The so-called “Great Resignation” didn’t start with the 2020 pandemic. According to data from the Harvard Business Review, the monthly quit rate has been increasing every year since 2009. So, many employers are asking “what’s the best way to reduce turnover?” The answer: evolve your employee benefits package to retain your best employees.
Why Retention Matters
The Society for Human Resource Management reports that, on average, it costs $4,129 to hire a new employee, and the hiring process itself takes an average of 42 days. Think about what this can mean for a business. Each time one of your workers changes jobs, you’re left with a gap to fill, and filling that gap costs time and money.
Employee Benefits that Matter
In 2018, PWC conducted a survey that revealed that for workers 35 and older, benefits were the second most important consideration for their career, right behind compensation.
The right benefits package can add value to your position and enhance employee perceptions of your company culture. Here’s how Focus HR can help you meet these goals:
Medical Benefits
Through Focus HR, business owners enjoy stronger purchasing power and fewer hassles when it comes to benefits packages. Focus HR can help your business develop a comprehensive employee benefits package, which may include some or all of the following:
- Medical plans (full, partial or self-funded), including HSA, HRA, PPO & HMO
- Short and Long-Term Disability
- Dental & Vision
- Life Insurance – Employer and/or Voluntary paid
- Employee Assistance Programs
- Cafeteria Plans
- COBRA Administration
- Open Multiple Employer Plan 401K
- Other ancillary benefits including worksite benefits, wellness, etc.
Our programs are designed to help your small business compete with the benefits offerings of larger companies, enabling your business to better attract and retain the best employees.
Wellness Benefits
Medical benefits are just the starting point. Many employees are looking for additional wellness programs and resources that can enhance their experience in the workplace and improve their overall well-being.
According to data published by Forbes magazine, 89% of workers at companies with well-being initiatives are more likely to recommend their company as “a good place to work.”
Despite this benefit, only 37% of employers currently offer any sort of wellness program. You can encourage greater employee satisfaction by expanding your definition of “health care” to include programs aimed at physical, mental, and social wellness.
Focus HR can assist with the implementation of these plans, which include:
- Employee wellness programs
- Health and nutrition programs
- Implementation of wellness policies
For example, Focus HR can help your company implement new wellness campaigns and programs, such as bike-to-work campaigns, anti-smoking campaigns, and other core programs that can lead to a healthier, happier, more engaged workforce.
Retirement Benefits
Besides health and wellness, your employees are likely looking for benefits that relate to retirement and long-term planning. Pew Research reports that Baby Boomers (those born between the years 1946 and 1964) are retiring at increasing rates.
Retirement benefits are of enormous benefit to employees of any age, but older workers are especially conscious of the funds they’ll need to enjoy their retirement years. Focus HR can help you build a 401(k) plan that reflects your company’s needs while staying ERISA-compliant.
Our services include:
- 3(16) fiduciary plan administration
- 3(38) fiduciary investment management
- Annual bond procurement
- Administration of annual census preparation
- 5500 preparation
- Annual audit management (for companies of applicable size)
Focus HR achieves this through a Multiple Employer Plan (MEP) 401(k) plan. This plan offers the benefits of a single-employer plan, but lower administrative costs leveraged by pooling assets across multiple employers. Focus HR remains the trustee to the plan, which absolves your company from the liability of this role.
Life Insurance
Life insurance provides its recipients and their families peace of mind, knowing that their needs are covered even if the worst should happen. Employers can provide life insurance plans as well as other benefit programs that protect workers and their families.
For example, Focus HR can help companies implement:
- Life insurance policies
- Long-term care (LTC) insurance
- Short and long-term disability insurance
Finding programs with easy enrollment and generous issue amounts can help your company stand out and prevent workers from looking for other employment.
Low-Cost Benefits
According to a study from MetLife, 70% of workers report a desire for something beyond medical benefits. For example, many younger employees are looking for a better work-life balance. Companies are adapting to these demands by offering employees the flexibility to work from home. Focus HR can make suggestions and help implement policies to help you offer these types of benefits successfully.
Others are adapting to the needs of families by providing a tax-free childcare option. Focus HR can help you implement a Section 125 flexible spending account for childcare, meaning employees can select options that meet their needs and current lifestyle.
How Focus HR Can Enhance Your Workforce
The MetLife survey revealed that fewer than half (42%) of small business employees are satisfied with their current benefits package. If you don’t adapt to your employees’ needs, you could be facing a diminishing workforce.
Focus HR can help. We provide an outsourced Benefits solution that makes these sorts of benefits packages more affordable and easier to manage than ever. And with a team of professionals on your side, you won’t have to add more administrative duties to your already-full plate. Our team knows finding the right insurance carriers and various plan options can be overwhelming and frustrating. We’re here to walk with you step-by-step through the process, giving you clarity and confidence to make the best benefits decision for your company.
If you are interested in learning more about how Focus HR can help you offer better benefits for your employees, schedule a free consultation by filling out the form below.
