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Designing an employee benefits program can be intimidating. But it doesn’t have to be! Our online insurance brokers would be more than happy to help you shop for the best quotes.
We’ll walk you through each step so you’re able to create a program that attracts talent and inspires employee loyalty.
Let’s get started.
Be Competitive
Do you have a job opening at your company? Depending on your industry, you may find it difficult to find qualified candidates.
The good news is that a benefits program helps you compete with other companies.
In another blog post, we explored what benefits employees wanted the most.
Here are the top 5 most sought-after benefits in descending order:
- Health Insurance
- Dental Insurance
- Vision Insurance
- Flexible Hours
- Work-From-Home Options
As an insurance brokerage company, we weren’t surprised to learn that health insurance, dental insurance, and vision insurance made the top three.
Many American workers are concerned about unexpected medical costs, especially during the pandemic.
In 2019, the published a study stating that 66.5% of bankruptcies were due to medical issues.
That’s well over half of bankruptcies!
Also, keep in mind that some of the people who filed for bankruptcy had health insurance but were unable to pay high deductibles and copays.
We can help you shop for health insurance plans that fit your budget and help your employees remain financially stable.
Be sure to also check out our blog post on the 10 most common types of employee benefits.
Design for Longevity
In the past, it wasn’t uncommon for employees to become “lifers.” These people would spend about 40 years with the same company until they could retire and collect their pensions. But those days are long gone.
The average employee tenure today is about 4 years.
Also, a 2019 report from the states that the youngest Baby Boomers had an average of 12 jobs over the course of their lifetime. And it looks like the younger generations are following in their footsteps.
Employees change jobs for many reasons and not all of them are under your control. For example, an employee may be interested in changing their career or moving to Montana to be with the love of their life.
You can’t anticipate the future. But you can design your benefits package so employees are encouraged to stay with your company for the long term.
Companies that offer little to no benefits risk having a high turnover rate. While people may take jobs at these companies, it’s usually temporary until they find better employment elsewhere with health insurance and other benefits.
Set Realistic Goals
There’s nothing wrong with wanting to offer a comprehensive benefits package.
Unless you can’t afford it.
You’re not doing your employees any favors by offering a benefits program that’s not sustainable. Over time, the money will run dry and your company won’t be able to keep up with the expenses.
You need to set realistic goals when it comes to what benefits you’ll offer. That’s why we recommend speaking with one of our virtual group insurance brokers about your company’s specific needs and budget.
We’ll be able to help you create an employee benefits package that’s both attractive and sustainable.
Contact MI E-Benefits Today
MI E-Benefits is an online group insurance brokerage company. As such, we’re able to meet all your insurance needs without the inconvenience of an in-person visit.
Whether you’re shopping for insurance at the office or at home, our team is here to support you throughout the entire process. Call MI E-Benefits at (833) 921-2888.
