Some simple talks about a simple decision that is often difficult to make
If he had provided voluntary benefit options to his employees, it would have built trust and loyalty, his employees would have felt safe knowing that he was taking care of them. This safe culture would have led to stable, productive and safe teams, where everyone felt they belonged. ”
They left, some for lower-paying jobs that provided voluntary benefits.
The first notable defection was that of a talented project manager who left to take on a maintenance supervisor position at a nearby property management company. He had to leave to find better ways to protect his family’s financial well-being. He continued to build his team by selectively recommending to his new boss the hiring of his former co-workers.
Of course, the company tried to adapt by switching to a 1099 model from a W-2 model, hiring subcontractors but without a robust verification process, the change was unsuccessful and the company closed in 2007. The management core that allowed it to grow even a company with a revenue of 11 million dollars in 3 years was gone. The brand perception of a company that didn’t care about its employees had taken hold.
I believe in the value of the voluntary benefits insurance business and I look for every opportunity to connect this experience with business owners. ”
Who benefits? Both the employer and the employees benefit. Employers benefit through increased employee satisfaction and retention through enhanced benefit programs, at little or no financial cost to their business. Employees benefit through the ability to tailor an affordable benefits package to protect their income from unexpected costs associated with illness or injury.
What Should Employers Do? Give employees the option to make informed decisions about protecting their income. Because, employees are increasingly committed to their care. In truth, when many employers are asked about employee benefits, their first reaction is often, “I’m ready,” but are they really ready? If your employees are not, as you think they are, it is because you have not given them the option.
Why should employers do it? Your employees want it. A 2013 study found that 64 percent of employees want their employer to provide them with a broader range of voluntary benefits that they can choose to purchase. Some really need it and will happily pay for it because of the peace of mind it created. Again, this is at no cost to the employer’s operating budget.
How should employers do it? Create an environment where employees feel free to exercise this choice. Also, provide a welcoming and private environment for this transfer of information to take place between the employee and the benefits provider.
Where should this happen? It is preferred that this be done through the company’s group option (payroll deduction) where employees are guaranteed a cost savings of up to 35 percent, making the cost of most products is less than a dollar a day.
When should an employer do this? There is rarely a better time than now.
All things considered, who, what, why, how, where and when of voluntary benefits. The ball is in the hands of the employer, play well and you will be the winner (in a nutshell).