Leveraging Health Insurance in Your Recruiting and Retention

We know health insurance isn’t an option for many businesses. To stay in compliance with the law, you have to offer health insurance. Many business owners consider this a costly expense. However, health insurance is something you can leverage to your benefit.

The key is to offer a comprehensive package with robust benefits, something your employees will appreciate and brag about to their friends. As newer, younger workers enter your profession, they expect to have excellent benefits packages that include health insurance, retirement plans, and something to help them either further their education or assist them with paying off their education debts.

What you have to decide is how far do you go? How comprehensive do you make your plan? What costs do you make or save by offering above average benefits?

Recruiting And Retention Is Expensive
When an employee leaves your company is costs you about 42 days and approximately $4200 to replace the worker.

Additionally, studies show that close to 46% of new people leave their new jobs within 18 months of being hired. This is only the hiring costs; it doesn’t cover the costs of training.

While people leaving a job is common, if you can prevent them from leaving for better benefits, you can save yourself quite a bit of money.

What is considered a comprehensive health insurance plan?
The Affordable Care Act has requirements on what types of services your health care plan has to provide to employees. Don’t limit yourself to those guidelines. There are other things you could do to offer your employees an attractive program.

For example you could offer:

• Discounted memberships to a local gym. Approach a local gym and see if they would provide you with a discount if enough of your employees signed up.
• Give some extra time to your employees to go for a walk during lunch.
• Give lunchtime nutrition or health classes for your employees.
• Periodically, ask a representative from your health insurance company to give a presentation on your plan and instruct people on how to make the most of it.
• Acknowledge employees who meet personal health or fitness goals.

If you were to sit down and brainstorm with your co-workers, you would probably develop other ways to enhance your current health plan.

If you noticed, many of the ideas listed don’t require much concerning time or money.

Benefiting From Your Benefits
When you are recruiting and hiring new talent, show them how you go above and beyond the typical health care plan. Let them know you genuinely want them to be healthy, and you’re willing to go the extra step to help them meet their goals.

You can take this idea as far as you want to. You could extend it to your retirement plan or create a professional development plan. You are the limit on the benefits you offer your employees.

Flagler Financial is a premier insurance and employee benefits company in Central Florida. If you would like to learn more about how we can help you provide competitive employee benefits packages, please call us. We would be happy to hear from you.