As if planning employee benefits annually isn’t already challenging in itself, the pandemic has made it even more difficult for employers to pull off. However, given the realities your employees are facing, it’s necessary to invest in an insurance plan that will provide everybody with the worker’s compensation that they need.
Offering good benefits is one of the best ways to retain good talent and a key factor in employee satisfaction. It can also help your recruitment scheme if you have a more competitive benefits package!
If your planning for next year’s benefits has just gone underway, then here are some tips you may want to consider with reputable insurance companies for better benefits to offer come 2021.
Try Not to Cut Any Benefits
Though it might be tempting to cut out some benefits, especially given the difficulties faced by many businesses now, employers would take a huge hit from their employees by doing so. Benefits like health insurance, for example, are heavily depended on and asked for by employees. If you’re going to review your benefits scheme, then keep the most critical ones, like health insurance and workers’ compensation insurance!
Workers’ compensation insurance is especially valuable to employees because it can provide them with wage benefits if they are injured or become ill at work. These wages will vary by state, with both parties, the employer and the employee, having limitations depending on the insurance policy purchased by the company. There are many more examples of essential benefits that your company should continue to offer in addition to the workers’ compensation benefit that will keep your benefits scheme competitive and valuable.
If the business truly needs to cut down on expenses, then you might try pivoting the types of benefits already offered. For instance, businesses may opt to omit the transportation allowance during the months where everybody is still working remotely but offer a shuttle service from specific points for those who need to come into the office. It’s essential to make it clear that no benefits are being taken away, just modified given the circumstances!
Provide a Favorable Benefits Package
Since many people have gotten laid off due to the pandemic, there have been many opportunities and challenges for both applicants and recruitment officers. These days, applicants are a lot pickier with compensation packages, and they view them differently than before. It’s no longer about who can pay the most but rather who has the most to offer!
A trend that has picked up, especially during the pandemic, studies show that employees are willing to sacrifice a dip in their basic salary for more comprehensive benefits. Employers that can provide a good combination of a good salary with an even more competitive benefits package with the right insurance company are sure to attract top talent.
Follow the Trends
Benefits are never static, and these are dictated by what the employees need. Their needs have shifted from requiring more home-office flexibility to mental health services, digital resources, and telehealth choices—all of which are directly related to the current pandemic!
Mental and telehealth services have become increasingly vital given the amount of stress workers face daily, which is typically due to the ongoing situation of the world, adjusting to different work arrangements, and juggling work-life balance. Many people are also adjusting to a completely remote way of working, with technological difficulties making their work even more challenging than before. Providing digital resources to make it less frustrating for them can help significantly.
Conclusion
Your compensation and benefits policy is one of the most effective ways to maintain a good relationship between you and your employees. By prioritizing their wellbeing and considering the right benefits for their circumstances, they will feel cared for and listened to. This will boost employee morale and kick up productivity, even during these unconventional and trying times. By partnering with the right insurance provider, you’ll be able to provide your personnel with just what they need without hindering your business’ growth.
Here at the Quesurance Group, we provide our clients with the opportunity to protect their financial future and protect risk. Whether it’s workers’ compensation, small business insurance, or homeowners rental insurance, we’re the insurance company that can get you everything you need! Get a quote for one of our insurance policies today.
