Small and medium-sized enterprises (SMEs) don’t need the big budget and bargaining power of a multinational in order to provide a competitive employee benefits package.If you’ve previously been dissuaded from exploring all the options due to the perceived high cost of employee benefits, there’s good news: the best employee benefits may not be as expensive as you think.There are, of course, financial implications associated with investing in your people. Both the company’s HR budget and your business goals behind employee benefits provision will shape the solution you choose. But packages can start from as little as £4.99 per employee for group life insurance policies. The return on investment from employee benefits insurance should also be factored into the mix. A modern, robust benefits and insurance provision for staff can actually save your business money over the longer term.People who feel valued and rewarded are more likely to be more productive. In fact, recent research suggests that happy employees are 13% more productive during their regular working hours.Productivity is just one of the metrics that can be used to calculate the cost savings from employee benefits, but there are other quantifiable contributions that can be measured.So, how else can employee benefits save businesses money?1) Recruiting better staffCompetitive employee benefits enable you to recruit the best people for a vacancy. Many employees view the benefits package for a role as being equally or more important than basic salary, so having the right mix of rewards and group insurance can help you to attract top talent when you’re unable to offer the highest salaries.The wellbeing benefits and financial benefits that your organisation offers can help prospective employees understand your company’s culture and attitudes. By recruiting staff whose values align with those of the business, you can build a more engaged and productive team, in addition to making cost savings on sourcing and hiring new people.2) More staff retentionAs well as attracting the best new people, employee benefits play a crucial role in holding onto them as well. Recruiting and training new members of staff is expensive and time-consuming, reportedly taking 40 days and costing 34.5% of an employee’s salary on average. A cost-effective employee benefits package offers the potential to help reduce staff turnover. With 61% of employees said to cite mental health as a reason why they have either left or plan to leave their jobs, investing in employee wellbeing now can help to avoid costly recruitment costs later. In fact, 42% of employees would be more likely to remain in role if it offered good health and wellbeing benefits.Health and wellbeing is at the heart of the YuLife experience, with the Wellbeing Hub putting you in control of your people’s employee benefits, insurance and engagement.3) Better engagementEmployee engagement is admittedly harder to quantify than some of the other cost savings from employee benefits. Yet, we all know that an engaged workforce will be more enthusiastic about their work, more loyal and perform better, all of which can save you money. Highly engaged business units can, according to Gallup, make a difference in profitability to the tune of 23%. The YuLife app, which can be included in a complete employee benefits insurance solution or as an add-on to your current insurance plan, makes it simple to analyse engagement. Its gamified approach to health and wellbeing delivers data about how your people are engaging with their employee benefits, and the return on investment of rewards and discounts they’ve earned.4) Reduced absenteeismThe cost of employee absenteeism can be significant. Only a few years ago, the median cost of annual absence per employee was reported to be £554, but the long-term effect on physical and mental health caused by the Covid-19 crisis has placed even greater demands on how organisations manage absence today.Supporting staff with health and wellbeing benefits, and helping them to take small steps to transform their lifestyle isn’t just good for people, it’s good for business too.When employers increase their focus on employee wellbeing, says the CIPD, they benefit from better employee morale, engagement and work-life balance.YuLife’s all-in-one wellness platform enables organisations to implement a comprehensive wellbeing package, including a full EAP with 24/7 access to therapy and Virtual GP consultations. Your people will be able to get help when they need it, helping to reduce absenteeism by 11.5%.5) Better productivityNot only can employee benefits save money, they can help to generate it too. An independent Total Economic Impact report by Forrester Consulting calculates that YuLife’s approach to insurance delivers a 2.5% boost to productivity.A simple way for SMEs to measure employee productivity is through revenue, but productivity can be traced directly to employee wellbeing. If your people’s wellbeing isn’t being looked after, they’re more likely to be stressed, take time off sick, burn out and leave their jobs – all of which will hit productivity.A happier, healthier, more engaged, workforce is a higher performing one. Keeping track of this can be as simple as taking regular pulse surveys. The YuLife app automates this process, enabling HR professionals to gain insight into how wellbeing activities are changing how employees view their productivity, happiness and energy levels.Providing your team with an employee benefits package is ultimately an investment in the long-term stability of your organisation. Offering progressive employee rewards and perks that your people value and engage with can boost loyalty and productivity – both of which will potentially save and even make money for your business over time.