It’s pop quiz time, students! How well-versed are you on employee benefits?
In this last SOGO Summer School Lesson, we’re talking about one of the most talked-about subjects when it comes to attracting, recruiting, and retaining talent in the current San Antonio hiring market. These days, employee benefits go way beyond just company lunches and holiday parties. As a business owner, you know you need to take care of your employees in order to keep them, but are you fully covered? If you don’t have a competitive benefits package, you’re going to lose out on primo talent. According to the American Institute of CPA (AICPA) in a 2018 study, “80% of workers would keep a job with benefits rather than take one that offered more money with no benefits.”
Group Health Benefits
Of course, when anyone talks about employee benefits, the first type that comes to mind is group health insurance. The Employee Benefits Research Institute (EBRI) released a study, revealing that 83% of employees say “health insurance is very or extremely important in deciding whether to stay in or change jobs.” There are several varying factors that help us figure out what type of group health insurance is best for your company, and our agents are here for you to discuss every scenario based on your precise needs. Bonus points for offering group dental insurance and group vision insurance, because healthy employees are less likely to take time off due to subtle but serious health concerns.
Contractors and Insurance
San Antonio is home to several manufacturing, construction, and contracting businesses, so disability insurance is something business owners should consider. Workers need to know that they can protect themselves and their families from income loss if they get injured or become sick. No one really loves to talk about Accidental Death and Dismemberment insurance, but it’s a necessary policy to consider if your employees will need the extra coverage beyond workers compensation, just in case of a severe accident or death on or off the job site that your company manages.
Help your employees by taking the hassle out of saving for healthcare by providing a flexible spending account (or FSA) that allows employees to set aside non-taxable funds for everyday health-related expenses and prescriptions. Employers can make lump sum contributions, letting your employees know in advance that you’re investing in their wellbeing, which will return to you in loyalty and effective production.
Even if your business isn’t quite financially ready to take on health insurance for your employees, SOGO can help with even more types of coverage that make perfect sense for your business. Group voluntary benefits provide an excellent option for your employees to receive premiums at a “bulk rate,” at no cost to the employer.
It’s finally time for SOGO Summer School graduation, so move that tassel from the left to the right. SOGO’s agents are all about continuing education, so stay in touch with them this summer. They can help analyze your current benefits situation you have in place, and what employee benefits you might be missing. Click around on our interactive page to see how you can benefit from several types of insurance.
In case you missed it: “Summer School Lesson 2: Risk Management” will connect you with an agent who is ready to help you analyze corporate risks and create a mitigation plan that’s just right for your business.