Attracting and Retaining Employees through Insurance and Health Plans
According to Harvard Business Review, “the pace of employee turnover is forecast to be 50-75% higher than companies have experienced previously, and the issue is compounded by it taking 18% longer to fill roles than pre-pandemic.” That being said, attracting and retaining employees is more important than ever. Finding ways to keep employees satisfied should be the top priority of all employers and businesses today.
Whether it’s providing a better work-life balance, investing in the growth of your employees, or developing better employee benefits plans, business owners need to start thinking about ways to attract and retain employees in order to run a thriving business.
While healthcare benefit plans have always been top-of-mind for employees, the COVID-19 pandemic has highlighted just how critical benefits packages can be both in the hiring process and in building a positive working environment. In fact, in a survey done by America’s Health Insurance Plan (AHIP), 46% of those surveyed indicated that employer-provided health insurance played a role in recruitment.
In a study done with ParetoHealth, finance executives (78%) recognized the potential impact an organization’s health benefit plan can have on the employee-employer relationship.
In fact, Maureen Becker, chief people officer at ParetoHealth, explains that the COVID-19 pandemic prompted a mass exodus from the workforce across industries. “Having a robust health benefit offering has become absolutely essential to attract and retain top talent,” she said. “In the past, candidates focused on compensation when they evaluated job offers and for many, benefits were almost an afterthought. Times have changed. Now, I find many candidates scrutinize the details of benefits and base employment decisions based on benefits.”
Changing the way you approach your employee benefits plan begins with listening to your employee’s wants and needs and what they value in order to create an employee benefits plan that works for both parties. Here are a few ways you can improve your employee benefits plan while also increasing employee satisfaction and retention:
How to think differently about employee benefits
Most companies are offering benefits plans that aren’t best for their employees or organization. They’re stuck in the trap of shopping for new carriers; just to find the best, and often cheapest, rates. It’s hard to get good people to stay in today’s job market – candidates are in the driver’s seat now more than ever. Turnover is costly and will impact the performance of an organization. That’s why it’s so important to set yourself apart with strong benefits that meet your employees’ needs, are easy to understand, and align with your organization’s goals.
So, how do you begin to think differently about employee benefits?
By simplifying benefits language, aligning your benefits with your culture, educating your leadership team and your employees, and tapping into smarter, more strategic solutions, you can achieve better outcomes. Here’s a deeper look into how we approach the employee benefits process differently:
Many companies are just as confused about benefits as their employees are. When was the last time someone sat you down to explain how benefits break down? Break down the benefits process into simple terms and quantify your issues for the business and the families you employ through in-person education with your leadership team and employees.
This might be one of the most important ways to start thinking about your employee benefits differently. Your benefits package should align with your culture, the results you want to achieve, and what your employees both want and need. Most companies offer plans that aren’t best for their people or for their organization. It starts by having conversations and asking questions. Are you confident in what your employees need? Have you asked them what would make their lives better?
Education and engagement are critical. When your benefits are simplified and explained to you, you can better educate and lead your employees. Allowing them to have greater confidence in their plans and to feel more valued and appreciated. Clarity surrounding employee benefits options allows employees to make more informed decisions for themselves and their families, leading to increased financial well-being and productivity in the workplace. When employees understand how their benefits work, their overall well-being is enhanced. Employee benefits are now at the top of the mind of all employees, and to attract and retain employees, this needs to be every business owner’s focus. If you’re still shopping the market for the best rates, there’s a smarter way. If you want control over your employee benefits, learn more here.