Nowadays, dangling an attractive salary in front of a prospective hire doesn’t always guarantee his acceptance of the position. Numerous studies have shown that employees are interested in more than a high salary or a competitive wage. They desire employee benefit plans in addition to their take-home pay.
Group Dental, Life, and Disability Insurance
An employee benefit plan that provides group dental, life and disability insurance will set you apart from the pack. Imagine a prospective hire who is offered half a dozen positions. Your offer includes a competitive salary along with an extensive employee benefit plan including life insurance, dental insurance and disability insurance. These added benefits are the “icing on the cake” that makes the difference between the prospect accepting your offer and deciding to work for one of your competitors.
Group dental plans can be employer or employee paid. They provide access to a quality network with elite services. Group disability insurance is necessary to replace an individual’s pay in the event that he becomes ill or suffers an injury that does not have a causal relationship to his workplace activities. Group life insurance provides employees with a priceless peace of mind. It allows them to rest easy, knowing their loved ones will be financially sound in the event of a premature death or dismemberment.
401(k) and Retirement Plans
Few employees have faith in social security to remain solvent. Even if social security remains solvent, its measly payments will not allow for a fulfilling retirement. Offer your employees a 401(k) and/or retirement plans and they will be much more inclined to meet their workplace potential. Plenty of employers don’t offer these benefits, making those that do that much more appealing.
Employees are tired of worrying about health insurance and whether an injury will obliterate their personal savings. You can make your company quite attractive to prospective employees and improve your employee retention rate by offering health insurance.
As time progresses, more health insurance companies are pulling out of the Affordable Care Act. Health insurance costs put a serious crimp in the average employee’s budget. Make their life simple by providing health insurance through an employee benefit plan. Such an affordable plan will provide employees with access to all sorts of medical benefits and providers. This is the perfect “carrot” to dangle when attempting to recruit talented employees who are likely to field multiple employment offers.