The cost of healthcare and retirement plans may be rising, but resist the temptation to eliminate employee benefit solutions for your team. Simply put, if you want to recruit and retain top talent, employee benefit services are a must.
In a tight job market, the more competitive your employee benefit solutions, the more likely you’ll get the best candidate. Fail to offer many – or any – employee benefit services and you put yourself at a disadvantage. Even if you find a candidate willing to take a job without benefits, it’s unlikely he or she will stay with your company for any length of time.
Leverage employee benefits providers or brokers to keep your costs low
The good news is that there is help available to keep your costs as low as possible. Many employee benefits providers offer benefits solutions for nearly every price point. Additionally, many will bundle multiple lines of coverage at a lower cost.
Often, employers choose to work with brokers to find the right mix of employee benefit services for their team. These consultants make it easier for you to shop around for the best price across medical, dental and retirement plans rather than calling employee benefits providers directly. Brokers can also help you educate your employees on the costs and features of various programs. Not only does this help employees pick the right employee benefit services for their needs, but it also keeps your costs low by ensuring that employees don’t buy benefits they don’t need.
Finding employee benefits solutions that work for you and your team
Many employers are also keeping costs low with the help of health savings accounts (HSA). These plans allow employees who are enrolled in a high-deductible health plan save money for future health expenses without paying taxes at the time of deposit. If you can’t afford to offer employees the most all-inclusive health plans available, HSAs are an attractive alternative.
Employee benefit services worth the stretch for you and your team
Although employers in most states are only legally obligated to offer workers’ compensation insurance, that shouldn’t be the only benefit you provide. After all, if you don’t offer health, dental and retirement plans, you can be sure your competitors will. The goal is to find the right mix of employee benefit services that keeps your team happy and doesn’t break the bank.
Sponsored content was created and provided by RBS Citizens Financial Group.