Benefits are one of the most important factors people think about when considering a job offer or deciding to stay at their current place of work. Benefits are about more than just the health insurance a company offers – it's also about what the benefits represent. We'll discuss why companies should explore their current insurance offerings and how a benefits package can help you attract new employees and retain your most valuable employees as well.
Attract New Employees
In one study, 46% of participants said health insurance was either the deciding factor or a positive influence in choosing their current job.¹
When people look for new companies to work for, they're looking for more than just a fair salary. As you're trying to attract new employees to join your company and make working for you a long-term career move, keep in mind the benefits you offer.
Employees look for more than just standard insurance, or that you offer insurance. They want to know that you offer insurance that will actually benefit them. Some companies only provide medical insurance but don't even consider offering dental or vision. Having and offering both of these types of insurance can help you stand out against the competition.
What can also help you stand out to future employees is offering insurance that's more than the minimum requirements. When your insurance helps your employees and their families take a preventative approach to their health, it shows that you care and want to help them better their lives.
Retain Valuable Employees
In the same study, 56% of U.S. adults with employer-sponsored health benefits said that whether or not they like their health coverage is a key factor in deciding to stay at their current job.¹
In the midst of what some are calling The Great Resignation, it's more important than ever for companies to work to retain their employees. In the wake of the COVID-19 pandemic, people are voluntarily leaving their jobs for better opportunities and the better benefits that come with new employment.
Companies now need to prioritize offering better benefits that serve employees. To help retain your valued employees, you may consider offering insurance that's superior to your competition's. This doesn't mean that you constantly have to be in a bidding war with your competition to retain your employees, but you should consider what benefits your competition is offering. Offering health insurance that your employees use and value could be the difference between keeping some of your most prized employees and losing them to another company.
Most employees look at insurance as a portion of their total compensation. They know that even if their salary is what they're looking for, if health insurance isn’t offered, they'll have to pay for their insurance directly out of their paycheck. Health insurance adds value, not only monetarily, but also in how your employees feel about working at your company.
Having valuable insurance can help you show your employees you're serious about caring for them and their families. This idea can reflect well on the whole company. If a company is willing to care for their employees and offer insurance that's more than the bare minimum, employees can see this as a reflection on the rest of the company and can feel a sense of loyalty to your company.
It's important you listen to what your current and future employees want; after all, they're one of your greatest assets. You may not be able to give them everything they ask for but showing you care can go a long way in building a company culture they'll want to stick around for.
If you've listened to your employees and found they're frustrated with the current insurance benefits, and you're ready for a change, talk to our sales team. They'll schedule a time to have a quick chat with you to find insurance benefits that work for your company and your budget.
¹https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/health-benefits-foster-retention.aspx