As a successful business, you know how important it is to attract and retain top employees. Unfortunately, that is something that we have found to be a major issue among businesses, especially where unique skills and qualifications are required which limit the potential to replace workers. The good news is there are several objectives you can layout to help change the culture within your company, and create one that encourages employee performance and retention. One that you should focus on is employee benefits. Having a proper strategy regarding employee benefits can help your company in several ways. While initially it may seem like offering benefits can add another expense, you should be looking at it as being an investment, here’s why.
Stand Out from the Pack
According to MetLife “59% of employees say that health and wellness benefits are important for increasing loyalty to their employer.” Yet according to Zane Benefits, “only 54% of small and medium sized businesses (with fewer than 200 employees) even offer traditional health insurance.” Employees who feel as if they are well taken care of will go above and beyond to pay it back to the company they work for. While employees should be working smarter, not harder, the extra effort can go a long way into the success of your business.
Another way that having good benefits for workers will change your business for the better is by attracting the top employees in your industry or field. The top talent comes at a top price, and while you may be willing to pay them a handsome salary, they often look for more than what is on their pay stub.
Investment not Expense
Good work place benefits will help to keep dedicated workers and the top talent in your organization. They will be less inclined to go look elsewhere for something they aren’t getting, which lowers your turnover and training expenses. According to Zane Benefits, “The cost of employee turnover is estimated at the equivalent of 6 to 9 months’ salary. Other studies predict that cost is even more, as high as 2x their annual salary.” So instead of looking at it as creating more expenses for business, look at the bigger picture of how your overall expenses can even out while your company gains a good reputation and builds a loyal and dedicated work force.
Many of the insurance benefits that companies are implementing include various wellness programs. These programs promote wellness amongst your employees and their families, and reward them for taking the steps necessary to ensure peak health. Another aspect that should be noted, the right benefit mix can assist to lower absenteeism due to illness, and increase productivity. If your workers aren’t provided with good insurance, they are then left to take matters in to their own hands. Therefore, if they aren’t encouraged to visit the doctor or take care of themselves, it may result in less people showing up to work.
Another great benefit of instilling a wellness program is that it can often save your company money when it comes to premiums. If a certain amount of your employees buy into the program and participate, you may reduce the overall cost. According to Rand Corporation, “the two component programs (life style management and disease management) reduced employer’s average health care costs by about $30 per member per month.” That can quickly add up to several thousands of dollars in savings per year!
It should also be known that employees who participate in these programs also receive benefits. Based on tasks they complete such as annual physicals, exercising, etc., they earn rewards points that can be used to purchase items such as gift cards from a rewards website.
We Can Help
Having dedicated and talented workers who aren’t looking for greener grass somewhere else is a recipe for a successful and thriving business, and we can help! If you are the decision maker of your company and are curious about insurance benefit packages including small group insurance, contact us at 800-817-5598 or emailing firstname.lastname@example.org.
Even if you are an employee at a small business who is struggling with finding affordable individual health insurance, present this to your company to see if this is something they are interested in. Remember, our team of insurance specialists are here to help and answer any questions or concerns you may have.
For more information about job based benefits, read our previous blog, “What You Need to Know about Company Sponsored Insurance Benefits”. Sometimes there are things in your plan that you don’t understand, or words that you have never heard before. Your well-being is important to us, and part of that is making sure you are properly taken care of. Our insurance specialists have the knowledge and experience to assist and guide you, your family, or group to the best coverage for your budget. If you are interested in purchasing a disability plan, health insurance, or life insurance, contact us at mhginsurance.com or call us at +1 954 828 1819.