How attractive is your organization? That might seem like an unusual question, but it isn’t really. Employee benefits can play a significant role in employee recruitment and retention. It’s a fact that many businesses are rediscovering. Unfortunately the recent economic decline has taken a toll on benefit packages offered by employers.
Take a look at a couple recent findings on this issue:
—A Gallup poll found these results – “Employer-sponsored health insurance is one of the main pillars of the $2.6 trillion U.S. health care industry. But companies have increasingly scaled back benefits and raised employee charges to cope with health care costs that are rising sharply despite anemic economic growth.”
—An article on ebn.benefitnews.com had this to say on the matter – “Many companies were forced to scale back their total compensation packages during the height of the recession and benefits were not spared those cutbacks,” says Amy Kaminski, director of marketing for Compdata Surveys. “Now, as companies are looking to expand their workforce again, they realize the need to offer a wide range of benefits in order to remain competitive in attracting and retaining top talent.”
Clearly, organizations offering the best total compensation package – including employee benefits – will be in position to recruit and hire the most qualified employees. Do you know what benefits your employees value most? Are you certain that your program is competitive with other employers in your industry or your area? Do your employees appreciate the value of the benefits you provide?
If you can confidently answer YES … congratulations! If not, maybe it’s time for a strategic review of how you will compete for talent in the coming months and years. With so many organizations now looking closely at their existing benefits packages and pricing, this is actually a great time to review your employee benefits and your strategies. In-force carriers are focused on retaining existing clients and are willing to negotiate, so competing carriers are very aggressive in their pursuit of new business.
This is where Schwartz Insurance Group can save your organization a lot of time, research and money with up-to-the-minute industry information and cost-lowering strategies. Contact us today to review your current coverage and discuss negotiating lower rates and better benefits for your employees.