An estimated 10,000 baby boomers are retiring every day and a smaller number of Generation X and Millennials are entering the workforce to fill positions. What this means for business owners is the market for skilled workers continues to tighten and companies are looking for a competitive hiring advantage, using employee benefits are a lever to attract and retain talent.
- According to MetLife, 57 percent of employees would stay with their employer if their benefits improved.
- 78 percent or workers say the benefits package is crucial to their decision to accept or reject an offer of employment.
Forget a “One-Size-Fits-All” benefits model, it is now all about customization. So, the question is how to create a benefits program that allows for individual employees to have the benefits they need or want. The answer is voluntary benefits that allow employees to choose the benefits that help them meet their personal goals, such as;
- multiple health plan selections
- critical illness plans,
- long-term and short-term disability,
- cancer plans,
- pet insurance,
- personal pension plans (designed using indexed annuities).
If your company is not offering a mix of benefits that enhances your employee engagement you run the risk of employees leaving for a company that does. Reach out to an insurance broker like Thomas & Associates that will help you plan, design, implement your benefits plan.