What Is An Employee Benefit Fair?
What an employee benefit fair is and how does it help an organization
The HR or Benefits departments at most major companies hold an employee benefits fair. The fair occurs on an annual or bi-annual basis and they are usually held in the Spring and/or Fall. Most companies have an open enrollment period during which time employees can join or make changes to existing programs and benefit fairs coincide with this time. Most larger companies offer benefits such as health and vision care, memberships to local businesses and even retirement funds and 401k’s. Although many benefits are offered, most employees are not aware of them. This is where the benefit fair comes into action; it can be a great platform for both the employees and the vendors as it gives them an opportunity to discuss what is on offer and the best ways to utilize the benefits. Offering employee benefits and holding benefit fairs has been found to have a measurable impact on employees. A study conducted by Corestream, which is a company that helps other larger companies handle employee benefits, found that 87% of employees that worked for companies that offered benefits felt they mattered to the company as a result of the benefits that were offered.
Employees offer a huge variety of benefits other than the usual health and vision care, so employee benefits fairs allow companies to make their employees aware of all the benefits. Most commonly represented are health and vision companies but you will also find other wellness vendors that offer discounts to larger corporations. Holistic therapists, gyms and even grocery warehouses offer discounted memberships and deals to employees of larger organizations. These companies are all invited to the benefit fairs to come and answer questions from the employees and advertise their offers. Some companies will come with special giveaways and sometimes even a raffle may be held, where employees can win prizes.
Top 5 Reasons Why Organizations Offer Employee Benefits To Employees
1 - Attracting Good Employees
In a 2012 survey conducted by Mckinsey Quarterly, it was found that attracting and retaining employees was the number one reason companies offered employee benefits. Good benefits packages also attracted the most skilled employees. The incentives from the benefits create dedicated workers, which in turn creates a strong foundation for the business.
2 - Decreased Employee Turnover
The rate of turnover of employees is minimized in companies that offer good employee benefits. When employees are constantly changing it is difficult for companies to create a solid team. By investing in good benefits packages for employees, companies are also investing in themselves.
3 - Happy Employees Create Better Quality Work
Happy employees create good morale in the company, as they feel appreciated. Happy employees will mean that they will take their jobs more seriously and will keep the employee loyal and producing better quality work that is more on time and accurate.
4 - Healthier Employees Means Less Sick Leave
The company will have healthier employees as a result of being offered health and dental benefits as well as sick leave. The insurance will encourage the employees to say on top of annual wellness checks and appointments and allowing employees to take sick leave will mean sick and infectious employees will stay away from the workplace.
5 - Improved Job performance
By offering a wide range of employee benefits your company will receive better job performance from employees, as they will care about the company that cares for them. This will encourage them to work harder and can lead to greater productivity. According to insurance quotes surveys most company’s offers way more than is legally required. It is seen a beneficial as although the initial costs may be a little higher the ultimate outcome outweighs the cost.