Are Your Group Benefits Strong Enough to Retain Your Employees?
Close to 60 percent of people report that job benefits are among the top things they consider before accepting a job offer. And health care insurance is consistently ranked as the number one benefit among employees, beating out perks like vacation days, bonuses, paid sick days, and retirement plans. Are your group benefits strong enough to retain your employees?
Do You Offer Customized Plans?
Employer-sponsored group benefits programs are preferable to most employees. Giving employees control over the kind of coverage they want for themselves and their family keeps them engaged – and happier, because their specific needs are being covered (seniors will likely have different health needs and goals than newlyweds). Having choices and flexibility when it comes to Michigan group benefits is more likely to increase employee participation – and this fact turns group benefits into more affordable coverage for all employees.
Do You Clearly Communicate Employee Benefits?
Let’s face it, the descriptions of health insurance, retirement plans, and their ilk can be confusing. Self-funded or fully insured? Term life insurance or no term life insurance? Too much information, industry jargon, and overlapping plans makes it difficult for employees to know what plan to select. And this ambiguity can make them feel like they’re not getting the best coverage possible, and even make them feel dissatisfied with their employment.
Communicate employee benefits clearly and often, not just at enrollment time. Don’t be shy about asking your broker or insurance carrier to provide your employees with infographics, diagrams, bullet-pointed lists, or comparison sheets so your employees know exactly what they’re getting. Paper info is nice, but email and newsletters can sometimes be better. And don’t overlook the power of social media to distribute information to employees.
Do You Remind Employees to Use Their Benefits?
One of the worst scenarios is to find yourself with disgruntled employees who missed out on their benefits and have no way of recouping them after a certain time has passed. Remind employees to use their health savings accounts, to get their bi-annual dental cleanings and exams, to undergo their annual preventive medical physical and screening, to use their complimentary gym membership or take advantage of on-site wellness programs.
You want your employees to be healthy, and you want them to know that you care about their well-being. Offering excellent group health benefits is just one part of the equation. Bring these perks front and center at regular intervals. Target people who fit into specific categories and who may find special benefits within their group coverage, like expectant mothers, people close to retirement age
What Employers Can Do to Retain Employees Through Group Benefits
Group health benefits come in all shapes depending on the size of your business, the number of your employees, your budget, and more. Here are some elements to consider as you shape your group benefits plan:
- Create a benefits rewards plan that offers incentives that build up from year to year. Employees will be motivated to stay in your employ.
- Offer wellness programs on the premises, such as gym equipment or exercise classes. Employees who exercise regularly have better time management, concentration, and efficiency. Plus, they’ll be healthier, which means fewer sick days and greater productivity.
- Provide employees with voluntary benefits so they can choose to have, for example, vision coverage or travel medical insurance or personal accident insurance. Voluntary options rolled in with preventive care is an attractive group health benefit.
Good group benefits for employees improves retention. According to the Society for Human Resource Management, some employees consider benefits more important than overall pay. Improve your company’s employee retention rates with excellent, appropriate group benefits. Contact The Benefits Group for advice on choosing the right coverage, and figuring out how to manage your benefits.