Employee Retention and Connecticut Group Benefits
In Connecticut, group benefits are a valuable consideration for most employees. In fact, benefits can be even more important than advancement opportunities, company culture, and other perks in fostering employee loyalty. That’s important to consider while going through the process of recruiting new employees, which often means investing a massive amount of your company’s time.
Benefits are less expensive than many people think
Health insurance is now certainly more affordable for small businesses than it’s been in recent years, due to new offerings under the Affordable Care Act. Your company can stand out from the competition by offering any and all available benefit options (only 28 percent of businesses with fewer than 10 employees offer health insurance).
By doing so, you’ll be giving your company a recruiting edge. If you’re convinced that you should provide your employees with solid group benefits, there are certain things that your company needs to consider:
1. Start with the basics
You want a healthy team that won’t undergo personal financial strain and you can accomplish this by providing health insurance and disability insurance. Once your business becomes financially stable, you can then add retirement contributions, gym memberships, catered lunches and the like.
2. Arrange for a solid group health-insurance plan to keep costs down
Often, new employees may be relatively young and healthy. For them, a bronze- or silver-level plan is appropriate (usually premiums will run $200 to $300 per employee per month). Find a plan that makes people stick to a network (an HMO or EPO), which will help keep your costs down.
3. Disability insurance is important to many employees
Employees, particularly those with families are concerned about the possibility of not being able to provide for them. You can offer short-term and long-term disability insurance, which pays a cash benefit if an employee is unable to work as a result of injury or illness.
Connecticut group benefits can be vital to employee retention. Speak to a reputable agent today about any concerns or questions.