Have you read this fall’s employment headlines? Amazon.com announced that it was raising its minimum wage for employees to $15 per hour. While saying that the move was in response to criticism, many commentators believe that the wage reflects the realities of a competitive hiring market. Additionally, the Bureau of Labor Statistics reported in October that the unemployment rate in September declined to 3.7%. Meanwhile, Kiplinger’s David Payne is predicting that less than 200,000 jobs will be created in each coming month “because of the scarcity of workers.”
In other words, employers may want to expand their operations but won’t be able to find the workers to do so.
How is your organization planning to compete in the midst of this talent shortage?
According to several surveys, offering a robust selection of health benefits might be your secret weapon.
Employees and job seekers value employer-sponsored health benefits
In Employees Are More Likely to Stay If They Like Their Health Plan, SHRM’s Stephen Miller writes that “employer-provided health coverage is important for recruiting, but even more important for retention.” Miller cites a 2018 report prepared by America’s Health Insurance Plans (AHIP), which indicated that 46% of applicants considered health insurance a deciding or positive factor when choosing a job. When deciding whether to stay with their current employer, 56% of those surveyed considered health benefits a key factor.
Additionally, a 2017 survey by Fractl revealed that health, dental, and vision insurance topped most job seekers’ lists of important benefits.
Working with your health benefits administrator, you can ensure that your benefits offerings are always up to date. Your administrator can also help you communicate your offerings to current and existing employees. If you are offering a great benefits package, you’ll want to make sure your employees are aware of it!
Offering employees options when it comes to health benefits boosts your EVP
When it comes to what employees want in a health benefits plan the answer is choices. Not every benefit is right for every employee.
Offering more than one employer-sponsored benefit plan increases the chances that each employee will find the plan that works for them. Being known for providing comprehensive health benefits also enhances your Employee Value Proposition (EVP).
For example, the results of SHRM’s 2018 Employee Benefits survey revealed that a growing number of employers are offering both traditional and high-deductible benefits plans to employees. Just 5% of respondents in the SHRM survey reported offering only high-deductible plans.
Why is it important to offer employees options? Because employees’ needs vary by life stage and financial status. Your younger employees may want a minimum coverage/minimum cost plan while older employees want a comprehensive, yet affordable plan. Wellness, preventive care, and prescription drug coverage needs will vary as well.
Offering a selection of choices to employees means that each employee feels that his or her needs are valued by your company. And, making those choices available is easier to do when you are working with a trusted benefits administration partner that can guide you to a selection of benefits plans that fit your budget and needs.
Is your health benefits administrator up to the task? A good health benefits administration company can help you present your employees with a full menu of options for their health needs while keeping your costs under control.
Team up With a Health Benefits Administrator and Win the Talent War
Are you ready to take on the competition by offering a selection of health benefits plans that show your employees you care about their physical and financial well-being? Talk to your health benefits administrator and find out what’s new in employer-sponsored healthcare, then choose the package that’s right for your organization.
If you’re not sure where to start, give us a call! We offer health benefits administration, payroll processing, recruitment services and more to businesses throughout the state of Utah. We’d love to help you beat the competition.