When it comes to recruiting and retaining employees, salary is understandably one of the biggest elements to consider, however, salary is not always the most compelling reason an employee chooses to come to work with your company or chooses to stay. Often times, employees rely on the benefits package as the foundation in choosing what company to work for. Studies have shown that 76% of millennials reported that benefits customization is important for increasing their loyalty, compared to 67% of baby boomers. (Metlife) As more and more baby boomers leave the workforce and more and more millennials enter the work force, it’s more important than ever to ensure your benefits package is as competitive as it can be in your industry. This is where SIA can help you implement a benefits package specifically customized to suit your employees’ needs. With multiple highly rated companies in our portfolio of offerings, we can shop your coverages and bring back the most competitive rates available in the market. Let SIA build you a proposal today!!
As the government has gotten more involved, we have seen drastic increases in the cost of health insurance. Many companies were fortunate to be “Grandfathered” in to their existing plans. Many other companies, especially new and growing companies, have been forced to take plans less desirable because of affordability. SIA can help your company by assessing the current plan and identifying potential areas of cost savings. One way to lower the overall cost is to increase deductibles while implementing GAP plans to cover the increases on those deductibles. For example, it is often times less expensive to have a $3000 deductible with a $1500 GAP plan than it is to have a $1500 deductible. The GAP plan covers the additional increase in the deductible so basically, the employees’ deductibles do not change at all saving the employer thousands and even tens of thousands of dollars, depending on the size of the group!!
These plans can be robust or plain and simple. Many employers offer dental and never shop their rates meaning they could be paying too much for a simple plan when they could get a more robust plan for less money. There are many insurance companies offering dental insurance in Arkansas and some of them have larger networks than others. When SIA puts a proposal together, we consider all factors such as pricing, network availability, and benefits. No single plan is best for all companies and SIA works hard to find the best plan available at the most affordable price for you and your employees!!
Many companies offer group life to their employees and may even pay for this benefit 100%. Most of these plans though are not portable and when the employee leaves the company whether it’s through a termination or retirement, the employee loses the coverage or at best can convert the policy to an unaffordable premium often times leaving them with no life insurance at all when they need it the most. That’s why SIA believes voluntary life insurance is the most important supplemental offering any employer can offer. Many insurance companies offer guaranteed issue policies which are 100% portable meaning the younger an employee is, the lower the premium will be locking them in to an affordable rate for the rest of your employees’ lives. And because they are guaranteed issue, past health history doesn’t come into play!!
Many employees live paycheck to paycheck. Unfortunately, more times than not, an employee’s absence from work due to a sickness or an accident cannot be planned which can put your employee in a very difficult situation. Short and Long Term disability plans are designed to insure your employees’ paychecks so that if they can’t work, they can still receive most of their paycheck (tax free in some instances) while they are unable to be at work. Short term plans are usually offered from 3 month to 12 month benefit periods while long term plans are designed to cover 5 years or more. A number of companies pay for their employees LTD coverage and allow them to purchase STD at each employee’s own expense. SIA can customize both plans to meet your company’s needs at an affordable price!!
Health insurance doesn’t cover everything and many times this leaves your employee owing thousands of dollars to a hospital or clinic. That’s why there are supplemental health plans. Most plans can be guaranteed issue and are even 100% portable ensuring your employee doesn’t lose the benefit when they leave the group. Some common plans are Cancer Plans, Critical Care Plans, Accident Plans, & Hospital Indemnity Plans and these plans can be tailor made for your employees’ needs. Many of these plans offer wellness riders paying your employees when they get their wellness checkups. Wellness checkups are intended to catch diseases and illnesses in the early stages which can help keep your health insurance cost lower because the earlier the detection usually means the less tests and procedures are needed to correct or manage the identified issue. These plans can be quite inexpensive and if 100% paid by the employer, the rates drop even more!!
In Business your most important asset is your employees. You can contact other advisors for your employee benefit packages, or you can contact Symmetry Insurance Advisors, a company that understands your needs, and feel confident knowing you made the right choices!