Your employees are the backbone of your business, and giving them a positive work experience is crucial to growing your company. Your benefits plan can be a valuable tool you can use to give more to your workers, but a better plan doesn't have to come at a steeper cost to you. In fact, building a plan that's designed with your employees' best interests in mind can ultimately save you thousands.

Here's why prioritizing your employees can increase the cost-cutting power of your benefits plan.

Happiness creates productivity

Your employees pay attention to whether or not their value is reflected in what they get back from their employer. Providing them with great benefits is an easy way to show that:

• You care about them as people and value their health
• You acknowledge and appreciate their contributions to your business
• You want them to continue working for you

Your benefits plan can significantly raise overall employee morale, which not only creates a more positive workplace culture, but also increases earnings. In fact, a study by the Queens School of Business found that having just one "disengaged" employee can cost a business up to $10,000. Working with more "engaged" employees, on the other hand, can have a positive impact on your company, increasing productivity and customer satisfaction levels by 15 and 30 percent, respectively. When your employees feel taken care of, they'll do more to take care of your business in return.

Higher retention rates drive costs down

Even if everything else about your company is great for your employees, your retention rates will suffer if your workers are unhappy with their benefits plan. In a study by MetLife, 61 percent of employees said that health and wellness benefits would make them consider leaving their current job for a new one. If a competing business in your area offers a better plan than yours, you risk losing a large portion of your workforce.