Benefit Plans as an Employee Retention Tool
An Added Emphasis on Health Benefits
In the age of rising health care expenses, employee benefit plans have taken on a very important role as workers weigh their employment options. For some, the benefits an employer offers can be a deciding factor in choosing to join a company or stay with it for the long term. More affordable health insurance is something many applicants are in search of.
How do self-funded plans serve as employee retention tools? It all comes back to the added opportunities for savings and flexibility, which include:
- More cost-effective premiums, since hidden fees and extra commissions are eliminated with self-funding
- Expanded options for providers and procedures
- Ability to customize health insurance plans according to the specific wants and needs of the workforce … it can be invaluable to provide these tailored medical benefits.
- Integrating cutting-edge solutions like on-site medical and telemedicine services to manage costs and enhance convenience
Minimizing Down Time
Along with helping attract new employees and retaining veteran workers, self-funded plans also keep companies functioning more efficiently. That’s because they allow for flexibilities and conveniences with medical benefits – such as alternative access to care services (telemedicine, on-site clinics, etc.) – that make it easier for staff to schedule and attend appointments, receive any necessary treatments and return to work in a timely fashion.
The type of employee health benefits offered is no longer an afterthought for employees. Having a solid, attractive and affordable benefits plan in place helps employers attract workers and keep them on the job.