As a business owner, it’s important that you think like your employee in order to try and understand what they might want to get out of your company.
One of the most important things that employees want from their employers is a good employee benefits package. With that in mind, voluntary insurance is one of the most sought-after benefits. You may be asking yourself why that is, but to understand the answer, you need to put yourself in your employees’ shoes.
If you have health insurance, but you get into a minor accident and you have to go to the hospital, you end up paying out of pocket for your deductible, missing a little work, and getting a smaller paycheck. On the other hand, if you have accident insurance and you end up going to the doctor as a result of an accident, then the voluntary insurance company is sending you money. Nothing comes out of your pocket, and you end up with a little extra money when you need it the most. If you have both medical and accident insurance, your deductible is covered, plus you end up with extra funds to cover some of the time that you had to take off work to recover.
When you boil it down to the experience of an employee, one employee benefit plan costs you money, while the other gives you money. The psychological impact is that employees associate benefits that give back to them with positively toward the company that provided them with the employee benefits package.
As an employer, you may have watched your 401K program fail due to the fact that no one was interested in watching their money disappear into an account with no immediate reward. You may have also witnessed low participation in health insurance because your employees believed that it was too expensive for the number of times it was needed. However, high-value, low-cost, brand-name voluntary benefits allow employees to protect themselves against the things that they are most concerned about, not to mention they get the immediate satisfaction of putting money back in their pocket.
One of the best ways to improve and take employee satisfaction to the next level is to think like your employees and adopt an employee benefit program that meets all of their needs. If you’re ready to get started, the experts at Retention Solutions Pro are here to help! We know what attracts new employees and entices your current employees to stay with the company. To learn more about what we have to offer, contact us at 210-551-0376 today!