If you want to attract great employees and avoid a high turnaround rate, it's important to offer competitive and comprehensive health benefits to your employees. As an employer, you'll need to decide what health benefits to provide your employees to ensure that they're satisfied and feel compensated for their hard work and dedication to the company. Here are a few health benefits to consider in order to improve retention.
Benefits can be more important than salary for employees. Health insurance is one of the most coveted benefits for employees, and having them also means that your team members won't take as much time off of work due to health concerns. With quality health insurance provided, you can improve the operations in the workplace and help your employees to have less stress due to medical bills or a lack of coverage. Employees may also accept better health insurance instead of a higher salary for added savings for your company. It can also allow you to obtain tax advantages of deducing plan contributions.
Source: Why Benefits Are More Important Than Salary
Employee Wellness Programs
More companies are incorporating employee wellness programs into the workplace as a way to show they care about the health and well-being of the staff as a value on investment. The quit rate from 2018 is nearly at a 17-year high, and those workers are searching for something better. Retention increases when companies demonstrate that they care about healthy employees — and this extends even to workers who don't make use of a wellness program. A survey found that 73% of employees without access to wellness programs want them.
Source: Value On Investment: The Case for Employee Wellness Program Benefits
Dental Care Plan Coverage
Consider offering insurance that will pay off a portion of the cost of dental treatment and care. Dental health coverage often includes different types of procedures and treatments. Most care plans include Preventative, Basic, and Major services to ensure that the individual can maintain their oral health. The benefits can be calculated in multiple ways with coverage provided based on usual, customary, and reasonable fees. It can also be calculated with the inclusions taken into account on a fixed fee schedule or table of allowances. Be sure to let your employees know that in most plans, cosmetic or orthodontic work is not covered in basic plans, and if that is something they need, they may need to do a bit more exploring. For example, while most dental plans will cover fillings, they will only cover amalgam (silver) fillings, while the composite ones would require additional cost.
Source: The 5 Things You Should Know Before You Buy Dental Insurance
By selecting the right health benefits to offer to your employees, you can create a stronger team that is composed of confident professionals. The compensation that is provided will allow more people to remain loyal to the company and can attract better candidates as you grow your team.
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