Employee Benefits Increases Retention

Employee Benefits Increases RetentionEmployee Benefits Increases Retention

Employee benefits plans offer great resources not only to the employee, but can hugely benefit the company as well.

According to Employee Benefit News, employers that provide and market comprehensive benefits packages improve employee performance and productivity, attract new workers, and boost worker job satisfaction.

According to a research survey by a national insurer, top HR business challenges were controlling healthcare costs, increasing worker productivity, and retaining employees. Healthcare and retirement benefits give employees peace of mind knowing they are taken care of.

Overall, the workplace feels underprepared. Only 29% of employees feel their goals and dreams are financially protected, 28% feel prepared for retirement, and 46% don’t feel prepared to pay out-of-pocket expenses. Only 44% felt protected by their current insurance coverage.

If employees don’t feel secure, they will find employers who can offer that sense of security. 49% of employees said they are likely to look for another job. On the flip side, 61% were more likely to accept a job with less pay but better benefits. Furthermore, of employees who were “extremely” satisfied with their benefit package, 73% reported job satisfaction.

The driving force behind reaping the rewards of a strong employee benefits plan? Communication. Only 38% of employees believe that HR communicates effectively about benefits (there is a clear disconnect- a whopping 92% of employers think their company communicates effectively). Employers can offer great plans, but lose out on the benefits simply because employees are not aware of them.

As a business, you want to give your New Jersey employees the peace of mind that only comes with new jersey group health and life insurance. Such coverage can be a large expense, but the alternative (low retention, employee suffering, absenteeism, etc.) can be even costlier. Group health policies are major factors in increasing employee morale and retention. At Vreeland, we can offer you a plan that fits your needs. Because we’re independent agents, we can offer you a choice of the best, most affordable plans around that fits both your needs and your budget. Contact us today for more information about our New Jersey Employee Benefits programs – (877) 755-3767

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