Providing health benefits for your team is expensive. So is constant employee turnover.
If you’re thinking of employee benefits and retention as two separate financial burdens on your business, perhaps it’s time to shift your perspective. Instead of focusing on the “unavoidable” costs of both of these things, start looking at how investing in one area could positively affect the other.
While you’re at it, you can also start looking for a benefits broker who understands why this matters and how to help.
Make your benefits count
Research is showing that employee benefits are more important than ever.
According to MetLife, 73% of employees believe that employers have a responsibility for the health and wellbeing of their employees. Not only that, but 82% of employers agree.
The Metlife study also revealed the following:
- 75% of employees said they would be likely to accept a new job if they were offered the ability to customize their benefits to meet their needs.
- Nearly 60% of employees said that health and wellbeing benefits are important to driving job loyalty.
- They also said they would be more loyal to their employer if offered these benefits.
- Over half of employees agreed that achieving financial wellbeing through benefits impacts their productivity at work.
The right benefits plan has the power to drive employee satisfaction, retention and productivity. Just imagine if you put together a custom benefits solution that met or exceeded employee needs and expectations. You’d be well on your way to a happier, healthier, and more loyal workforce!
In addition to reducing the high cost of employee turnover, you may even be able to reduce your overall benefits spending, but doing so will require working with a benefits consultant who knows how to help you make it happen.
Is it time for a new broker?
There are plenty of insurance agents out there who insist that healthcare costs can’t be contained, and that it’s normal to pay more and get less every year. There are also many dedicated employee benefits consultants who will tell you that’s simply not true.
A new breed of benefits brokers is emerging, and they aren’t interested in simply quoting policies and collecting commissions. These advisors are as fed up with the broken healthcare system as you are.
Many of them are business owners themselves, and they understand the struggle between wanting to provide for their employees and needing to find business solutions that work. They know people who are struggling to find coverage. They’ve seen friends, family members, and colleagues rack up astronomical medical debt. They are out there talking with employers who continue to fork out more and more to provide less and less.
These innovative brokers are putting together creative solutions to help employers manage their costs and take care of their employees, including:
- Self-funding options for groups large and small
- Cost reduction strategies for known high cost drivers such as prescription medications and surgeries
- Family medical care designed to manage chronic care, reduce emergency visits, and proactively manage individual health
- Guidance to hand-hold employees as they navigate the complexities of the system, both in finding and evaluating care options and in managing the ensuing bills
- HR and technology solutions that both HR and employees can get excited about
If your current agent isn’t coming to you with new ideas and strategies to help you accomplish your business goals and impact your bottom line, it’s time to start looking for a trusted benefits consultant who will.
Think all insurance consultants are the same? You haven’t worked with Combined, Inc. Our goal is to take your business where you want it to go. Is your broker thinking outside the benefits box? Get in touch with Combined, Inc. to see how we can help your organization become a greater Los Angeles employer of choice.