Employee benefits are an investment rather than an expense. According to Buck, 80% of employers experienced direct savings thanks to their voluntary benefits program, primarily through employee attraction and retention, employee engagement, and higher participation in cost-favorable plans. Attract top talent: The pandemic and subsequent rise of remote work started a talent war around the globe. Many people will not consider jobs that don’t offer flexible working hours or working from home or say they’d quit if asked to return to the office. That’s why companies must also provide competitive employee benefits in addition to competitive salaries. Increase job satisfaction and retention: Offering benefits such as unlimited paid time off, flexible working hours or wellness programs can help increase your employee retention rate. Employees who feel valued and fairly compensated for their work are more likely to engage with their coworkers, become top performers, and stay loyal to your company for years. Comply with legal requirements: Learning about mandatory employee benefits worldwide also helps you avoid legal penalties for non-compliance with local laws. When hiring international employees, you must learn about minimum wages, taxes, working hours, and statutory benefits. Having this knowledge will ensure you provide your employees with every legal entitlement. Reduce costs: Some employees are willing to accept an average salary if you offer an above-average benefit plan. Reducing salaries could be a huge saving for your business, especially if you’re only getting started or you run a small business with limited salary budgets. Of course, no benefit is a good excuse for underpaying employees. Improve employee productivity: With the right benefits package, you can help your employees be healthier, achieve a better work-life balance, and feel less stressed at work. Supportive benefits can contribute to employees taking fewer sick days, creating a more positive atmosphere within the team, and working more productively.