The stuff Employee Benefits should not be rocket science!
Rethinking ... time ago ... if you have an open mind!
What attracted you to your first job? Perhaps still lived at home and just wanted to make a few bucks? Later, when in high school or college attended had probably changed your goals. The money was certainly important, but what about the extra "benefits" offered by the new employer - were not attractive? Perhaps you have been hitwill be offered all kinds of benefits, from health insurance to 401k, group life, disability insurance and vacation days for birthdays.
Perhaps changing your needs as you pass by a person through the creation of a family. I'm sure you've heard the old adage: "The more things change, the more they stay the same."
This is certainly true when it comes to basic needs!
Today it is possible the employer, or perhaps the Director of Human Resources BE. In both cases, you hear theWeight placed on the shoulders of the employee benefits to help them feel appreciated, and maybe a little 'safer. Finally, they need you, and you need it.
With a maximum cost of today to provide health benefits, employers increasingly find it necessary to "rethink" how to deal with this difficult situation.
What is a company do?
Employers in most sectors are asking:
We have cut back benefits for healthOffer? The cost of deductibles and / or co-pays? We need to transfer more risk and / or costs for our people? We provide services to employees' class? " We eliminate health benefits at all?
Many employers have already done some of these changes, if not all, or it can be considered at a later time.
The poor performance or none at all, even for some of its employees, may be detrimental to all three main businessOBJECTIVES:
Sales on the rise Cost reduction Increase efficiency
Decisions which could have a negative impact on their overall profitability makes many business owners very nervous indeed!
A company can actually control the rising cost of major medical coverage?
It's not a surprise to most companies that do not raise interest rates in double figures rare in those days. These prices reflect the "experience" of the group. Higher "use" of thePlan is often at a premium much higher for the renewal.
No wonder so many companies are forced to "reassess" their ways!
However, there is a new generation of voluntary benefit plans, commonly called the coverage "gap" that a company in order to increase their deductible, which allows a significant reduction in the premium. This plan was designed to "match" the changes in the major medical plan.
Then click on "add" the gap voluntary plan, the "front end" of their competitive advantagePlan for most of the new "exposure" to cover the employee. This plan may be the largest part of the expense which would have been caught up by the "old" until the major medical deductible again. The result: the total volume of the premium for both plans combined, can an employer of 10% to 20% less than their previous costs PREMIUM! Lower premiums - without a significant reduction in benefits! It 's almost like having your cake and eat it too.
This is a simple mathematical calculation. Check it out, andLet the numbers speak for themselves!
There is another big advantage of this step: Most of the "front end" exposure is through the gap-up, and it is not major medical experience. Renewal premiums, often fall into the single digits. Thus, companies not only save dollars in prize now, but perhaps for years to come! Pretty cool.
This can have a positive effect on sales, especially for those employees who are to a large health plan inIn other words, the "largest" compensated.
BUT, most of the revenue problems of employers are coming from "smaller" offset! This includes those who are not qualified to participate or not participate because they do not know.
What causes turnover?
No need to tell you how the motivation of employees can affect a company's bottom line. I'm sure you see it in your daily life.
Have you ever noticed that when you go to your favorite restaurant,You can almost "sense" the morality of the server for its setting and the very quality of the service you received? It is probably a very strong correlation between the restaurant and the server program benefit is the satisfaction of the work - and it shows up at your table!
Do not get me wrong - I'm not picking up the catering service - there is only a little 'more "visible". It 'also with the staff of customer service, sales, assembly line workers, forklift operators and, oh yes, evenreflected in the halls break! The truth is that it is evident all over the world - including the company's bottom line!
It 'very simple: the employees are satisfied. The others go.
What is the real cost of turnover at all? And why should I care?
In all the studies I've studied and the information I received from some of the most experienced and respected personal manager somewhere, the answer is the same:
Very expensive!
It seems that the amount of $ 3,500 to a STARTTo replace a minimum of $ 8.00 an hour for an employee! This is almost three months since the wages of work - to lose a single employee! The costs rise exponentially higher compensation for the people. This includes advertising for jobs, interviewing, screening, training of new employees ... Oh, you know the rest
Therefore, many employers are turning to the benefits of volunteering, to deliver more value!
However, the benefits of volunteering are exactly what they say they are!
Voluntary benefits are firstvoluntarily to the employer time to find out what types are available, a decision that is best for the objectives of his company, and then decide to voluntarily provide their employees.
THEN voluntary services are voluntary and employees to choose among the options available to choose from for his personal needs.
Oh, and another important consideration: it is painfully obvious that the loss of good people is a very expensive.However, the performance of voluntary service are usually paid by the employee are 100%! And they will still love you for this!
In addition, most of the plans for the treatment of voluntary "pre-tax" to qualify under § 125 (cafeteria plans). This is an opportunity for a company to save a considerable amount of "income tax".
In this scenario, employers and employees save money. A WIN, WIN for sure!
What is the best offer: PORTABLE Voluntary Services ... GROUP services or volunteer?
TheAnswer lies in what the employer wants to get! If the company already has a "benefit rich" program, the benefits of good laptop - with a restriction: if a company uses only mobile voluntary benefits, even if they have expanded their program, they actually have a "collection point" for insurance company. The employer collects premiums through payroll deductions and forward them to the insurer on a monthly basis and, with the exception of "goodwill" created, evenThey made up for this!
The most important point in this question: once the plans we offer, if you "keep it on their own," which "takes" to you? Nothing! You can go to work for another company and do not miss a thing!
But you still need to spend $ 3,500 or more to replace all of them!
THE OTHER SIDE ...
If an employer has the goal to win and good staff (and ultimately why you read, right?)GROUP PLANS VOLUNTEERS are then the obvious choice! Why? GROUP plans because no laptop (except in certain temporary circumstances)!
You want employees with a valid reason to stay with your company. This election is the glue that meets your mission!
Is it okay to mix a couple of floors of laptops (such as permanent life insurance or critical illness plans), but be sure that the basic plans, such as health and disability, are of the group!
A real casePoint ...
A dear friend of my own (I'll call "Grace") took his daughter to dinner for his birthday two years ago. You see, Grace is an independent sales and have no access to affordable health insurance. A "preexisting condition" did not help.
When she, the restaurant (a large national chain) came, they saw a sign that says "Join our team. Benefits Day One!" He asked, taking a job and applying for a part-time jobTo take full advantage.
If you are full of great doctors? No, they offered a "voluntary plan limited benefit to the group." It does, however, their access to doctors, medicines and other basic medical supplies.
After two years, Grace is still there! He works as a sales job during the day and the restaurant in the evening. He says he can not "afford" to be able to leave for their benefits - and, after all, she says she loves working with people there because they always seem tobe in a good mood. They have good morals? You bet!
In conclusion:
Quality Group plans to volunteer for all companies that are willing to do their homework, look, I'm trusted advisor, analyzing the available programs in their state, and select the programs that work best for them.
This business tool you can use the leverage you need to reduce your turnover.
If these proposals to solve 100% of your incomeProblem? Of course not! But they can certainly huge dent in it! It can affect the performance as "positive bubbles" on the bottom line.
He decided to remain the glue that offered to help, good employees to provide not only appreciate, but it can also be very profitable!
Do you want to use a group of volunteers benefits? Only you know the answer to this question.
As I said before - you decide!
