It’s finally happened, COVID-19 cases are officially beginning to turn around. States are opening up, most businesses are slowly being allowed to operate with some normalcy, and people are becoming more and more comfortable living “normal” lives again. Let’s hope and pray this trend continues! So how does this affect you from an employer perspective when it comes to the employee benefits you have for employees?
If you’re like most employers, you’re a small-to-mid-sized employer (3-50 employees), with limited funds available to apply to employee benefits, and you’re just coming off a ROUGH first half of 2020. You likely are juggling ten different problems right now, and at the bottom of that list is employee benefits.
But what if you could actually use employee benefits to your advantage? What if you could leverage employee benefits to help your business save money (not in a “over the course of two years” sense, but in a “literal, bottom line, see the difference in a month” sense)? What if you could use employee benefits to GROW your business with the right team? Believe it or not, employers are doing this every day with – here’s how:
Saving money for employee benefits
What are you currently paying for your group health insurance plan? In all likelihood you cut a check to a insurance company for around $500-$1,000/employee each month, AND that dollar figure is increasing every year at renewal time.
Contrary to what your broker might be telling you, businesses today have WAY more options than the traditional group health insurance plan. They exist, and guess what – employees LOVE it! Not only that, most employers are instead paying between $50 – $200/employee. AND the employees are also paying WAY less than on a traditional health plan.
What could you do with an extra $450-$800/employee each month to invest in other areas of your business? If you fall into this category, reach out to us and we’ll evaluate your current situation and see if we can save you some MAJOR money.
Growth – Curving Turnover and Increase Competitiveness
Whether you want to admit it or not, employee benefits matter to your employees. Maybe not 100% of your employees, but after the eye-opening COVID-19 situation, I’m willing to bet a competitive benefits package is something the majority of your employees would appreciate. Not only that, but we’re coming off one of the longest and highest unemployment stretches in history. Businesses are re-opening, starting to hire again, and many employees are pulling the curtain back to see what else is out there.
If you’re sitting down with a candidate you really want to hire, and they ask you “tell me about your employee benefits,” what is your response? Are you excited because you KNOW what you offer is better than the competition? Are you nervous because you know your employees don’t love their benefits? Or are you really nervous because you don’t offer anything?
Employees WANT a strong benefits package. In fact, studies have shown that a majority of employees would rather work for a lesser wage and a stronger employee benefits package than for more money and weak benefits.
You don’t need to invest thousands of dollars to provide a strong employee benefits package. You just need to be intentional about what you provide and work with a broker who has your best interests and a has a working knowledge of the market to make it happen. This is something we’re helping our employer clients accomplish every day, and the results have been amazing.
Again, if you fall into this category, give us a shout! Don’t wait until the end of the year. Don’t wait to see what happens with the market. Call now. I promise it will be a minimal investment of time and you’ll be better off than you were before.
Stay healthy and KILL IT in Part 2 of 2020!