Cost has been the primary factor when an employer is thinking about offering health insurance to employees. However, many employers are facing the issue of attracting and retaining top talent. To increase their companies value in the eyes of newly qualified talent, more employers are beginning to understand the need of offering more extensive benefits, one of which is health insurance. Not just to bring on better talent but to retain current employees as well. We wanted to offer employers, who are trying to separate themselves from the competition, some educational information on how offering health insurance to employees is a great way to attract and retain top talent.
3 things that help attract and retain talent by offering health insurance to employees:
#1 Driving Loyalty And Satisfaction To Your Company
By offering health insurance to employees, employees are more enticed to remain with their current employer. In addition to health insurance, when an employer offers thorough benefits packages to their employees, employees are four times as likely be very happy with their jobs. So much so that since 2012, when employees are very happy with their benefits, employees are 20% more likely to refer their current place of employment to their personal and professional networks.
Amount of people who recommend their place of work compared to benefits offered:
#2 Options Are King
Employees make better benefit decisions when they are given a broader range of benefits to choose from. Outside of just providing health insurance options, offering a more extensive benefits package allows current employees, from a diverse background, to chose plans that fit their current stage in life. Different generations have different financial situations. If it be a new child, aging, health concerns, or renters insurance, options are king in the world of employee retention.
Employees wanting to stay based on the amount of benefits offered:
By providing a broader range of employee benefits, outside of just health insurance, employees come to work everyday with more peace of mind. Now they don’t have to stress about unexpected health and financial issues. When employees minds are focused on the days work, they are less likely to worry about issues outside of work. A more focused workforce is a more productive workforce.
#3 Education Is Key
A great way for employers to help their employees select the correct benefits packages is by education. Through the resources available, employees ranked three key resources they felt were the most effective for them. One on One in person meetings, group in-person meetings, and benefits handbooks are the 3 resources that employees prefer when choosing benefits packages for their families and lifestyles. When employers focus on increasing the confidents of their employees to select the right benefits packages, their employees become more empowered towards achieving their financial goals.
“Employees feel a higher level of confidence when their benefits information is easier to understand and when their employers helped them understand the cost for specific services”
Different generations prefer different resources:
Attaining and keeping employees is vital for any employer
Offering health insurance to employees is a big bargaining chip to lure new, and current employees, away. If you aren’t offering your employees health insurance, chances are your competitors are. Employees want to feel confident that their employers are going to invest in them. Not just in salary but with employee benefits as well. By increasing the options available to an employers workforce, employees are much more willing to remain with an employer. Not only are employees courting their place of employment but their place of employment is courting their employees. Employers must provide current and prospective employees with extensive employee benefit packages. They also need to provide the proper education to select the right plan that fits them.
When offering health insurance to employees, where should you start?
A great start for any employer thinking of offering health insurance to their employees should be a basic health insurance and dental insurance plan. Having coverage for sickness and dental procedures can be a great opportunity to help retain and attract top talent.