Employers are having a tough time hanging on to quality workers. Aside from the costs of rehiring, your business’s bottom line is taking a hit due to the lower level of service your new employees can provide.
This is especially true in healthcare industry where quality of care plays an integral role in patient satisfaction and also may affect ratings for your company.
Employee benefits can give more value than salary increases for many employees and employers alike. Typically, superior employers offer more valuable benefit packages. It also positions your company as a “company who cares.” It is rare to find companies that have a toxic work environment yet are still offering a great benefit package. It’s an oxymoron!
As much as I heard all the hype about employee retention challenges, I wanted to witness it for myself. I have visited HR directors and SNF administrators in New Jersey who have all bemoaned staffing shortages and the constant search for quality employees. They believed that with a strategic benefit plan they would have a better shot at giving employees what they actually wanted rather than older, traditional cookie-cutter options that don’t cater to the modern demographic, or just don’t provide enough coverage.
Employees want to know that their employers care about them as individuals and as people.
Healthcare is the most important benefit to millennials and all demographics, according to a survey from Fit Small Business, a publication for small businesses. Employees would appreciate a retirement funding plan but they rarely are getting enough of an education in how to utilize them properly. Ancillary benefits including group life, dental and vision are all very affordable and immensely appreciated by employees. Offering your employees a significant life insurance plan, with options to increase benefits, is a nice perk and a reason for them to stay, as they are only insured as long as they are employed (can be a really great idea). While not that costly for employers it can give your low- and middle-wage employees a high dollar value for themselves.
It is equally important to have managers that know how to build rather than destroy. Having an involved HR team is crucial for a company’s survival. Employees value an open-door policy. Your employees should feel that they are a part of a team that they can be proud of.
In conclusion, I would like to leave the reader with three powerful quotes I have heard while researching this topic:
“Use the 200-year-old carrot/stick managerial methods that died with the invention of the silicon chip, or rethink it.”
“Benefit education is the key here. You can have the best benefits available, but if employees don’t know or understand, they can’t appreciate it.”
“Rethink employees. Rethink corporate structure. Rethink work. Rethink the process.”
Mark Herschlag is the founder and CEO of Cosmo Insurance Agency, which is based in Ocean County. Cosmo Insurance Agency offers personalized solutions for individuals and businesses looking to obtain health, life, dental, long-term care or disability insurance.
For more information or for a free, no-obligation quote, please call 201-817-1388 or email [email protected].
By Mark Herschlag