As we’ve watched the unemployment rates drop to historical lows, particular in metropolitan areas, business owners are continuing to recognize the importance of offering employee benefit plans for their team members. Common employee benefits include pension contributions, medical, dental and extended health coverage, insurance policies, and training and education programs.
When employees consider their employment options, they often review the total compensation packages available to them, rather than just being focused on a binary salary figure. Recognizing and understanding this cultural shift in the modern working world is crucial to maintain your ability to recruit and retain the right talent for your business.
Many employees value the benefits that their employer offers, considering them an integral part of their compensation, and they often put health coverage at the top of the list. Health benefits can provide financial and emotional security to your employees and their families, without the need for them to complete any health requirements to be on the plan. Plans that include insurance products such as long-term disability coverage are particularly attractive to many, as they can be challenging and costly to gain outside of a group plan for many people. Group plans that offer out-of-country emergency healthcare for employees also has the potential to save them money on personal travel insurance products.
Not only do these benefits provide a sense of security for your employees, they can also help them to feel valued as part of your organization. When employees feel that their employer invests in them and their well-being, it typically fosters higher morale and increased motivation and loyalty.
We recommend employers take the time to educate their existing and new employees about what is offered in their group benefits program. Periodic reviews remind employees about what is available to them.