When it comes to attracting and retaining solid employees, there may be ways to enhance your benefit offerings. Explore ways to remain competitive and creative with your benefits program.
Employee turnover can impact the organization in the following ways:
- Lowers employee morale, impacts workplace culture
- Decreases productivity
- Reducing commitment level of those left behind
- Shifting the bottom line1
Spreading claims risk over a larger participant pool prevails
When one of our current clients — a social services organization — caught wind that employees and job candidates were taking jobs with a nearby hospital because health insurance premiums were too high, leaders did something about it. Switching to Portico, this big city employer combatted the affordability issue head-on — and gained the collective buying power of our 16,000-plus participant pool, which helps minimize risk of rate and cost increases from chronic conditions and high-cost claims. Health coverage premiums decreased while benefit offerings for the employees went up. As part of the solution, our client kicked in a higher employer cost share to ease the burden.
Other Smart Ideas
How else can you make benefits look different in 2023? Here are some other unique strategies employers can consider to enhance existing offerings:
- Shorten the waiting period for employees to qualify for benefits (e.g., from 60 days to the 1st of the month following when they are hired);
- Consider adjusting the retirement match to get better participation — for example, a 100% match for up to 3% of compensation contributed by the employee may be more achievable for low-income staff compared to a 50% match for up to 6%;
- Review cost share arrangements;
- Evaluate and add to voluntary benefits offerings;
- Contribute to employees’ HSAs, one time or annually
While there are costs associated with strategies like these, remember, the financial implications of losing a valuable employee are often greater.
Benefits & Well-being
If you feel like you’re just spinning your wheels, remember that the suite of benefits you offer through Portico aims to intentionally address whole-person well-being: spiritual, social, emotional, physical, intellectual, financial, and vocational.
With our holistic approach, rest assured that you’re stepping up to equip your great people with effective tools for achieving wellness and, therefore, what they need to carry out their responsibilities and serve well.
Leading organizations are employee-centered and show a real heart for their staff.
Given employees who feel cared for are more likely to stay, benefits remain one of your most powerful tools for attracting and retaining the best. Keep up the good work!
1Chase Charaba (2023). Employee Retention: The Real Cost of Losing an Employee, PeopleKeep. Retrieved April 13, 2023, from https://www.peoplekeep.com/blog/employee-retention-the-real-cost-of-losing-an-employee