An effective Employee Benefits program is key to attracting and retaining top talent. While voluntary benefits plans are still paid by employees, the company-run programs offer employees discounted prices for coverage compared to the open market. These employment perks often help employees with life needs and expenses they might otherwise not have the means to afford. When establishing an employee benefits program it is important to assess your capabilities as an employer as well as your employees’ wants and needs.
According to the 2012 Mercer Making Smart Benefit Choices survey, which gathered data from over 10,000 international employees, employees value some benefits more than others. The survey findings indicate that when it comes to voluntary benefits, there are mixed reviews about what types of coverage workers prefer that their employers to offer. Some 38 percent of respondents indicated that disability insurance tops their list of insurance benefits they would pay for and thirty-four percent of respondents indicated that they would purchase life insurance. However the same survey also revealed that 22 percent of employees would prefer a $500 salary increase as opposed to 9 percent who would prefer a $500 healthcare premium reduction, indicating that cash in hand is higher on employees’ priority list than low cost or additional benefits.
While going without benefits may seem too much of a financial burden on your small business or medium sized firm, not doing so could hinder growth and employee retention in the long run. Choosing the right employee benefits plan for your operation requires careful analysis, planning and strategizing. At Sinclair Risk & Financial Management, we specialize in helping Connecticut employers do just that. We have developed a comprehensive branded risk management platform that integrates approaches to business insurance and employee benefits planning. Our CT employee benefits planning specialists will help you strike the right balance in offering employees a benefit plan that is attractive, diverse, customizable, and flexibility with your organization’s financial ability by spending smarter. To learn more about our Connecticut business solutions, give us a call today at (203) 265-0996.