mployee benefits have always been an important part of any job offer. However, over the past five to ten years, they have become as important, if not more important, to an employee as salary. Healthcare has become more costly. Out-of-pocket mandates are typically higher for most people than in the past. The family dynamic has changed to include two working parents and a greater need for childcare. People are willing to work hard for the right employer. They will stay loyal to employers that show they care about their employees. Employee benefit packages can show an employee how valuable they are. This is done without costing an employer an astronomical amount of money.
Supplemental Insurance Benefits Go Far
Many employers offer health insurance for employees that include high deductibles and high out-of-pocket costs. These types of plans are the norm. It doesn’t matter whether insurance is purchased on the Health Care Exchange or provided by a small business employer. Many of these plans come with an HSA account. This allows the user to save tax-free dollars to use for these out-of-pocket costs. However, that is often not enough for the employee to have peace of mind when a medical need arises.
Voluntary supplemental insurance benefits can help fill in this gap for employees. Concerns, such as disability, cancer, and even hospital stays, among other issues, can be eased with a good supplemental benefits package. As an employer, you can choose to pay the premium for this type of policy (which is often minimal). You can also offer it as an option for your employees to use and they pay the premium. Many times, the employees see this being offered as a benefit. They are more than willing to pay a few dollars out of their paycheck to take advantage of such plans.
Wellness Programs Help Maintain a Work/Life Balance
Another popular employee benefit is a wellness program. A wellness program can be a combination of several options. First, many insurance companies offer a wellness program that provides reimbursements to employees for money spent on services. These services include gym memberships, diet plans, and other wellness related expenses. Highlighting these benefits for your employees is part of offering a wellness program in your office.
Many employees have difficulty finding time to take advantage of these reimbursements. Therefore, as an employer, you can help by setting aside office time for exercise and therapies. Some options include instituting a walking or running club. Employees can sign up to participate for an hour a day or three times a week. Those who prefer to use weights and gym equipment may benefit from a gym in the office. They can use before work begins, after hours, or during a designated hour during the day.
Other wellness benefits, such as a healthy cooking lesson once per week, an outdoor work space to help employees who are affected by lack of sunlight, or even a visit from a message therapist once a week, can show employees they are important as individuals.
The Employee Reaction to Employee Benefit Packages
Studies have shown that employees who feel appreciated by their higher ups are loyal to their employers, willing to go the extra mile, and are overall happier. Implementing employee benefits such as supplemental insurance options and wellness programs will show employees that they matter on a personal level and not just from a business perspective. Job candidates may decide to choose your employment opportunity over another because of the added benefits you provide to your employees that other employers may not. Others may stay loyal employees for an entire career simply because they feel valued as a person in their working environment.
If you are looking to show your employees and potential employees that they are a valued member of your team, contact the experts at Fusion Employer Services at 1-866-FES-4978. Fusion will be happy to help you develop a benefits package that values your employees and does not bankrupt your company.