As an employer, you know that retaining valuable employees is essential to your success. The current research is that it can cost up to 1 and half times an employee’s salary to replace them. Good employee benefits are critical to retaining employees, and the most important benefts are usually health insurance, retirement, and life insurance. Three out of four workers consider employee benefits a decisive factor when evaluating new job opportunities.
Because these kind of benefits can be expensive to employers, many companies share the expenses with employees, This is usually done through payroll deductions. Or a less extensive list of benefits can be provided.
This is the most important benefit to employees-80% of workers say. Whether you select a point of service (POS) plan, a preferred provider organization (PPO, a health maintenance organizations (HMO), or an indemnity plan, depends on the costs and needs of your employees. If your greatest worry is pricing, you may find a POS or HMO to be the right choice. If flexibility and options for your employees are the deciding factors, you may prefer a PPO or an indemnity plan.
This is one of the most affordable benefits to offer your employees. Group life insurance can be an inexpensive way to offer a perk to your staff, and it usually covers 1-2 times a person’s annual salary.
Disability, Retirement and Long-Term Care Insurance
Each of these insurances is much more complicated than life insurance and offers a wide variety of options, Sharing costs with employees can make these insurances more reasonable to an employer and still allow for increased benefits to attract and retain good people.