Finding good employees is getting harder and harder. Keeping them is equally difficult. In addition to new hires wanting top salaries, they are asking for multiple benefits. Like us, many small businesses struggle with the thought of adding new benefits. What benefits should I add, how can I be sure what my employees want, how do I add benefits, and how the heck am I going to pay for them? Let’s take these in order:
What Benefits Should I Add?
Our recent experience says that, post-COVID, a large percentage of employees are concerned about disability and Life coverage. During COVID, people not only witnessed fellow employees have lengthy disabilities but also try to survive on the measly NY statutory DBL payments (about $170 per week – taxable). And unfortunately, most of us know of someone who passed away due to COVID. In our conversations with employees, we regularly hear requests for life and disability coverage. We also hear requests for vision coverage. When I look at a group of employees, I see a good number of them wearing glasses, but we forget about the large number of people with contacts.
What Do Employees Want?
Well, this is where we help. We give a brief survey about additional benefits, as well as ask if employees would be willing to contribute. I mentioned three inexpensive benefits above, but there are also frequent requests for dental. And I believe most employers would be surprised to learn that their employees are willing to contribute. Individuals want new benefits but don’t know how to get them.
How Do I Add Benefits?
This is where we come in. Our goal is to define desired benefits, get pricing for our clients, communicate the benefits to employees (so they understand and appreciate them), and help employees enroll. Our tagline is “Educate, Empower, & Enroll!”
Lastly, How the Heck Am I Going to Pay for Them?
My first question to business owners: If you held a meeting with your employees and announced you were giving everyone a 25-cent-per-hour raise, how do you think that would go over? Answer: Not well! What about 50 cents per hour? Same answer. What if we came up with a package of benefits that would cost between 25 to 50 cents per hour and the business owner now holds a meeting with employees and has this new announcement: “I am adding a new benefit package for everyone that includes the following: life and/or disability, and/or vision. I will be paying for these benefits for everyone and they start next month?” I can tell you that this is the meeting your employees want and they will appreciate you for it! I have seen many times where an employee will go to the business owner and thank them for doing this.
Let’s have a conversation! We can talk about your business, your employees and see if this is right for you!
716-655-5901 | www.hartloffbenefits.com
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