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Most Desirable Employee Benefits
Creating a complete package of benefits includes far more than just health insurance. The benefits you offer your employees play a large role in creating a culture that first-class employees flock to. At Compass Insurance Advisors, we’ve compiled the data to help you make an educated decision about which benefits you could be offering. We’ve also included the average annual cost per employee to offer these benefits so you can make an educated decision about which benefits would be most desirable to provide.
No matter what any survey or industry report says, asking your employees what they want is a crucial part of offering benefits. One of the many free services our advisors provide is an annual employee satisfaction survey. These surveys not only assess your employee’s current satisfaction, but ask for input on what benefits they might wish were being offered. This allows you to access real data in order to keep your employees’ needs and wants at the forefront of your benefit strategy.
Dental and Vision
Dental and vision benefits are among the top supplementary benefits that employees expect employers to provide. We have a wide range of dental and vision options available to your company.
Would a large health claim be a financial burden to your employees? The average American only has $1,000 in savings, but health insurance deductibles and max out of pockets can be 7 or 8X that amount.
A major accident or critical illness diagnosis often comes with large financial obligations outside of the diagnosis. This can include needing to take time off work, a loss of income, travel, child care, and out of network expenses.
Supplemental insurance is a voluntary benefit that you can provide to your employees to help ease the financial burden of a major accident or diagnosis.
Life insurance is a cost effective way to bring additional value to your employees and their families. You can also offer young healthy employees term life insurance for as little as $18/month or up to $35/month for older employees. There are many different types of life insurance that you could possibly offer your employees. Talk to your Compass Advisor for more information on the basic types and the pros and cons of offering life insurance.
About 30 percent of Americans ages 35-65 will suffer a disability lasting at least 90 days during their working careers. Similarly, about one in seven people ages 35-65 can expect to become disabled for five years or longer. Considering these statistics, many employers choose to offer short and long term disability. Many carriers will cover up to 60% of the employee’s pre-disability income, to a specified maximum.
A retirement plan is another benefit that many employees expect from their employers. Our agents don’t deal with this directly, but we can still provide some assistance in referring a high quality retirement account specialist. It is certainly important to understand pension rules and tax aspects of any retirement plan you offer your employees.
Of these top additional benefits, it is interesting to note that two of the top five benefits (working from home options and more flexible hours) do not cost the company anything, and may even save the company a significant amount of money. Additionally, If your work is set up so that employees can work from home, you could potentially offer a significant, highly-desired benefit with no added cost to your company.
- Better Health, Dental, and Vision Insurance
- Healthcare ($11,394), Full Coverage
- Dental insurance ($576), Full Coverage
- Vision insurance ($60-120), Full Coverage
- More Flexible Hours
- More Vacation Time
- 2-Weeks $2,310
- 3-Weeks $3,465
- Work-From-Home Options
- Company saves as much as $11,000/year/employee
- Unlimited Vacation
- Student Loan Assistance
- Tuition Assistance
- Paid Parental Leave
- Free Gym Membership
- Free Day Care Services for 1 child
- Free Fitness/Yoga Classes
- Free Snacks
- Free Coffee
- Company-Wide Retreats
- Weekly Free Employee Outings
- On-Site Gym
- Team Bonding Events
In conclusion, with the vast variety of benefits that you could offer your clients, it’s important to understand your employees’ unique needs and wants. One of the many services we provide all of our clients is an annual employee satisfaction survey. These surveys not only assess your employee’s current satisfaction, but also ask for input on what benefits they might wish were being offered. This allows you to access real data and make educated decisions to keep your employees top of mind.