to drastically reduce costs while increasing quality and revenue. Here are a few reasons why a well-managed employee benefits scheme is a no-brainer for every company.

Retaining employees for longer helps to build stronger companies

Every business owner knows how disruptive and costly staff turnover can be. By providing employees with added benefits, you instil loyalty towards the success of the business and mutual respect amongst workers, which will lead to a fulfilling working environment for employees.

This means you’ll be able to retain the intellectual and historical knowledge of long-term employees for longer, which will help your business to become stronger and less fragmented. Not to mention avoiding the immense costs associated with recruitment fees, training and loss in productivity due to staff turnover.

Attracting higher quality recruits will improve the quality of your product or service

If your employees are the bedrock of your company, surely you want to attract the best of the best? When recruiting for new employees, an appealing employee benefits scheme is bound to attract better quality applications for you to choose from.

Higher quality employees will bring a more innovative way of thinking and working to your company and this will directly influence the quality of the product or service you offer which will ultimately increase the bottom line. From here on, the math is simple:  well-structured employee benefit scheme=higher quality product and service = happier clients = more referrals = more sales =increased revenue.

The fact is, a well-structured and well-managed employee benefits scheme can literally increase your revenue and scale your business faster and more effectively. Get in touch with us today to learn more about the many other benefits associated with employee benefits.

Happier and valued employees are more productive

Productivity in the workplace has a massive effect on the output, quality and image of your product, brand and service. Low productivity can cause havoc in your company and is often linked to low company morale.

If you offer your staff a well-structured employee benefits scheme, you might see a great increase in productivity because your employees will feel appreciated and respected when their financial needs are taken care of.

Whether you are a start-up, a small to medium enterprise or a large established company, your employees are a vital part of your company growth and future. Make sure that they are taken care of, appreciated and motivated with the addition of an employee benefits scheme.

Remember, an employee benefits scheme is only effective when it is well-structured and expertly managed, so get in touch with us today to learn more about our expert and bespoke employee benefits services.

From all of us at Cornerstone Employee Benefits, we wish you and your loved ones a happy and safe festive season. Remember to stay safe while travelling and return home safely to tackle the new year. For more fun, informative and thought-provoking content, follow us on Facebook and LinkedIn and remember to check out the blog section of our website for past and future articles.

 

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