How Employee Benefits Impact Your Bottom Line

Every employer knows customer satisfaction impacts your bottom line, but have you considered how much employee satisfaction does as well? 

What's Employee Satisfaction?

First off, let’s understand employee engagement and satisfaction. Employee engagement refers to how an employee feels about their job and the company they work for and employee satisfaction defines how happy and fulfilled employees are at work. 

How Does it Impact Your Bottom Line?

According to Aflac’s study, 71% of employees see benefits as “extremely or very important” in determining their job satisfaction and 60% say great benefits increase their employer loyalty. Studies have also shown that increasing employee loyalty leads to a reduction in employee turnover. 

When your employees feel supported, they are more likely to improve their productivity levels as well as their workplace attitudes and behaviors. Harvard Business Review was able to “establish a clear link between employees and revenue” in their study that demonstrates just how much businesses could gain from improving their employee satisfaction. While the study focuses on retail stores, the findings can be applied across industries as most businesses are customer driven. 

Let’s face it, your own experiences as a customer are shaped by employees. Consider your last trip to the bank, were the employees nice and helpful? Did it impact your customer satisfaction? Whether you’re shopping online, calling into a call center, buying life insurance, or outsourcing your customer support needs, how you are received and taken care of as a client and customer greatly impacts your satisfaction and your loyalty. 

The Harvard Business Review’s study found that a significant improvement in each “employee experience metric” could lead to a revenue increase exceeding 50%. We know what you’re thinking, does this cost you more in the long run? According to the Harvard Business Review, no, your employee benefits improvements could actually award you with up to a 150% ROI. In sum, improving your employee satisfaction means improving your company’s bottom line - now isn’t that what every company wants?

How GoodTrust Can Help?

Now the task at hand is defining which benefits your employees need. 67% of Americans do not have a clear estate plan in place but everyone deserves a comprehensive plan to ensure their family’s well-being. Did you know that (Famic):

• 89% of individuals believe discussing end-of-life wishes is important 

• 69% prefer to pre-arrange their own service 

• But only 17% actually engage in planning 

The main reasons why people don’t have an estate plan are because they are unsure where to start, are afraid the costs will be too high, believe only the wealthy and dying need one, or simply would rather not think about it. Providing your employees with an accessible and affordable estate plan can help them get started and ease the stress. 

At GoodTust, we’re committed to democratizing Estate Planning because we believe everyone, regardless of age, wealth, and health is deserving of a quality plan. This is why we’ve created our all-in-one Estate+ plan which allows users to access all the estate planning documents they need, from wills and trusts to various directives, in one simple plan. 

Boost your employees' satisfaction by improving their benefits. Give them peace of mind by providing them with Estate Planning tools. We all know peace of mind - and employee loyalty - is priceless.

Get started today and partner with GoodTrust, here.