Do you have any idea how much your employees expect you to contribute to their health insurance premiums? It’s probably more than you realize. It might even be more than you’re able to cover as premiums are consistently rising. What can you do about that? We have some possible solutions for your business.
A recent Aflac report states that 52% of employees expect their employer to pay at least 80% of their medical insurance and 14% of employees expect 100% of their health insurance covered.
The 2014 Aflac WorkForces Report also states that 57% of employees are likely to accept jobs with slightly lower compensation but better benefits. And 44% say improving their benefits package is one thing their employers could do to keep them in their jobs. Clearly, medical benefits are a large concern for employees and can be a lucrative recruitment and retention tool for you.
What Can You Do to Improve Your Benefits Offerings?
Employees want to see more affordable benefit choices. If you expect your employees to pay a larger portion of their premiums, consider offering other benefits to lift some of the weight on their shoulders. Offering competitive benefits is a great way to boost morale and job satisfaction in your employees. It’s a strong selling point for recruitment.
Benefits you might consider:
- Accident Coverage
- Pet Insurance
- Savings or Retirement accounts like 401(k)
- Life Insurance
- Employee Assistance Programs
- Hospitalization Insurance
- Health Savings Account or Health Reimbursement Account
Most startups and small businesses struggle to offer these kind of benefits, but partnering with a PEO can help. PEO companies can provide fortune-500 level benefit choices to you and your employees, and you won’t have to deal with the administrative headaches that come with offering these plans.
The PEO Advantage
A Professional Employer Organization is meant to be your strategic partner in employment related responsibilities. The PEO will take care of tasks related to benefits administration and because of the unique structure and business model of a PEO they can offer your small business discounted rates as part of a large employer umbrella. PEO services offer help in other areas of your business to relieve you of administrative duties as well.
With health care costs soaring higher every year it’s becoming a primary challenge for business owners of all sizes of companies. Startups and small businesses with a small number of employees find it even more difficult to offer the kind of benefit choices that top talent is looking for. If you’re interested in partnering with a PEO, check out these resources: