How According to a Research Now survey, the top HR business challenges were controlling health care costs, increasing worker productivity, and retaining employees. It takes significant time and resources to train employees- high turnover rates can be a huge cost for a company.
Health care and retirement benefits plans can help all three challenges. They give employees peace of mind so they can focus on their jobs. Healthy employees reduce absenteeism in the workplace, and increase productivity.
So what is the key to achieving ROI in your benefits plans? Communication. Companies not only have to provide the benefits, they must market them well to engage employees so they use and can appreciate them. 92% of employers say their company communicates their benefits plant effectively. Yet only 38% of employees agree with that assessment. Good benefits communication is an additional tool that can help boost employee retention.
Failing to communicate benefits to employees can have financial ramifications. Employees don’t take advantage of benefits either because they are unaware or don’t know how to utilize them- this can increase turnover costs.
If employers don’t provide for employees’ security in benefits, they will seek other employers who do. In fact, 61% of employees are likely to accept a job with lower pay but better benefits. Job satisfaction also correlates strongly with employer-provided benefits packages. Of employees who reported being satisfied with their benefits, 73% reported job satisfaction as well. That number plunges to 33% for those who reported being not satisfied with their current benefits plan.
As a business, you want to give your NJ employees the peace of mind that only comes with group health and life insurance. Such coverage can be costly, but the alternatives can be even costlier. At Vreeland, we place a high priority on getting you the New Jersey group health insurance & life insurance protection you need to cover your employees. Contact us today for more information.
Source: Benefit News