How advisors can resolve the benefits dilemma for small businesses
Unlike some perks from pre-pandemic times, non-insured benefits are an equalizer whether employees are in the office, working remotely, or on a hybrid schedule.
Employees are leaving in waves for better pay and benefits in what’s being referred to as the “Great Resignation.” While large corporations may have more room in their budgets to entice prospective hires with extensive mental health services or student loan repayment programs, it’s the small and part-time heavy businesses who are suffering most.
Related: Looking to avoid the Great Resignation? The key could be in your benefits package
Brokers and consultants have the opportunity to be the hero for these organizations by providing a “culture boost,” or an enhancement to the employee’s work experience, through a more creative benefits package. For less than the cost of a team lunch, small companies and those with a mostly part-time workforce can offer their employees access to affordable health services, counseling, on-demand pay, legal services, pet care and more.
Leveling the attraction and retention playing field
There are an abundance of benefits beyond health insurance and 401(k)s to help improve employee wellbeing, which has become one of the greater employee concerns during the pandemic. Referred to as non-insured, voluntary, or discount benefits, these solutions are incredibly versatile and cost-effective.
A retail store with mostly part-time and seasonal employees can offer telemedicine as well as vision and dental discounts to provide affordable health care options. An agency with a large population of contract workers can entice new hires with on-demand pay, virtual counseling, and roadside assistance. A small company without the means to cover insurance can provide physician and hospital discounts, alternative medicine, and health care pricing transparency.
Culture boosting benefits offer something for every employee, regardless of stage of life or employment status. Unlike some perks from pre-pandemic times, non-insured benefits are an equalizer whether employees are in the office, working remotely, or on a hybrid schedule. And even if the employer can only pay for a few benefits, additional packages can be offered as employee-paid.
Time for a culture boost
Employees are leaving for greener pastures right now. They want to work for a company with better benefits, or for an employer who cares for their employees’ wellbeing. With a culture boost package, employer clients can have the better benefits and be the ones who care.
Also: Why working parents are quitting their jobs—and how to get them to stay
Non-insured benefits, especially when sold on one platform, can be a complete game changer for businesses who didn’t realize they could afford to offer valuable, meaningful benefits to their employees. These solutions give small and part-time heavy companies an opportunity to be really competitive in attracting and retaining top talent.
As Chief People Officer & President of New Benefits, Dulce Bozeman lays out business strategies through human capital, reorganization, and operations to improve the overall effectiveness of the company and bring its vision to life.