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Long Term & Short Term Disability
Legal Shield / ID Theft
Long Term Care
Exchange – Individual & Employer
Contract evaluation / negotiation
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HealthCare Reform Guidance
Wellness Plan Development
Section 125 Administration
Part Time / Retirement Benefit Solutions
Account Support Services
Personalized Risk Assessment
Scheduled Service Calls
Benefits Enrollment Solutions
Benefit Plan Analytics
Top Reasons to Offer Employee Benefits
One of the most important components of running a successful business is keeping employees happy and providing them with enough incentive to maximize their productivity. While there are different ways to accomplish this, offering your employees benefits that go beyond the legal requirements tends to be effective. Here are the top five reasons you should offer added benefits to your employees.
1. Increase Your Appeal
The acquisition of skilled and dedicated workers will help create a strong foundation for your business. To bring these individuals on board, it helps to have some tangible benefits that differentiate your business from the masses. Rather than offering the bare minimum, give your employees benefits like paid vacations and holidays, health plans, and retirement plans to make your business more attractive. A survey by McKinsey Quarterly showed that attracting and retaining talent was the biggest reason that companies offered employee benefits. Offering solid benefits also demonstrates that you believe in your company enough to invest in your employees, and proves that you’re stable, which can help you acquire A-list talent.
2. Minimize Your Turnover Rate
It’s difficult for a business to make serious progress when employees are constantly coming and going. When this happens, it’s hard to establish a veteran team of experts, and the overall talent level will lack. Fortunately, offering benefits packages is often enough to make employees stick around for the long run. By investing in your employees, it shows that you have their best interests in mind and value their job performance. This can help you build a tight-knit team of professionals that will stay for years.
3. Better Morale
Another advantage of offering benefits is the boosting of employee morale. By understanding and addressing the needs of your workforce, it’s likely that employees will be dedicated and take their jobs more seriously. Showing that you care about your workers is a natural way to increase their loyalty and often to get their best work in return. Nothing can put a damper on productivity quicker than a bad attitude. By providing adequate benefits, you can help keep your employees happy.
4. Healthier Employees
Assuming you offer some type of health/dental plan and sick leave, your workforce should be in relatively good health. If your employees have solid health insurance plans in place, there is a better likelihood that they will have regular checkups and take preventative medical steps, which should help in ensuring they don’t take many sick days. . By offering sick leave, workers who are sick and may be contagious won’t infect others. The end result should be a healthier workforce.
of American employees think more highly of employers that offer voluntary insurance benefits than those that don’t.
5. Better Job Performance
By offering benefits, you give employees more of a reason to care about your company and remain loyal. As a result, they should be willing to work harder, which can lead to greater productivity and higher quality. According to Insurance Quotes, 57 percent of private employers offer more than the legally required benefits. For this reason, providing benefits can put you above 43 percent of competitors who don’t offer extra benefits.
While offering employee benefits may cost a bit more initially, the long-term advantages can greatly outweigh those costs and contribute to your overall success. Your business will be poised to acquire true professionals who are in it for the long haul. This will help create a stable workforce and position your business as an industry leader.
Solutions to Help You Manage Benefit Costs
You carefully manage every dollar. Decisions are hard to make, especially knowing they not only affect you, but your employees and their families. That’s where we can help. It’s our goal to help your business grow as well as take care of your workers.
Every business has day-to-day struggles. And every business has bigger challenges, like managing overhead. Finding ways to save on benefit costs is top of mind for employers these days, which makes it top of mind for us.
We offer a variety of proven solutions to help you manage costs, which can also lead to solutions in other areas of your business:
- Voluntary benefits are usually employee-paid, so you can package them with your core benefit offerings to:
- Continue to offer a competitive benefits package to attract and retain quality employees.
- Help employees with increasing out-of-pocket health care expenses, so you can move to more affordable medical plans.
- Leverage pre-tax and discounted tax savings for you and your employees through flexible benefit plans, which can:
- Help reduce your payroll taxes.
- Increase your employees’ spendable income.
- Help ensure compliance with Section 125 provisions and regulations.
- Through our marketing alliances, we can provide you with Premium Only Plan (POP) administration services and Flexible Spending Account plans.
- Wellness programs can help manage benefit costs – if your employees take advantage of them. We can increase the ROI for your wellness program with communication and participation strategies to help increase employee participation. If you don’t have a wellness program, we have easy ways to help you get started – including a discount card for health and wellness services.
In general, indirect and non-cash compensation paid to an employee. Some benefits are mandated by law (such as social security, unemployment compensation, and workers compensation), others vary from firm to firm or industry to industry (such as health insurance, life insurance, medical plan, paid vacation, pension, gratuity).
what employers ask regularly about
The Associate Benefits Group healthcare exchange or benefits exchange is a resource / marketplace of insurance plans with different levels of coverage, offered to individuals, families, and small businesses without health care / benefits. Visitors can learn about their health coverage options; compare health insurance plans based on costs, as well as other benefits, available to them; choose a plan; and then enroll in coverage.