Did You Know That Competitive Health Coverage Is the Best Way To Attract High Performers?
Most people have an idea of what their dream job or dream employer is like. Workers also know the perks that come with having Fortune 500s on their resume, especially in key positions. When vacancies open up at these companies, competition is stiff and high performers move to the head of the line. However, many high performers are now looking at smaller businesses that offer great employee benefits and more flexibility.
Preparing for Greater Competition
Unemployment rates are at an all-new low in America. NBC News reports that at 3.69%, the unemployment rate hasn’t been this low since the end of 1969. This is great news for employees as it increases their bargaining power. The recent move to increase the minimum wage also means that many people saw an increase in their wages all across the country at the start of the year without needing to change jobs or get a promotion.
Because there are fewer people prowling the job market, companies have to try a lot harder to tempt workers away from their current jobs. The competition for finding, attracting and holding on to top talent is especially difficult for small businesses. How do they compete with the larger salaries and prestige that big companies can afford to offer? Using group health insurance to provide stellar employee benefits is the easy answer.
Noting Health Insurance Trends
Ultimately, how you structure your compensation packages will be affected by how your competitors do the same. Take a look at some of these health insurance trends:
Annual health insurance costs rose by $6,936 in the 10-year period leading up to 2018, while employer contributions rose by $4,744 during that same period.73% of small firms offer some degree of health insurance coverage, compared to 94% of large firms.3% of small firms cover more than 50% of insurance premiums compared to just 1% of larger firms.Employees are more likely to stay with companies that offer desirable health insurance benefits.
Offering Health Insurance at Your Business
When considering health insurance, just offering any old plan won’t do. The coverage type you offer and how much you contribute to the expense helps to decide whether it’s desirable to employees or not. Consider the following tips below:
Research what your direct competitors for each job position are paying in the local area and try to either match or beat their offering.Purchase group health insurance to pay and offer reduced premiums based on the “bulk purchase” savings.Choose a health insurance company with a high satisfactory rating from current customers.If you’re unable to contribute 50% or more to insurance premiums, consider partnering with a local gym to offer complimentary membership for employees.Consider contributing 50% or more to the cost of insurance premiums for key personnel in the highest positions as, ironically, higher earners have fewer alternative health insurance options.When you post job ads, be sure to highlight your health insurance offerings, so people know that health coverage is available.
Getting Started
Are you ready to get started? Contact Sackett & Associates Insurance Services to learn more about the best group health insurance plans on the market.
