The pandemic-linked Great Resignation has been marked by millions of employees either opting out of the workforce or fleeing to other employers. However, many small businesses can seize an opportunity in this challenging market.
Gallup estimates that nearly half of all workers are at least open to joining the Great Resignation by changing jobs or starting their own business. While this means all businesses need to watch their turnover, it also means that plenty of top talent is available for hire—assuming you can make them see your company as a better deal than the one they currently have.
This is where employee benefits come into play. While many job seekers are looking for lower stress positions, more meaningful work, or a great company culture, benefits can sweeten the deal. Of course, some small businesses struggle to take on the costs of corporate perks . In the past decade alone, the number of small businesses offering basic benefits has shrunk. Today, only 44 percent of companies with 49 or fewer employees provide retirement and health plans.
But here’s the good news: you don’t have to have the benefits of a large company to woo talented people. You just have to seek out affordable benefits on the market that will make a difference for your people. Here are three suggestions.Small employers in the State of Michigan are able to offer 2-3 plan options to employees. This gives the employer and employees more choice in plan type, for example you can offer.
Plan offerings that Can Save you the most,
A higher deductible HSA plan for those that are healthy and want to cap there exposure for catastrophic events, you also have the ability to put funds into an HSA account to help reduce taxable income and pay for things such as office visits, prescriptions, dental, vision, etc. pre tax with those funds. (Best for those with low usage 1-3 times per year).
A higher deductible copay plan. These plans offer copays for basic services like office visits, generic prescriptions, specialist visits but, also can keep the rates down by not offering a super low deductible. (Best for those that use healthcare moderately)
A lower deductible plan with copays for most services. These plans are best suited for individuals that utilize their healthcare plan more than the typical person. The are chocked full of first dollar copays ( which save you the most) and lower deducitbles and max out of pockets. (Best for those with critical illness)
Trying to save money but, still want to offer a great healthcare package? Then consider choosing an HMO plan, these networks have really come along way since the ACA came into play. They offer great coverage with most facilites and physicians in network in the state you reside. They do NOT offer out of state coverage for elective services, and only emergency services are available out of state with this network.
Adding dental, vision, and employer paid life policies are an inexpensive way to beef up a benefits package.
With all this being said, if you want to research small group offerings. I suggest contacting a local insurance agent like myself. We know the best carriers in your area that have the best, plan designs and pricing. Local agents also offer customer service options to help guide you through the process from start to finish and many manage your plan once implemented.
Please feel free to contact Dawn Freeland, with Freeland Insurance Solutions if you are interested in researching benefits for your employees at 269-910-2758 or dawn@freelandis.com.
Main photo courtesy: gettyimages
Gallup date courtesy: Forbes
