Does your company have a high turnover rate? Are you losing talent to your competitors? If so, it may be time to evaluate your employee group benefits.
Health insurance and other group benefits are strong motivators for people to stay with your company. Without group benefits, your employees may view their positions as temporary until they can find jobs that offer better financial security.
Many small to mid-sized businesses worry about stretching their finances too thin. This fear is entirely understandable.
According to the U.S. Bureau of Labor Statistics, about 20% of small businesses won’t survive the first year. About 50% of small businesses don’t survive after 5 years.
These are some scary statistics. But as an insurance brokerage firm, we also want to empower you to make informed decisions. This starts by weighing the pros and cons of offering employee group benefits.
Here’s what you need to know about offering group insurance benefits.
It costs money to offer group benefits. But a high turnover rate will also cost you money and time in the long run.
Depending on the position you’re trying to fill, you may also have to train whoever joins your team so they’re up-to-speed with how your company operates. But there’s little use in training employees who are quick to leave.
The result is a revolving door of employees and low morale for anyone who chooses to stay.
One of the best things you can do for your company is to build a strong, talented team.
While you may be the leader of your company, it’s important to remember that each member of your team plays a crucial role. Offering employee group benefits will help your team feel valued and more motivated to stay.
Our virtual insurance brokers would be more than happy to help you get started!
Money isn’t everything but it helps “keep the wolf away from the door.”
In this expression, the wolf symbolizes some of our deepest fears. These fears include not being able to pay rent, cover medical bills, buy groceries, and otherwise provide for ourselves and our families. It represents hunger and financial instability.
It’s hard to feel excited about your work when you’re worried about how much it’ll cost to see the doctor. Employees who are worried about their financial security may have difficulty focusing at work. They’ll also feel more motivated to find a job that offers group insurance benefits.
As an employer, it’s easy to fall into the trap of thinking that you hold all the power in the job market. But it really depends on your industry and how many potential applicants are seeking positions.
If you’re in a highly competitive industry with a small pool of qualified candidates, you’ll need to offer a strong benefits package. Otherwise, you’ll risk missing out on the best talent and may be forced to hire employees who aren’t the best fit for your company.
MI E-Benefits is proud to be a group insurance brokerage firm that serves small to mid-sized businesses. To start your new employee group benefits, call MI E-Benefits at (833) 921-2888. Our advocates provide outstanding customer service to help companies like yours thrive.