Why do you offer benefits?
New recruits and current employees alike often compare health insurance packages when deciding on a new job. Therefore small businesses that offer the right coverages are more likely to attract and retain high quality employees. So we wanted to share a few tips that will help make your benefits package more appealing. And the best part is, they’re all free!
'Employees who are very satisfied with their benefits are more than twice as likely to report being very satisfied with their jobs” – MetLife's Employee Benefit Trends Study
Apples-to-Apples is a trap!
If potential employees are only looking at the price, you may be in trouble. Since large companies can usually offer health insurance at a lower cost, the key is to make your benefits package unmatchable. Clearly demonstrate to job seekers all of the remarkable, stand-out features of your offering. Hence making your benefits a unique perk and not just a premium to compare with other offers. Yet you may think that your current health insurance package doesn’t provide anything special, not so fast! Take a look below as we uncover some hidden features and free add-ons that will make your benefits truly exceptional.
1) HEALTH & WELLNESS SERVICES
You may not know it but your health plan offers discounts on things like: fitness centers, nutrition counseling and acupuncture. While these savings would be seen as a great perk, too often employees don’t realize that they’re available. So take some time to review your plan’s health and wellness features. Be sure to tell your employees as well, so they can take advantage of these valuable services. To get you started, we created a list of local insurers and their wellness websites.
- Highmark Blue Shield & Capital Blue Cross – Blue 365
- Geisinger Health Plan – Smart Steps
- Aetna – Health & Wellness Program
- UnitedHealthCare – UnitedHealth Allies
2) Voluntary Benefits
Imagine that your company provided more than just medical coverage. What if you also offered dental, vision, life and disability insurance? Potential employees would crave this first-class benefits bonanza. But wait, who’s going to pay for all of this? With voluntary benefits, employees select and pay for the benefits they want. Thus allowing small businesses to offer these sought-after coverages at zero cost to the company. Many studies have shown that simply offering these benefits is extremely valuable to employees, regardless of the employer’s contribution towards the cost.
3) A low cost option
We talked about making your insurance package special. But let’s put that to the side for a minute because some employees, especially young ones, are fixated on cost. They’re fine with high deductible, no frill plans. Some simply want to avoid the tax penalty for not having coverage. Consequently you’ll need a low cost health insurance option to attract these frugal workers. Fortunately most insurers allow small businesses to have two, or more, medical plans. So you can easily set up a second, low-priced, option for no additional cost.
4) Employer Contribution Strategy
To get the most out of your benefit dollars you’ll need a contribution strategy. First, find out your industry’s standard. Some businesses, such as restaurants and daycares, pay very little towards benefits. While others, like trucking firms, pay the lion’s share of the cost. Next, determine your goals. Do you want to retain key workers? Or perhaps you want to hire employees quickly. There are tons of ways to accomplish these goals. Consider a sliding scale of benefit cost based on years of service. Or maybe offer to pay for the dependents of key employees. Just be sure your approach meets nondiscrimination requirements. Finally, take the time to review the results. Make sure your goals are being met and if not make adjustments. Having a plan will save you money and set you apart from your competitors.
Perhaps the most important item
You may have the best insurance package in the world… But it won’t do you any good if potential employees don’t know about it. A lot of employers provide superb coverage and great perks, yet they never mention them to new recruits. The key is to change this pattern. Make benefits part of the interview conversation. But how can I do this, you may ask. One smart way is to provide new recruits with a benefits handout. This will make it easier to highlight all of your great perks. Plus the interviewee can take the flyer home. That way they won’t forget how great your insurance package is when comparing with other companies.
Don’t forget about your current employees! After all it’s better to retain workers than to hire and train new ones. So be sure that your workers are aware of all of the benefits available to them. While staff meetings and memos are great, why not get more mileage out of the benefits handout by giving it to current employees? After all they are just as important as the new recruits.
Free Benefits Handout Template
Do you like the idea of the Benefits Handout but not sure where to start? No problem! Our free Benefits Handout Template will get you started quickly. Simply complete the required fields below and click submit to download your free copy.