Connecticut Employee Benefits: What Employees Want
The future isn’t as important as right now. At least that’s what employees are saying about their employee benefits.
When given a choice, employees chose short term benefits over ones with long term value. New survey data reported by Employee Benefit News showed that in a poll of 10,400 workers from ten key markets around the world found that salary increases and an extra week of paid time off were among employees’ top three employee benefits choices.
Today, many companies are emphasizing flexibility and choice in their plans. Rigid benefits plans don’t fit all employees- they are not a one-size-fits-all solution. An older worker might care more about the cost of hospital stays or choice in medical doctors. A young mother might be more interested in flexible work hours or increased paid time off.
As employers increasingly offer greater flexibility and more varied options of employee wellness and employee benefits programs for their employees, the challenge of maintaining the right balance between shorter and long term value of the benefits falls to each individual. And, according to the survey, most choose to reap the benefits immediately.
The purpose behind this? Increase employee retention. According to Reuters, the cost of replacing a single employee can be as much as 150 percent or more of their annual salary. Recruiting, hiring, and training replacement costs add up quickly, not to mention the loss in productivity. Strong benefits plans are a great incentive to retain employees. Especially in the tumultuous economy, nearly half of employees surveyed indicated they were counting on their employer to help them achieve financial security.
Sinclair Risk & Financial Management, founded in 1971, is one of the largest independent insurance agencies in Connecticut and one of the largest nationwide. Our comprehensive, consultative approach to risk is part of everything we do – whether it’s implementing Connecticut Financial Management or Connecticut employee benefits for companies, or providing coverages to families and individuals. Contact us today for more information. (877) 602-2305.