As a small business owner, you know talented employees are your most valuable asset. You also know that these exceptional individuals are sought after, in every industry. This means that other companies, just like yours, want to hire your best employees. So how do you compete in today’s job market?
In the present workforce, it takes more than competitive wages for an employer to retain a talented employee. Specifically, you want to cater to the needs of your current and up-and-coming employee base: Generation Y workers. These individuals will account for forty percent of the total workforce by 2020 (1).
For Gen Y individuals it isn’t only about the money. Much like their predecessors, it’s about the whole package. When they are looking for a job, they are looking for more than just pay. They are asking “Why should I work for you?” With this mentality comes the belief that if something they perceive to be more valuable comes around, they will likely take it. One key feature you should include in your employment package that will help you retain those valuable individuals is a benefits plan.
When deciding on design for your group benefits plan, ensure the representative is catering it to your current and upcoming workers. This will ensure the benefits are valued, and will ultimately help to retain talented employees. Benefit packages help to maintain employee health, satisfaction, and ensure they feel appreciated. Catering these plans for today’s workforce means:
Ability to do Mobile & Internet based Claims
Health & Dental Spending Dollars
The two most common concerns when implementing benefit plans are cost and eligibility. It is important to note then, that benefit plans can be catered to small businesses with as little as three employees. With the right advisor on your side, your benefits package will be sustainable, remaining cost effective and within your budget long-term.
By investing in a sustainable benefits plan, you are investing in long-term employment, and eliminating the costly effects of high employee turn-over (2).
Let us help you protect your most valuable asset.
Speak with a Benefits Specialist
Sun Life Brochure: GRP1692-E 05-11 cw-mp
Noted by Suzanne Lucas in CBS Money Watch: The average cost of replacing an employee who makes under $50 000 per year amounts to fully 20% of their annual salary.