Choosing the right employee benefits can invigorate your company
VP, Employee Benefits
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As with any business, the success of your organization depends on the reliability and ambition of each of your employees. The benefits your company chooses to offer plays a critical role in the retention rate of your employees and the recruitment of top talent.
Determine the base level of coverage
When deciding on employee benefit offerings, employers must determine the appropriate base level of coverage to offer. Employees view benefits as an important factor when assessing a potential job, so think about offering the benefits that will attract the kinds of employees you want to join your team. For medical insurance, Gus Henderson, Vice President, Employee Benefits of The Bank of San Antonio Insurance Group, advises companies to consider different aspects of an employee medical plan.
"The implementation of a health savings account, flexible spending account, and even a health reimbursement account are all important options to weigh when thinking about what kinds of benefits to offer employees."
Four out of five employers offer basic insurance coverage to all employees, so you should too if you have the capability. Included in the plan is an employee option to "buy up" to higher coverage levels with their own contributions. Buy-up policies are still valuable from the employee perspective since employees effectively pay a lower premium than with an individual plan due to pre-tax benefits.
Important supplementary benefits
As an employer, offering supplementary benefits such as dental, vision, and disability insurance can give you a competitive edge in the hiring process. According to the Harvard Business Review, 88% of employees consider better supplementary insurance offerings when comparing job options, outweighing any other employee perk or benefit.
While dental and vision are typically viewed as extensions to medical insurance, disability insurance tends to be one of the least understood and most overlooked benefit offerings. Long-term disability covers loss of income for employees who are unable to work for an extended period of time. Short-term disability is a similar product that will cover a portion of an employee's salary for a shorter period of time. Offering disability insurance could be an additional motivator for your current employees and new hires.
Meet the needs of your team
It’s important to offer employee benefits and insurance products that fit the needs and characteristics of your specific business.
"A good group disability plan can be a great place to start when helping your employees protect their future."
The average employee on long-term disability misses two and a half years of work, but the length of such absences can vary widely based on the type of occupation or industry. If your organization operates in a high-risk environment, employees will greatly appreciate disability insurance offerings.
Finally, consider the existing and projected demographics of your team to better understand the types of benefit offerings that will best suit their needs. Evaluating what benefits are best for your employees is vital for the long-term success of your business. Companies with younger employees, for example, may want to consider benefits such as tuition reimbursement or even student loan repayment in addition to insurance offerings.
Vital partnerships and choices made clear
Knowing what choices to make about benefits can be difficult on your own. Hear how CEO of South Texas Spinal Clinic, Richard Hughes’ choice of insurance partner became a clear win for his employees.
"Our employee benefits program was one of the best decisions we made this year. Gus Henderson and his team at The Bank of San Antonio Insurance Group listened closely to our needs and acted quickly to deliver plan options that met our goals.”
Richard adds, “I highly recommend The Bank of San Antonio's Insurance Group to anyone who is in search of a better relationship with their employee benefits partner."
Our employee benefits team has the expertise required to deliver value to your organization and employees. To learn more about the importance of insurance products for employees, discover the Employee Benefits we offer or contact Gus Henderson today.