Employee Benefits: Gaining a Competitive Advantage

Employee Benefits Gaining a Competitive AdvantageIn a recent survey conducted by Monster.com, over 1500 participants were asked what employee benefits matter the most to today’s job seekers. While healthcare plans and vacation time topped the list, other factors that were incredibly important to these participants, made up of mostly Millennials, were the promise of a good work/life balance and even some unconventional perks. For example, they desired an “employee of the month” bonus or a company lunch when certain goals are met. When shopping MI Employee Benefit Plans, it’s essential to find a plan that suits you as a business owner and also fits what your current and prospective employees are looking for.

As the economy changes, employee retention has become a challenging task for business owners. In addition to competitive salaries and accurate job descriptions, business owners need to make sure that what they are offering will keep their employees loyal to the company. In addition, a one-size-fits-all approach may not be the best route to take when it comes to a benefits plan. Offering a plan or employee benefits package that allows employees to make choices as to what they want allows for flexibility and may help to retain a more diverse and multi-generational set of employees.

A strong employee benefits plan does more than just help a company retain employees; it can be used for leverage in recruiting new talent. This is especially true when recruiting millennials right out of college or even individuals who have been unemployed for a period of time as these individuals are typically the most in need of a strong healthcare plan. Having supplementary perks in addition to healthcare could give you a competitive advantage over another company when it comes to acquiring these job seekers.

At Capital Insurance Group, we understand how important employing the right talent is to ensuring business success. Please contact us today for more information about our various insurance products and services. Give us a call at (888) 296-0418.