The Importance of Group Employee Benefits for Worker Recruitment and Retention
In most industries, the job market is becoming increasingly competitive. Near record low unemployment means employers need to offer better pay and incentives to attract and retain employees. Group employee benefits plans are foundational for employers to compete for workers; but to stand out, organizations need to be more creative in the packages they offer.
Essential Group Employee Benefits
There are certain benefits companies should be offering at a minimum to stay on par with other organizations in their industry:
- Medical Insurance
- Dental & Vision Insurance
- Group Life Insurance
- Retirement Plans
- Paid holidays, Paid Vacations, and Sick Leave
Companies are also required to give employees time off to vote, serve on a jury, perform military service, comply with the Federal Family Medical Leave Act (FMLA), and comply with all other federal, state, and local laws and regulations.
Tailoring Benefits to the Needs of Your Employees
The priorities of individuals change with the various seasons of their lives. This is important to keep in mind when deciding which group employee benefits to offer to your workforce.
For example, if your company is comprised mostly of single employees under age 30, their top priorities may be flexible hours and the ability to telecommute, more paid holidays, company social events, and student loan repayment assistance. On the other hand, if you have an older workforce with many employees in their 40s and 50s, disability insurance, college tuition benefits for their children, and larger matching retirement plan contributions may be higher priorities.
There are countless ways to customize your group employee benefits package, but the first step is to decide what benefits plans make sense for your organization. Start by conducting a survey of your employees to find out what is important to them and what types of plans they would consider signing up for. Next, analyze your employee feedback to determine which group benefits are feasible for your company to provide.
You might find that many of the benefits your employees want will cost your organization far less than you may have thought. For instance, there are numerous voluntary worksite benefits that you can implement for little or no cost at all. Some examples include accident insurance, critical illness insurance, cancer insurance, identity theft insurance, and prepaid legal.
Employees enjoy the convenience and affordability of obtaining these benefits through an employer rather than purchasing them from an outside provider, and the more they take advantage of these plans, the more likely they are to stay with your organization.
A wellness program is another group benefit that is both cost-effective for the employer and popular among employees. Wellness benefit programs incentivize employees and their families to make healthy lifestyle choices. Wellness programs have been shown to improve employee health behaviors, reduce healthcare costs, decrease absenteeism, enhance employee productivity, improve employee retention, and help build and sustain high employee morale.
Group Benefits for your Organization
There is no doubt that employers are facing major challenges trying to attract and retain quality employees. To address this issue, a growing number of organizations are providing highly customized group employee benefits plans. If you need help developing a group benefits package for your company, we are here to help. Contact us today for a free consultation.