Employee Benefits Insurance: What Matters Most to Your Team?
A recent survey reveals that benefits significantly influence the decision of about 60% of individuals when it comes to accepting a job offer. Furthermore, approximately 80% of survey respondents would prefer receiving extra benefits rather than a salary increase.
In today’s competitive job market, offering a comprehensive employee benefits package with medical and dental insurance can give you a significant edge over other employers in your space.
In the race to help others attract and retain top talent, we’ve produced this resource to help employers create insurance packages that align with their teams’ needs while staying focused on growth.
WHY BUSINESSES NEED TO OFFER ROBUST BENEFITS PACKAGES
Investing in improved employee benefits insurance is an essential strategy that provides several advantages for any business. For starters, 49% of employees left a company after dissatisfaction with their benefits package. In comparison, 78% of workers believe they would have stayed with the same company if the benefits suited their needs.
As a result, refining compensation packages by adding medical and dental insurance provides a wealth of advantages for businesses in the following ways:
- Attracting and retaining top talent
- Improved employee satisfaction and engagement
- Reduced absenteeism and turnover
- Enhanced company reputation and culture
- Tax advantages and cost savings
- Increased productivity and performance
- Competitive advantage
- Reduced hiring expenses
THE MOST IN-DEMAND EMPLOYEE BENEFITS INSURANCE
MEDICAL & DENTAL INSURANCE: THE FOUNDATION OF EMPLOYEE WELL-BEING
A staggering 67% of employees and 68% of employers consider health insurance the cornerstone of an employee benefits package.
Providing access to affordable and quality healthcare promotes the well-being of your workforce and fosters a sense of security and loyalty. By offering robust health insurance plans, employers can ensure their employees receive preventive care and access essential medical services without financial hardship.
LIFE & DISABILITY INSURANCE: PROTECTING EMPLOYEES AND THEIR FAMILIES
Group life and disability insurance provides a safety net for employees and their families in the event of unexpected circumstances.
Your employees want life insurance because it delivers peace of mind by ensuring they can financially support their loved ones during one of their most challenging moments. Disability insurance, on the other hand, may provide income protection for employees who cannot work due to injury or illness, thus safeguarding their financial well-being.
RETIREMENT PLANS: SECURING FINANCIAL FUTURES
Retirement planning is a critical concern for the 34% of employees who want this benefit added to a compensation package when choosing a job. For employers, offering options like 401(k) plans or profit-sharing can be a powerful tool for attracting and retaining talent while allowing folks to save for their golden years.
SUPPLEMENTAL BENEFITS: ENHANCING OVERALL WELL-BEING
Beyond the core benefits, voluntary insurance plans like dental coverage can further enhance your employees’ overall well-being. When an employer offers coverage, 68% of employees enroll in dental insurance.
Additionally, benefits like accident insurance, short-term/long-term disability, critical illness insurance, and hospital indemnity plans can provide additional financial protection for employees and their families when encountering unexpected medical events.
FOSTERING HOLISTIC WELL-BEING: THE ROLE OF EMPLOYEE ASSISTANCE PROGRAMS (EAPS)
Employees want EAPs because they offer proactive support during times of need, ensuring that personal challenges do not compromise their professional performance or overall health.
By offering access to these resources, employers demonstrate a genuine commitment to their workforce’s holistic well-being. As a result, employers gain significant financial savings due to improved employee productivity and reduced absenteeism while cultivating loyalty and job satisfaction with their team.
EMPOWERING EMPLOYEES WITH FINANCIAL FLEXIBILITY: THE VALUE OF FLEXIBLE SPENDING ACCOUNTS (FSAS)
Flexible benefits plans like FSAs matter to employees for two primary reasons. First, they alleviate the financial strain associated with out-of-pocket medical expenses, such as deductibles, copayments, and coinsurance costs. Second, they increase their take-home pay and provide a cushion for unexpected healthcare expenses.
What’s more, FSAs also save employers on qualified healthcare costs.
READY TO BOOST YOUR EMPLOYEE BENEFITS PACKAGE?
Collaborating with the right insurance partner can make all the difference between creating a benefits package that allows your team to thrive vs. one that may result in attrition.
As seasoned business insurance providers, we have decades of experience helping companies craft bespoke benefits packages aligned with their budgets and employee needs.
Wish to learn more? Schedule a one-on-one meeting with an insurance expert to discover how we can empower your business by offering your team the desired solutions.
