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The number of businesses choosing to outsource their payroll and other HR duties is currently on the rise, but there are still some businesses that are bucking this trend. For some businesses, however, the resistance stems from a misunderstanding of what it means to outsource your payroll. Here are a few common misconceptions some business owners have about outsourcing their payroll, and why they aren't necessarily accurate.
There is a lot of talk about employee benefits and how important it is to provide a competitive benefits package these days, but one benefit that is often sadly overlooked by both employers and employees is disability insurance. Disability insurance is a voluntary benefit that provides financial help to employees who are unable to work due to illness or injury. Unlike workers compensation, it covers injuries that occur outside of the workplace.
A good benefits package can go a long way. It's well documented that when employees assess their overall job satisfaction, their benefits packages are one of their top considerations. Most employees would say that a good benefits package is more exciting than a pay raise. It's not enough, however, to simply offer a benefits package, you also need to educate your employees about it. With this in mind, here are 5 tips that will help you increase employee benefits engagement.
Medical technology is advancing at a rapid pace, and many conditions that used to be death sentences like strokes and cancer now have high survival rates. Unfortunately, one thing that hasn't changed is how much it costs to pay for medical procedures and the costs associated with recovery. Critical illness insurance exists to combat these costs and fill in some of the gaps in your regular health insurance coverage.
Employees are more stressed about money than ever before. Studies show that over half of all employees are stressed about their finances and this stress is leading to poor performance in the workplace. The causes of and solutions to financial stress are not always clearly defined, but implementing a robust employee financial wellness program is one way to tackle this problem, and many businesses are beginning to do just that.
These days a competitive benefits package is practically required to attract and retain talent. Many employees now consider an attractive benefits package more important than an increase in pay. As a result, companies are getting more and more creative with their benefits and including a host of exciting and invaluable voluntary options in order to catch the eye of job seekers. Accident insurance is a voluntary benefit that many of your employees would love to have as a complement to their existing health coverage, and it's easy on the budget as well.
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