In today’s professional world there is one sure way to attract quality job candidates and make them want to stay around once you’ve hired them as employees—a great package of benefits. The Employee Benefit Research Institute performed a study which found that 86% of workers found health insurance benefits to be one of the most important considerations. Employees don’t just hope for benefits now, they expect them, and that means employers who are serious about hiring a quality team need to make benefits a priority.
Even small businesses and entrepreneurs must consider benefits
Perhaps, in days past, only large employers in specific industries were the only ones expected to provide benefits, but this is no longer the case. It is now imperative for employers of all shapes and sizes to find a way to provide benefits for their employees, and this can be a difficult prospect at first. Difficult or not, the fact is that providing employee benefits does boost employee retention. In a survey by Towers Watson, it was found that 46% of the respondents said health benefits were an important part of their decision to work for their employer, and 55% of participants said that benefits are a good reason to continue working for their employer.
A big reason employee benefits used to be almost solely offered by large companies in specific industries is because it can be a very costly business concern. On top of that, it can be a struggle to find the right package to offer. Most teams of employees contain a great variety of people with very different sets of needs, so providing one blanket package for everyone may not work so well. However, trying to provide multiple plan options can be difficult too, so the question is, how can small or non-traditional businesses offer competitive, attractive benefits while still turning a profit?
Customizable benefits plans offer creative, viable solutions
Traditional benefits may not always be the best choice for employers, but they still need to offer benefits. For this reason, many employers are turning to more creative options that allow employers and employees to get the best possible results. There are ASO plans that cover administrative services only, which means that employers only pay for what the employees actually use. Combined with a health spending account (HSA), which is an account employees can pay into to provide for future health needs, the cost burden can be shared by employer and employee while still providing excellent care.
Employees have become much more active in the sphere of health benefits because they are aware of their importance and eager to participate in making decisions about their own plans. Employers who can offer this power and control may present a very desirable option for employees. While HSA options do come with a higher deductible, they come with a lower premium to help balance the cost and make them more affordable options.