Why You Need to Consider Benefits Consulting Services in 2023

Posted on January 10, 2023

The past two years have taught us that employee satisfaction and retention are of the utmost importance, especially for the success of smaller businesses. Outsourced benefits consulting services can show you how to engage employees and build a high-performance culture without overextending your budget— they might be wise to consider in 2023.

With the new year in full swing, it’s essential to evaluate your current compensation and benefits. Here’s why:

The Dynamic Has Shifted

As we know, employee satisfaction leads to high retention, which can save your business thousands on recruiting, training and additional costs that come with high turnover rates. With 60% of employees claiming that benefits are a determining factor in whether they continue working with an employer, it’s important to re-evaluate your current offerings.

Your Competitors Are Adjusting

Across the board, employers are expected to adjust pay and benefits offerings in 2023— many already have. Inflationary pressures and labor market concerns are forcing businesses to react accordingly, providing employees with updated pay and desired benefits to enhance retention and production. Outsourced benefits consulting services can help determine which incentive programs are best for your budget, industry and individual company. Learn more.

Building a High-Performance Culture

Engaging employees through performance and reward practices helps create a high-performance culture that can improve your company’s overall production. Motivated employees are 87% less likely to resign from their jobs, and companies who actively stimulated their staff’s production saw an average of 27% higher profit.

Benefits Consulting Services

eqHR Solution’s compensation and benefits consulting services can help you build a performance and reward strategy to deliver results and reinforce your company’s culture. Our ongoing or on-demand services work within your business’s existing budget to create a program that works for you and your employees.