Recruiting and retaining top talent is a challenge in today’s world. With employees having all the leverage, standing out as an employer can be challenging. So, what can you do to become the employer everyone wants to work for? One area you may have yet to consider is your health insurance costs. Believe it or not, these costs can significantly impact your recruiting ability.
The Challenge of Expensive Health Insurance Costs
One of your biggest concerns as an employer is keeping your employees happy and healthy. Unfortunately, expensive health insurance costs can quickly impact employee retention and become your business’s most significant expense behind payroll. But it’s not just employers who are feeling the pinch. High health insurance costs also affect individuals who cannot afford to pay their medical bills.
According to a recent survey, health insurance costs have increased 152% between 2010 and 2023 and are projected to double by 2025. It’s no wonder that employees are seeking greener pastures for their benefits. Employees are paying more for health insurance and getting less, so they’re looking to other employers and moving toward a better benefits package.
The Benefits of Group Health Insurance on Employee Retention and Recruitment
By providing your employees with group health insurance, you’ll not only save money, but your employees will also get more and pay less. Offering competitive benefits packages through group health insurance is crucial for attracting the best candidates. But, it’s equally important to provide plans that meet their needs while being financially sustainable.
Customization: Group health insurance allows you to tailor your health care plan to your employees’ needs. You can choose specific benefits, such as mental health, dental, or vision care, to make your plan more attractive to potential candidates.
Cost Savings: Group health insurance allows you to save money on your health care plan by spreading the risk across a larger group. This helps you reduce your costs and offer better benefits to your employees.
Attracting Top Talent: Offering competitive benefits packages through group health insurance is essential for attracting and retaining top talent. With group health insurance, you can offer a comprehensive benefits package that meets your employees’ needs while being financially sustainable.
Takeaway
Providing your employees with a comprehensive group health insurance plan is a win-win for your business and employees. By offering competitive benefits that meet their healthcare needs, you’ll attract and retain top talent and save money on healthcare costs. As an employer, staying competitive and providing the best possible benefits package to stand out in the job market is crucial. So, if you haven’t already done so, it’s time to consider providing the best group health insurance plan to ensure the long-term success of your business. Therefore, employers need to consider offering competitive benefits such as group health insurance to ensure employee retention and business growth.
Need Help with Group Health Insurance
Skyline Benefit is an independent health insurance broker in Fullerton, CA that offers affordable and flexible group health insurance options. Selecting the best group health insurance plans can be overwhelming; our mission is to simplify the process and help our clients every step of the way.
Schedule a consultation today. Call us at: (714) 888-5112