When someone mentions Employee Benefits we immediately think of Health, Dental and Vision insurance.
Sometimes we may include group life and disability programs. And yes, those are important parts of an employee’s benefits program, but a well rounded benefits program goes way beyond the obvious.
A company’s well-rounded benefits program should consider investment opportunities for the employee, such as 401Ks. Health Savings Accounts, and Flex Spending Accounts could be an important benefit for employees with families. An effective PTO (Personal Time Off) policy can ensure that your employee functions at their highest capacity. A happy employee is a hardworking and highly effective individual, who will always make your company look good.
We all know that the pandemic has created issues within our workforce never seen before. While many are happy to be working from home without having to commute, they are also working longer hours. Some employees may not be so happy with working from home, only because they desire an office environment where they can exchange ideas with coworkers. Whether working longer hours from home, or the employee who yearns social interaction in the workplace, mental health has become a great concern for many companies as their employees are taking more PTO time to deal with this very prevalent issue. While prior to the pandemic a good Wellness Program would incorporate exercise, good eating habits, and weight loss, today’s wellness programs must include ways to help the employee deal with the stress of work life as well as personal life. In our current environment these lines may be blurred. Think about putting mental health at the forefront of your wellness program.
Finally, Health, Dental and Vision programs have always been equally as important to the employee and their families as any other benefit, especially with today’s rising cost of medical care. But is it affordable to the average employee, that is a question an employer must ask. While the law requires that the employer contribute no less than 50% of the employee’s premiums, that may not be sufficient for the employee to afford a viable health program, which means the employee may opt out of the employer sponsored program. Realizing that the average employee may not be able to afford participation in their health program, many companies have chosen to increase their contribution to 80% or even 100%.
Whatever your company decides to do about your employee benefits, just keep in mind that the most important person in your organization is your employee. Yes, clients are important, but without your employee client retention could be at stake. In my opinion, along with an effective HR partner, every company, regardless of size, needs a professional Health Insurance agent who has partnered with an equally professional Financial Advisor and CPA who will offer you the tools that you need to successfully retain employees who will in turn help you to retain clients, and help your business grow.