Employee Benefits & Insurance: The Key to Attracting & Retaining Top Talent
The Great Resignation ushered in a new period of employees shifting jobs in favor of higher wages and better benefits. And while the economy has changed post-pandemic, one in five workers intend to look for new work annually, highlighting the continued difficulty surrounding retention.
Attracting and retaining top talent is critical for business growth and might be easier than you think. For example, 60% of employees said benefits played a critical role in whether or not they chose to stay with their current employer. At a minimum, that stat provides some direction around how to make an attractive retention strategy.
Let’s move forward by diving into our topic, connecting the relationship between employee benefits, attracting talent, and job retention.
The Benefits Employees Want
Employee benefits, such as healthcare insurance, are crucial to attracting and retaining talent. Still, this is generally a foundational perk, so there’s always more to offer.
Including more flexibility and more robust healthcare coverage, many are looking for insurance benefits that improve their wellness, tax savings, or deliver paycheck protection for themselves and their family.
This includes:
- Group life and disability insurance
- Wellness programs
- Employee Assistance Programs (EAPs)
- Flexible Spending Accounts (FSAs) and Dependent Care Flexible Spending Accounts (DCFSAs)
- Voluntary insurance plans
Our experienced and knowledgeable team understands the difficulties of finding an insurance provider that offers all of the above. That’s why one of our goals is to make employee health and wellness insurance easier by offering packages tailored to individual needs.
Should you need assistance, we invite you to contact us to see the difference the right insurance partner can make.
Better Insurance Provides an Edge for Attracting Top-Talent
A study by the Society for Human Resource Management found that roughly two-thirds of workers believe employee benefits were extremely important when considering career longevity. Research like this delivers obvious clues on what hiring managers can do to attract the best applicants.
Have you considered restructuring your employee benefits to tell applicants that your company invests in their health and wellness? How about offering better health insurance or dental care in your compensation package? Remember, a competitive benefits package lets candidates know you support your workers, making their decision to join your team easier.
3 Top Benefits of Employee Retention
Keeping talent is perhaps more important than drawing in new faces. And like new hires, the folks that stick with you may consider going elsewhere if company health insurance doesn’t improve.
Regardless, reducing turnover by improving benefits often saves businesses money while offering additional advantages. Let’s take a look at three of them.
1. Cost Savings
Replacing an employee could cost a business 60% or more of the prior worker’s salary. Those costs are often associated with advertising, onboarding, training, and other hiring expenses, making retention by delivering improved benefits a path toward savings.
2. Positive for Morale & Mentorship
Having senior employees that new faces can turn to establishes continuity and trust. Boosting company morale often increases efficiency, elevates the employee experience, and reduces turnover.
3. Builds Customer Trust
Maintaining familiar faces improves the customer experience and professional relationships. Continuity also promotes a positive company culture that advances reputation management while offering clients a deeper connection with your team.
Connect With An Expert Employee Benefits Insurance Provider
Improving benefits insurance provides a wealth of advantages that contribute to job satisfaction, attracting top talent, and more. Partnering with the right insurance provider is vital to finding the benefits your employees want.
As insurance experts with decades of experience, we make employee benefits easy by delivering custom solutions tailored to your needs. We invite you to contact us to learn how we can make a difference by offering coverage that supports business growth and your team.
