As an employer, you know the value of keeping and attracting top-tier talent. The days of employers offering medical insurance only have gone by the way-side. Employees as well as job applicants are looking to employers to offer a full benefits package. Blue Chip Benefits will work with you to create a strategy that will help keep and attract the best employees.
Recruit the Best Applicants
The best job applicants will have certain expectations before accepting a position with an employer. They are looking at employers that provide benefits that will protect them from financial hardship should they suffer an illness or injury. It is now commonplace that applicants also expect benefits to include a retirement plan, vacation time, flex time and sick days.
Retain Top Employees
Did you know that by providing employees with the right balance of benefits that you are helping them remain financially stable in times of illness or injury? The most effective employees know their value and expect to receive benefits equal to their own investment in the job. When you offer medical and disability insurance as well as some form of a retirement savings plan, you are more likely to retain those top-tier employees who feel valued and properly compensated for their work.
Additionally, employees tend to be more productive when they believe they are compensated appropriately.
When your benefits package aligns with your employees’ needs, they are less likely to search elsewhere for employment. Consider offering a selection of benefits that meet the diverse needs of your employees while promoting your own values. For example, a company that believes strongly in the health and welfare of its employees might consider offering a benefit plan that promotes a healthy lifestyle by offering weight loss programs, tobacco cessation programs and more. Wellness programs can often promote loyalty as employees feel their employer cares about their health and well-being.
Provide Appropriate Compensation
Employees often accept better benefits in lieu of higher pay because of the cost of individual health insurance and the peace of mind they achieve from knowing they and their families are covered in case of an emergency. For companies to fully benefit from this strategy, it is important that employers communicate to employees, and that the employees understand, their total compensation package which includes their salary, vacation pay, and any benefits for which the company pays or contributes.
Employee turnover results in significant costs to a company. As most employers know, the loss of a good employee not only directly impacts operations, but also effects the bottom line in more ways than one, from needing to hire and train a replacement, to dealing with damaged morale and a loss in productivity of a department, and more. A strong benefit plan plays a significant role in employee retention which directly results in savings to the company.