Being a small business owner can be difficult with handling a lot of the day to day aspects of keeping your customers and your employees happy. Often happy employees can make for better products and happier customers. So what is a good way to attract and keep good employees?
There are many ways to attract and keep good employees, but one important part of that process is offering benefits. A recent LIMRA study found 7 in 10 employers offer voluntary benefits to improve morale and attract and retain new talent. Even if you are unable to afford to pay for the benefits fully through your business, having them available offered through your business allows employees to have access to them at a lower group rate even if they have to pay for the whole or partial cost. This group rate is usually less expensive cost for you or for your employees than they would be able to find individually in the marketplace. There is also minimal underwriting to get these benefits in a group versus if you were to do it individually so those who wouldn’t normally qualify can have benefits..
Since health insurance is highly sought after, many employees are looking towards their employer to make an affordable option available to them. Typically health insurance policies with higher deductible have a lower policy cost, but this leaves the employee with higher out of pocket cost to use their health insurance. Having a health saving account option or other health rewards program can help your employees save up towards that higher deductible to pay for any of their out of pocket medical expenses.
Supplemental benefits can be offered with or without offering health insurance. These plans can include accident, critical illness, disability, and term life insurance policies.
Offering a mixture of health insurance, supplemental benefits, and retirement saving options can help you attract the kind of employees you would like your business to have and keep your current employees satisfied with their employment packages.
If you are a business owner and would like to set up a free consultation to see the specific options that you could offer employees, please contact us. Our supplemental insurance options—such as accident, critical illness, disability and term life—are 100% employee-paid, but they’re group rates only you—the business owner—can make available. We’d be happy to help you add supplemental insurance to your compensation packages. I’m here to answer any questions you have and we also offer business insurance, retirement plans, and business transition planning.