Why Are Employee Benefits Important?

why are employee benefits important

Why are employee benefits important?

Employers may wonder if offering benefits beyond group health insurance is worth it, but the truth is additional benefits are more important than ever. According to the 2022 MetLife 2022 US Employee Benefit Trends Study, only 66% of employees say they’re satisfied with their job, an 8% decline since 2019.1 According to the same study, benefits “represent one of the largest gaps between what employees want and what employers focus on when trying to attract and retain talent.”1

Clearly, employees want more out of their job than just a salary, and employers have an opportunity to set themselves apart by meeting or exceeding those desires.

Now that we’ve answered the question “Why are employee benefits important?”, the next step is highlighting how employers can address the wants and needs of their employees. Fortunately, BASIC is a leading benefits administrator with a state-of-the-art platform, Consumer Driven Accounts (CDA), and dozens of modern benefits. For example, BASIC offers Fringe Benefit Accounts that address what employees care about. Accounts like Pet Wellness and Fertility and Adoption help cover costs for things employees care about the most, like pets and family.

Another Fringe benefit, the Home Office Account, is a great way to show employees that you care about them having a great work-from-home experience. We also offer a Travel and Business Meals Account, Work Clothes Account, Workplace Tools Account, and more depending on what your business and benefit needs are.

Employers also appreciate the easy-to-use CDA platform. Since the platform offers all of our benefits on one system, it’s easier than ever to design a benefits package and add more accounts whenever you’d like! Plus, participants can enjoy the perks of our integrated benefits system, with access to their funds online, on the BASIC benefits app, or their BASIC card. BASIC Consumer Driven Accounts is the perfect way to give your employees the benefits they actually want so you can find the best possible job candidates – and keep them around.

For information on our services or how Consumer Driven Accounts can improve your benefits package, request a no-cost proposal today!

  1. “Employee Benefit Trends.” MetLife, https://www.metlife.com/employee-benefit-trends/.