Ask yourself something: Is your company an Employer of Choice?
Business owners or industry leaders can testify to the difficulties of finding and retaining talent. However, this obstacle doesn’t always hinge on pay. Offering more incentive to an employee who has already decided to submit their notice often still results in their resignation. Becoming an Employer of Choice means providing enticing opportunities to those searching the market and also providing an environment that minimizes their desire to leave. A number of factors can contribute to employee retention, but a study by Fractl found the most important job perk employees care about is Health Insurance.
In today’s market, individual and standard group health insurance rates are climbing higher than many employers can afford. Small and medium sized businesses may put the best benefits package together they can, but it often leaves the employees either paying too much in premiums or stuck with high deductibles and copays that devalues the insurance product. So how can they compete with the benefit programs offered by larger companies and still stay within their budget? By working closely with their benefits provider to develop a custom package catered to their employees. There are a variety of insurance programs that balance premiums with deductibles which can save employees money, and also helps protect staff members and their families and increasing employee retention.
Applied Business Solutions has a Master Health Plan with Florida Blue that allows us to offer health insurance rates to small and medium sized businesses that are normally reserved for very large entities (5000 employees or more). With favorable underwriting, we have been able to save our clients anywhere from 10-28% on their monthly premiums. This enables them to put more money back in their business, their own pocket, or work with us to add other benefits and stay within their current budget! (other benefits being 401k, accident plans, critical illness, life, disability, etc.)