Question

What is the purpose of employer provided benefits?

Answer 1

Answer: They save money and time

Explanation:

Employee benefits are integral to the goals of your small business because they promote loyalty and can save you money and time. As your business grows, the level of employee benefits you offer helps you recruit, manage and retain employees.

Answer 2

Basically saves money and time. Has future benefits like housing, cars, food, etc.

Answer:  Retain Top Employees

Employee benefits help your staff remain financially stable in the case of illness or injury. The most effective employees know their value and expect to receive benefits equal to their own investment in the job. When you offer medical and disability insurance as well as some form of a retirement savings plan, you are more likely to retain those top-tier employees who feel valued and properly compensated for their work, notes an article on the Entrepreneur website. Additionally, employees tend to be more productive when they believe they are compensated appropriately.

Answer :  Promote Loyalty  

With a package of benefits that suits them, your employees are less likely to search elsewhere for a job. Consider offering a selection of benefits to meet the diverse needs of your employees while promoting your own values. For example, a company that values green practices may offer a fringe benefit that touches on energy savings, such as allowing the use of green company cars or rewarding employees who carpool. Your employees may feel a deeper allegiance when they see that their company is true to its declared values.

Answer :  Improve  

Satisfied workers are more productive. Employees often accept better benefits in lieu of higher pay because of the reduced stress and peace of mind they achieve from knowing they and their families are covered in case of an emergency. As a small business owner, you save money and time by creating a stable workforce for your company. In addition to reducing turnover, you help create a happier workplace with higher employee morale when you offer sufficient employee benefits.