Although expensive, there are many intrinsic benefits to providing your employees with a comprehensive benefit plan. For most, it is the ability to find and keep highly qualified staff that is the key driver. With the sector being highly competitive and the number of new employees entering the workforce dwindling, employers are challenged to become even more creative and responsive in the design, timing and generosity of their benefit plans. The more progressive the organization, the more flexible the structure is in response to today’s challenges: i.e. like having four different generations of employees working side by side. Employers who continue to provide the more traditional and limited program, may find it more difficult to find and keep different types of employees.
Here are just a few of the advantages of offering benefits to your employees:
- Employees can experience a peace of mind which leads to increased satisfaction by being assured that they are their families are protected in any mishap
- Employees with personal life and disability insurance can enjoy additional protection including income replacement in the event of serious illness or accident
- Employees can feel a sense of pride in a well-rounded total compensation package.
- By providing increased access and flexibility in employee benefits, employers can not only recruit but retain qualified employees
- Employee benefits have been proven to improve productivity because employees are more effective with they are assured of security for themselves and their families
- Premiums are tax deductible as business expense
- Most employees consider health coverage to be the most important employee benefit. It’s also an attractive benefit for an employer to offer, since the cost is tax deductible. Surveys have shown that offering health insurance increases retention, improves recruitment, and lowers absenteeism. However, not all insurance plans are an equally good bargain for a business.
Contact us for help evaluating coverage, network efficiency, benchmarking tools, compliance tools and contribution strategies.
Investigating the Insurer
At The Cleveland Company we only work with reputable insurers. This is one of our responsibilities and we take it seriously. We only work with insurer that we care confident that, though experience, will be easy to work with and pay claims efficiently and fairly.
One of the things we do the best at The Cleveland Company is help our clients understand the myriad of Employee Benefit options and discover solutions that keep costs reasonable while offering competitive benefits programs that attract and retain your best employees.
“Navigating the minefield of insurance has been made so much easier by working with the team at The Cleveland Company. We are a small company and feel much more confident about our insurance decisions with the coaching we receive from The Cleveland Company. Every person we have dealt with has been helpful and so practical, boiling down the plethora of technical information down to key points that pertain to us.”
Joyce Mattson, CEO Learning ZoneXpress
As always, if you want more information just call us.
P.S. If you haven’t already, take a minute to view the Simplicity video on our home page. It’s a new insurance product offering that may refund some of your premium.