How to create a benefits package to help attract and retain employees
If you want to find and keep the best employees, it's time to offer an incentive that makes your business stand out from the competition.
Offering great health benefits is one way to do that, with insights from employment website Monster.com showing that health benefits rank top on job seekers' lists of the benefits they want from an employer. What can the offer of health benefits do for your business and how can you find the right health insurance package?
Attract the best employees with health benefits.
Offering health benefits helps your business to attract the best employees. As stated in the article "Health Insurance Considerations for Job Seekers", lapses in health coverage between jobs are a major concern for job seekers, making benefits a powerful draw for potential employees.
When online discount store FatWallet needed to compete with bigger companies, it quickly found that good health care is a powerful incentive. By improving their benefits package, FatWallet was able to attract high caliber employees by showing their respect for the people who work for them.
Increase employee retention with health benefits.
Offering good benefits isn't just about attracting the best employees; it's about keeping them, too. According to research by professional services company Towers Watson, 55% of employees consider health benefits a key reason to stay with their employer.
St Louis-based restaurant Lion's Choice quickly learned that good benefits are key to employee retention.
The food service industry is notorious for quick staff turnaround, yet Lion's Choice can boast that more than 80% of its full-time employees have been with the company 10 years or more, which they put down to offering a good health benefits package.
Choosing the best health insurance for you.
It's clear that offering health benefits is a fast track to attracting and keeping the high quality employees your business needs, but how do you go about choosing the right insurance package? It comes down to two things: Getting the right help and reading the small print.
Seek help from a qualified broker who has experience in finding insurance for your type of business. The right broker can help you figure out what you need and which package best fits that. Shop around for a broker - get recommendations and do research to find one that has the knowledge you need.
When it comes to choosing between health insurance packages, read the small print. Before you sign up, understand what you will be paying both in fees and in other costs such as co-pays. Find out what exactly is covered. That way, you can assess each package to find the one that offers the best benefits at the best price.
Choosing the best health insurance for your employees.
As well as looking for the best health package for your business, consider what matters to your employees. Jim Tobias, president of Lion's Choice, puts the company's success with health benefits down to their focus on offering benefits that best meet employee needs, recognizing that one size doesn't fit all.
Take a look at your employee demographics to help you understand the health benefits that are likely to matter most to them. For example, older workers may consider saving for their retirement or payments for ongoing health conditions to be most important, while younger workers may be interested in fringe benefits such as dental and eye care.
Talk to your existing employees to find out what matters to them, and factor that into your health insurance decision. Health insurance benefits are key to finding and retaining the best employees.
Taking the time to choose the best package for you and your staff is a valuable investment in the future health of your business.
Tristan Anwyn writes on a wide variety of topics, including social media, SEO, health benefits and employee retention.