Attracting and Retaining Talent With a Well-Rounded Insurance Benefit Plan
Looking for new talent can be a competitive situation, and then comes the process of trying to retain your talent once you bring them on board. It helps if you can make your company stand out from the rest, often by way of insurance benefits.
While salary, vacation time, and other job perks are great ways to sway someone your way, people like to know that they have good coverage if they are sick or experience some sort of medical emergency. Even if the salary is impressive, people know that a less-than-stellar benefits package is going to end up costing more in the long run.
The Importance of Benefits
There are all kinds of benefits packages that you can put together for your staff and potential hires. The goal is to come up with a few options that will cover the needs of as many employees as possible. Some single people prefer a high deductible plan while employees with families may want the best coverage possible, even if it costs them a little bit extra per pay period.
Including Other Services
In addition to standard health insurance coverage, there are some other coverage perks that can help you attract and retain professionals. For example, vision insurance can provide an annual exam to each employee and their dependents, and glasses/contacts are often covered to a certain price point.
You can also consider providing dental insurance as part of a benefits package. This coverage usually takes care of routine appointments and any work that you need to have done. You don’t necessarily have to provide this coverage for free (though it helps if you can), but offering this insurance at a discounted price with a benefits package can give you that added edge to attract more potential employees.
A flexible spending account is a great option that goes hand in hand with health coverage. An employee can decide to have a specific amount of their paycheck withheld into a flexible spending account each pay period or each month. That amount will not be taxed, but the money can go towards paying for medical expenses, supplies, medication, etc.
Paid time off is allotted at the beginning of an employee’s calendar year, and it can be used for illness, mental health days, etc. These days are paid in full, and the employee can determine when they will be used. This time can also be included in a vacation package. You don’t necessarily have to label the kinds of days off that are provided, but it’s important that you’re clear on how many days are offered each year.
For more information on the insurance benefits that you can offer to your staff and potential hires, contact True Texas Benefits in Midlothian, TX. Let’s help you stand out from your competition in a way that enables you to hire the best talent in the area and retain that talent for years to come.