Could Employee Benefits Be the Key to Employee Retention?
Providing employee benefits is expensive. So is employee turnover.
If you’re thinking of both of these things as two giant, financial burdens that are sucking the life out of your business, maybe it’s time to shift your perspective.
Instead of focusing on the “unavoidable” costs of both of these things, start looking at how investing in one area could positively affect the other.
Raising the ROI
Research is showing that employee benefits are more important than ever.
According to MetLife, 73% of employees believe that employers have a responsibility for the health and wellbeing of their employees. And get this… 82% of employers agree.
This study also revealed the following:
- Nearly 60% employees said that health and wellbeing benefits are important to driving job loyalty— and that they would be more loyal to their employer if offered these benefits.
- 75% of employees said they would be likely to accept a new job if they were offered the ability to customize their benefits to meet their needs.
- 52% of employees said they would be willing to pay more for the cost of benefits if the benefits met their needs.
- Over half of employees agreed that achieving financial wellbeing through benefits impacts their productivity at work.
The right benefits plan has the power to drive employee satisfaction, retention and productivity.
Now, just imagine if you put together a custom benefits solution that met (or exceeded!) employee needs and expectations. You’d be well on your way to a happier, healthier and more loyal workforce.
Even better, in addition to reducing the high cost of employee turnover, you may even be able to reduce your overall benefits spend.
Sound like a pipe dream?
It doesn’t have to be.
We know there are plenty of insurance brokers out there who will insist that healthcare costs can’t be contained, and that you should expect to pay more for less every year. But there are also a whole lot of dedicated employee benefits consultants who will tell you that’s hogwash.
A new wave of benefits advisors is emerging, and they aren’t interested in simply quoting policies and collecting commissions. These advisors are as fed up with the broken healthcare system as you are. Many of them are business owners themselves, and they understand the struggle between wanting to provide for their employees and needing to find business solutions that work.
They personally know people who are struggling to find coverage. They’ve seen friends, family members, and colleagues rack up astronomical medical debt. And every single day, they’re out there talking with employers who continue to fork out more and more to provide less and less.
These innovative brokers are putting together creative solutions to help employers manage their costs and take care of their employees, such as:
- Self-funding options for groups large and small
- Cost reduction strategies for known high cost drivers such as prescription medications and surgeries
- Family medical care designed to manage chronic care, reduce emergency visits, and proactively manage individual health
- Guidance to hand-hold employees as they navigate the complexities of the system, both in finding and evaluating care options and in managing the ensuing bills
- HR and technology solutions that both HR and employees can get excited about
Keep your employees, lose your broker
If your current agent isn’t coming to you with new ideas and strategies to help you accomplish your business goals and impact your bottom line, it’s time to start looking for a trusted benefits consultant who will.
Want to talk with a consultant who is interested in helping your business thrive? Contact your Q4iNetwork broker for help with creative, cost-saving solutions. Need help finding one? We can help you get connected.
Photo by Edgars Sermulis