Global Courant
Just talking about a simple decision that is often difficult to make
If he had offered voluntary benefits to his employees, he would have fostered trust and loyalty, his employees would have felt safe in the knowledge that he was taking care of them. This safe culture would have led to stable, productive, confident teams where everyone felt at home.”They left, some for lower-paying jobs that provided voluntary benefits.
The first notable dropout was a talented project manager who left to take up a maintenance supervisor position at a nearby property management company. He had to leave to find better ways to protect his family’s financial well-being. He then built up his team by selectively recommending that his new boss hire his former colleagues.
Of course, the company tried to adapt by switching to a 1099 model from a W-2 model, hiring subcontractors, but without a solid vetting process, the switch was unsuccessful. The company shut down in 2007. A company with a turnover of 11 million dollars in 3 years was gone. The brand perception of a company that didn’t care about its employees had taken over.
I believe in the value of voluntary benefit insurance and take every opportunity to share this experience with entrepreneurs.”Who benefits? Both employer and employee benefit from this. The employer benefits from increased employee satisfaction and retention through improved benefit programs at little or no financial cost to the company. Employees benefit from the ability to tailor an affordable benefits package to protect their income against unexpected costs related to illness or injury.
What should employers do? Empower employees to make informed decisions about protecting their income. After all, employees are paying more and more attention to their care. In reality, the first response of many employers when asked about terms of employment is often “I’m all set”, but is that really the case? If your employees aren’t who you think you are, it’s because you haven’t given them the choice.
Why should employers do it? Your employees want it. A 2013 survey found that 64 percent of employees want their employer to offer a wider range of voluntary benefits that they can purchase. Some really need it and will gladly pay for it because of the peace of mind it brought. This too without costs for the employer’s operating budget.
How should employers do it? Create the environment in which employees feel free to exercise this choice. Furthermore, facilitate a hospitable and private environment for this information transfer between the employee and the benefit provider.
Where should this be done? It is preferable that this be done through the company’s group option (payroll deductions), where employees are guaranteed cost savings of up to 35 percent, bringing the cost of most products to less than a dollar a day.
When must an employer do this? There is rarely a better time than now.
All in all the who, what, why, how, where and when on a voluntary basis. The ball is in the employer’s court, play it well and you are (in a nutshell) the winner.
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