Many small businesses in today’s market-space can not justify the higher cost of offering Employer Paid benefits to their employees and/or their dependents. Therefore the choice to reduce or eliminate certain coverage becomes more of a necessity than ever before. The challenge is that employers are also now dealing with an extremely competitive job market where the candidate is often in the driver's seat. Prospective employees are placing as much emphasis on employee benefits as they are salary. Not offering any employer sponsored benefit plans could cause your business to miss out on attracting and securing top talent.
Another danger of scaling back on benefits is employee retention. Research shows that a considerable number of employees consider benefits to be crucial to their choice of employment. Nearly 90 percent of employees consider health insurance as a must-have benefit, and many put as much weight into health insurance coverage for their spouse and dependent children as well. These studies indicate that employees will transition between competing employers for the sole purpose of better insuring their’s and their family’s needs affordably. When reducing the benefits offered or the monetary contribution you make towards the cost of coverage you can directly impact their loyalty as an employee.
At Summerlin-Roberts, we understand that it's a delicate balancing act for you to give your employees what they want while also keeping costs in check. We offer several effective solutions that enable an employer the flexibility they need to lower their benefits expenses without compromising the value of their employee benefits package. Sometimes this incorporates strategic utilization of voluntary benefits packaging alongside a major medical insurance plan and other times a solution might be more achievable through carrier and plan re-evaluation. Regardless, we work with all major insurance companies to be able to provide you with a custom solution meeting the needs of you and your employee’s budgets.
With so many companies reducing or eliminating benefits, using creative methods of lowering cost without impacting value in your employee benefits package will give you a competitive edge and help you to retain your best employees. Please contact us at Summerlin-Roberts to learn more about creative solutions to offer benefits without breaking the bank.