Do you want to know how to keep your best employees happy?
Running a business is tough work, and that includes finding ways to keep your employees satisfied. But here’s the thing…
It’s not all about offering more money.
In fact, according to recent data, as many as 72% of professionals claim that more work benefits and perks would make them more satisfied in their current roles.
Here’s the kicker: too many companies are wasting money on the wrong things, like pizza parties or casual Fridays. Meanwhile, the employees they’re trying to satisfy would really just prefer to receive adequate coverage from benefits that will truly enhance the quality of their lives and protect them against health, family, and financial risks.
Here’s what you’ll discover:
- Why Employee Benefits Insurance Services Are Game-Changers
- How The Right Benefits Package Boosts Employee Satisfaction
- Top Benefits That Actually Make Employees Stay
- Building Your Perfect Benefits Strategy
Why Employee Benefits Insurance Services Are Game-Changers
Offering employees great insurance services isn’t a perk. It’s a business necessity.
And if you’re not providing the right benefits for your people, you’re going to end up hemorrhaging talent to your competitors who are.
Here’s why this is so important:
According to the most recent statistics, healthcare plan costs went up by 6.4% in 2023 alone.
That means more and more employees can’t afford to even take care of their own healthcare needs, let alone provide for their families, without some serious help.
Offering health insurance for small business employees isn’t just a nice thing to do, it’s necessary for building a sustainable organization.
When your workers don’t have to worry about their medical bills eating up all of their paychecks, they’re going to be able to focus on doing their best work. Simple as that.
How The Right Benefits Package Boosts Employee Satisfaction
Want to know the best way to keep your employees happy?
Some research from the University of Warwick found that happiness made employees 12% more productive.
The key thing to note, however, is that it’s not all about the money.
The study also revealed that 83% of employers think their workers are satisfied with the benefits packages, but only 60% of employees report feeling any level of satisfaction. That’s a huge difference that’s costing your business talent and productivity.
What’s more, the most successful companies know that the foundation of employee satisfaction is a good benefits insurance package. When people feel like their employer has their back, they’re naturally going to want to do a better job and work harder to repay the favor.
Research shows that the following areas have the biggest impact:
- Health Insurance Coverage: 67% of employees and employers both said this was the most essential benefit to offer
- Mental Health Support: 33% of employees view this as their top benefit need
- Work-Life Balance Programs: 74% of workers said a good work-life balance was their most important priority
Top Benefits That Actually Make Employees Stay
Let’s break down the types of benefits that actually generate loyalty and satisfaction…
Medical Insurance That Actually Works
It’s no longer enough to offer basic health insurance coverage. People want more, and they want to know that if something happens to them or their families, their employer has got their back.
The areas they’re looking for include:
- Preventive care and regular checkups
- Emergency medical situations
- Prescription drugs
- Mental health services
The statistics back this up. According to recent statistics, as many as 80% of workers 43 years and older are actively seeking new jobs with employer-sponsored healthcare benefits. If you’re not offering this, you’re likely automatically written off by most mature workers.
Dental and Vision Coverage
You might think these “minor” benefits are not worth paying for, but that’s a mistake.
Both of these areas can add up to substantial savings for your employees if they have coverage and are yet another way to show your staff that you care about them and their families.
According to data from the Kaiser Family Foundation Employer Health Benefits 2023 Annual Survey, 43% of private industry workers have access to dental benefits through their employers, while only 28% have access to vision coverage.
Adding these two perks to your package will immediately set you apart from the majority of companies.
Disability Insurance Protection
Here’s something that most employers completely overlook…
Disability insurance is one of those benefits that employees hope to never have to use but are incredibly thankful to have if they need it.
The smart strategy includes:
- Short-term disability insurance
- Long-term disability insurance
- Life insurance coverage
Small businesses are driving growth in this area of benefits. According to the Employee Benefits Research Institute, basic life insurance has increased by 14.5% and basic disability insurance by 12.4% over the past year.
Flexible Spending Accounts and HSAs
These are tax-advantaged accounts that let employees save money on healthcare costs while simultaneously lowering your payroll taxes.
And it’s free for you to offer them.
Here’s how they work:
- Employees set aside pretax dollars from each paycheck
- They then use this money to cover qualified medical expenses
- Everyone saves on taxes
Building Your Perfect Benefits Strategy
Okay, so you want to put together a benefits package that will actually help you retain employees?
Great. Here’s how to do it:
Start with the basics:
Get your core medical coverage right first and foremost. Partner with trusted and experienced employee benefits insurance services that understand your industry and can design plans that work for your budget and your employees’ needs.
Add on the extras people actually want:
Don’t try to offer the same things that everyone else does. Survey your employees, ask them what they want, and look at the data.
Only 13% of workers say they are completely satisfied with their current benefits package. That’s a big opportunity for you to do better.
Focus on areas that have a high impact, like:
- Comprehensive health insurance with reasonable deductibles
- Mental health and wellness programs
- Flexible working arrangements, where possible
- Professional development and learning opportunities
- Family-friendly policies and benefits
But remember…
The best benefits package in the world won’t do any good if your employees don’t understand it.
Take the time to explain clearly what you offer and how they can use it. You’d be surprised how many companies spend a lot of money on great benefits but then fail to educate their employees about them.
The Implementation Game Plan
Phew, you’ve made it this far. Now let’s break down the actual game plan for implementing these strategies:
Phase 1: Assess Your Current Situation
- Review your current benefits
- Survey your employees’ satisfaction levels
- Identify the biggest gaps
Phase 2: Research Your Options
- Get quotes from multiple insurance providers
- Compare the features and costs of different plans
- Consider hiring a benefits consultant to help
Phase 3: Roll Out Your New Benefits
- Clearly communicate the changes to your employees
- Provide training on how to use their new benefits
- Monitor usage and satisfaction levels
Wrapping It All Together
Maximizing employee satisfaction with the help of comprehensive benefits insurance services is about so much more than checking a box.
It’s about creating a work environment where your people feel appreciated, respected, and motivated to do the best work they possibly can.
The statistics clearly demonstrate that employees who receive quality benefits are more productive, more loyal, and more likely to recommend your business to others.
The question is, are you willing to invest the time and money to build a benefits package that will attract and retain the top talent? If you are, the best companies in your industry will struggle to keep up with you.
