Using a Health Care Plan for Employee Retention

Article Written By: Jim Johnson

With unemployment levels heading down and companies struggling to attract and keep top quality personnel, companies need to pay close consideration to the importance being put on the significance of health care by staff members. We've noticed various times a lot more and far more that workers are first asking about the benefits plan and then about salary. It really is obvious that cost-effective medical care is on the minds of prospects.

For current workers, we've discovered that offering higher benefits contributions in lieu of wage raises is really a well received strategy. Tiny companies have their eyes on the bottom line and labor expenses are one of the hardest hitting elements. By providing increased contributions to benefits plans companies have the ability to reduce the overall payroll costs. It is really an area that many businesses don't invest lots of time looking at since they feel they're under the impression it will be too pricey. Another misconception is that for an excellent advantages contribution plan, a company ought to buy a group policy. This is not the case, a resourceful HR person will assist company leaders in researching alternative benefits options like mini-meds (miniature medical plans with lower maximum coverage and limited visits), individual medical plans particular to every employee (often times much lower price than group rates) and Health Savings Accounts just to name several.

Small companies should undoubtedly take into account benefits options now as there are proponents of legislation to make benefits mandatory for modest to medium size businesses. At the end of 2005 California voters were presented with possible legislation that would require that specific employers supply health coverage for their employees and in some instances dependents through either (1) paying a fee to a new state program primarily to buy private health insurance coverage or (2) arranging directly with health insurance providers for health care coverage. The state would also establish a new program to assist lower-income employees to pay their share of health care premiums.

This referendum lost by just about two per cent so we're keeping our eye on this to resurface once more inside the extremely near future.

As noted, adding a company sponsored health care option can drastically increase retention of your employees.

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