An increasing number of employees consider benefits more important than salary. And those who are most satisfied with their benefits are often the most loyal.
Today, benefits packages are not “carved in stone.” As employees’ lives change and their families grow, so do their benefits needs. The most attractive packages engage the employee in the decision-making by offering choices for current coverage and providing opportunities to revisit those choices on a regular basis.
Given the high costs of medical care and the volatile and ever-changing profile of the Affordable Care Act, healthcare benefits are the main attraction. In addition to complying with governmental requirements, today’s benefits packages provide different levels of coverage and include dental and vision insurance, wellness and mental health programs.
There is a continued shift toward offering more choices to employees. In addition to HMO’s and PPO’s, the variety includes Point-of-Service Plans and High-Deductible Plans. Health Savings Accounts (Flex Spending Accounts) continue to grow in popularity, allowing subscribers to set aside money on a pre-tax basis.
Voluntary Benefits is another popular benefits package approach. Whether totally paid for or partially subsidized by the employer, customized packages meet individual needs and may include life insurance, legal counsel and financial planning. The advantage for the employee is that the employer has “done the footwork,” looked at the market and chosen quality companies and products for the employee to consider.
Popular benefits packages offer flexibility and improved work-life balance. These include flexible hours and more work-from-home options. Potential employees with family responsibilities are especially attracted to these benefits. Quite often, recruits will accept a lower-paying job with these benefits over a higher-paying job without them.
Theft protection is another benefit growing in popularity. Where confidentiality is an essential part of the job, this is a benefit for both the company and the employee.
Each day, the various components of benefits offerings become more and more complex. It’s difficult to keep up with the innovations and changes.
Let Kinloch teach you how to buy insurance and how to remain competitive while containing costs. We’ll take the time to walk you through the various options, explain the pro’s and con’s, and help you design benefits packages that attract the top talent in your industry.