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Employees want more and more flexibility from their employers. Time off. The option to work from home. Flex schedules. To stay competitive, businesses need to compromise. But while flexibility is great for work-life balance, it might not be what’s best for your bottom line.
An employee benefits plan (also known as a group benefits plan) is a comprehensive package of life, health, and wellness insurance coverage that can be tailored to meet the needs of your employees. All while respecting—and maybe even improving—your company’s bottom line.
Our goal with this post? To help you choose the right employee benefit insurance for your business. So you can reap all the benefits of offering insurance and avoid any would-be costs.
Already know you want employee benefits for your team? Or required by your union to offer them? Reach out to us. We’ll give you all the information you need and help you find a plan that aligns with your company values, your budget, and your employee’s needs.
If money or buy-in were no issue, we think it’s safe to assume that most employers would love to provide the best possible benefits packages for their employees. But in reality, there are a handful of objections that hold a lot of employers back from committing, the most common of which tend to be cost, administration demands, and employee perception.
It’s true that certain employee benefits plans can be expensive for you, the employer, and that they may even put a strain on your company budget. It’s also true that managing some plans can be time-consuming and complex, which could put a strain on your administration or human resources teams. Employee perception matters as well—not all employees are enthusiastic about benefits plans. Typically, this is because they’ve had to pay into a plan before that didn’t provide them with the coverage they actually wanted or needed. So as a result, they felt like they were just subsidizing the needs of their coworkers. (Never a good feeling!)
These hesitations are perfectly legitimate. And they can cause real issues for employers. But the important thing to know is that they’re not the result of having an employee benefits plan in general. They’re the result of misalignment between an employer, their employees, and the plan itself. When an employer knows what their employees need and purchases an on-budget plan that meets those needs, issues rarely arise. Instead, the opposite occurs—the benefits plan leads to all kinds of positive outcomes within a company.
The right employee benefits plan is an asset that can help your organization retain key talent, live out your values, and develop a competitive edge.
Employee benefits plans can be tailored to fit your organization’s needs, so the exact benefits included in any given plan vary based on industry, company size, and the specific needs and preferences of both the employer and their employees. As the employer, you can select from all kinds of coverage options.
It’s important to note, however, that not every coverage option will be available to every company. Among other factors, the size and composition of your company (the number of employees you have), the number of years you’ve been in business, and the industry you’re a part of can affect which coverage options are available to you.
Why do these factors affect your coverage options? Well, because some companies, professions, and industries are just riskier than others. A company with more employees is more appealing to an insurance company from a financial risk-management perspective because the risks are spread amongst a large number of people. While “risker” professions—airline pilots, flight attendants, and first responders—are generally more challenging to insure given the risky nature of their roles. (Though it is still possible to offer riskier industries an employee benefits program!)
Companies are facing increasing pressure in the face of changing workforce demands. Employees want more flexibility, the option to work from home, and a better work-life balance overall. So in order to keep great talent and avoid missing out on the best new hires, many employers are feeling the pressure to stay competitive!
A group benefits plan is designed to attract new employees to the organization by offering them perks of employment beyond their base salary. But it’s not just for new talent—employee benefit plans can also help your organization retain existing employees who may be looking for more.
When you have great employees, you want to do everything you can to keep them happy. But sometimes, a salary increase just isn’t an option. In that case, a group benefits plan can be an effective way to increase your employees’ total compensation without having to increase your budget for salaries.
We know you care about your employees’ well-being. But while, in theory, you might want to give unlimited time off and sick pay, you do still have to operate within certain limits. An employee benefits package is a great way to show your dedication to your employees and their well-being—without sacrificing your bottom line or your team’s productivity.
Not every employee benefits plan is right for every organization. But with our help, you can create a plan that meets the needs of your business and your employees. And when that happens, we know you’ll find that the benefits of, well, benefits greatly outweigh any would-be costs!
Our Insurance Consultants would be happy to help you align your benefits plan with your company’s resources and your employee’s needs.
Click the button below and request a quote to get started. You’ll fill out all the information you can right now, then we’ll get in touch, discuss your options with you, and help you make the right call.