Do Employee Group Benefits Really Matter?

Employee group benefits plan

Choosing a health insurance plan for your employees can be a difficult decision. There are so many health insurance companies available to choose from, which one is the best option for your specific employees? Health insurance companies tend to be similar, except for specific variations in things like deductibles and copay amounts. Some companies may also include different extras, things like mental health services or gym memberships. It is important to factor all of these things, when choosing the best health insurance plan for your employees.

The type of health insurance plan and benefit of membership that is offered to your employees matters, maybe more than you think. Some employees may choose a job based on what type of health insurance they offer. Some may choose a job, based on the added benefits of the health insurance plan. With such high turnover rate in today?s businesses, it is important to consider things like the health insurance plan as a factor. In fact, 44% of Millennials say, if given the choice, they expect to leave their current employers in the next two years. The more benefits that an employee receives, the less likely they are to leave their current job.

An employer looking for a great health insurance plan for their employees needs to consider a few things. They need to look at the benefit of membership and the additional group benefit specialists. They need to inquire about things like paid time off, mental health, gym membership payments, preventative care, childcare and parental leave time off, individual health insurance options, group insurance rates, in network and out of network costs and any needed deductibles. It is important to weigh all of these options against other health insurance companies. Sometimes choosing the cheaper option with the least amount of benefits is not the best option for your employees.

Paid leave is the most commonly provided benefit to employees, including paid holidays which were made available to 77% of employees and a paid vacation time benefit which was also available to 77% of employees. Employees with paid holidays and paid vacations tend to be more satisfied with their jobs, and more likely to remain in their current positions.

Another benefit if membership, if great benefits are provided to employees is the addition of other great employees. At companies offering 11 or more benefits, 66% would recommend their employers as great places to work. The better the benefits are, the better employees that the company will attract. The better employees that a company employs, they have a better chance at being successful. Employee benefits are an extremely important deciding factor when it comes to job choice.

Employee group benefits can include other additions like retirement accounts or bonuses. Employees who are more involved with the reward of a successful company are more likely to work harder for success. The benefit of membership into these extra employee benefits is that it shows that the company really cares about the employee. If an employee feels cared about, they will work harder and put more into the success of the company.

Employee retention is a problem in today?s working world. Millennials are constantly jumping from job to job, looking for the better opportunity. However, when a company offers a better health insurance plan and added benefits like retirement accounts, paid time off, paid vacations,benefit of membership, parental leave off, bonuses and gym memberships, the employees are not only more likely to stay longer, but they are more likely to recommend the business to others. As an employer, it is important to show your employees you care about them and their well being, and they will return their appreciation by working harder for the success of the company.

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