Millennials, roughly those born between 1980 and 1995, account for a large share of the workforce. As they gain seniority and take on expanded leadership roles, and as previous generations retire, businesses need to strategize on how to retain them.
One method that organizations can utilize to achieve this is to offer optimal healthcare benefits. This aspect of a compensation package can appeal to younger employees as it can help improve their well-being and their finances.
The professionals at Beckworth Beneficial in Clovis, California, can discuss your offerings and consult on ways to make them more attractive for employees. Contact us today for more information.
Why Are Healthcare Benefits Important to Employees?
Keeping employees happy is essential to retention. A Gallup report found that millennials have a propensity to change jobs regularly. Recruiting and hiring new employees can be expensive, and because millennials can be transient in the workplace, businesses must consider ways to reduce turnover and retain talented workers
One such strategy is offering robust healthcare benefits as this may provide your organization with a strong return on investment. It may also help you differentiate your business from others that do not offer a healthcare package. Other benefits of doing so may include the following:
· Saving your employees money. Group health insurance can help employees save money. Doctor visits, hospital stays, tests, labs, prescriptions and other medical procedures can be costly, but health insurance can help lower employees’ out-of-pocket burden. Offering plans with low deductibles, copays and coinsurance can provide additional savings as well, minimizing the amount that employees contribute to the premium.
· Improving employee health and well-being. Healthcare benefits can improve employees’ overall health and well-being. Plans may include preventive services, mental health resources, virtual visits and access to a vast network of specialists that can allow employees to receive care when needed. Additionally, benefits can offer health-related perks such as gym memberships to improve their overall well-being.
· Attracting and retaining high-performing employees. An appealing benefits package can help attract and retain high-performing workers, including millennials. If employees are applying for new jobs, the entire compensation package—including benefits—can make your business stand out from others.
· Boosting employee morale. When employees feel that their employer values them, their engagement and commitment to the company may improve. This can lead to a happier and more productive worker.
Businesses should continue to evaluate and modify their offerings as preferences and industry standards change.
The knowledgeable team at Beckworth Beneficial can help your business build an attractive benefits package to appeal to millennials and others. Contact us today for more information.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.