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Benefits: 10 Key Take Aways

Over the last several weeks we went over the no or low-cost ways to make your company a great place to work. We went over many tips on what you can do right as far as offering benefits to your staff to make them want to work with you and your company. 

We talked about:

  • Why you need to look after your employees
  • Good leadership
  • Creating the right environment
  • Challenges, training and development
  • Employee perks
  • Company benefits
  • Choosing the right benefits
  • Communicating benefits correctly
  • Ways to get benefits wrong

In a nutshell, here are 10 most popular takeaways from this series on benefits.

  1. It pays to make your company a great place to work. Although base pay is still vitally important, it is not the only thing talented employees are looking for.
  2. Good leadership is vital. 27% of people who don’t trust their managers, don’t plan to stick around.
  3. Workplace culture starts at the top. To created a culture of communication, collaboration, fun and respect, the boss has to lead by example.
  4. Millennials rank training and progression opportunities as a top reason to stay in their job.
  5. Flexible working is a popular perk and could improve your employees’ productivity.
  6. Voluntary benefits enable you to offer attractive benefits at no or low cost.
  7. The benefits employees want are dependent on their circumstances and their outlook – so flexibility is key.
  8. Company-offered benefits such as accident insurance and hospital indemnity insurance can fill in the gaps in health care coverage.
  9. With paid time off plans and incentives to reduce unscheduled leave, offering paid leave can be a cheaper and more realistic option for small businesses.
  10. By effectively communicating benefits to your employees you help them understand the value of offering, which helps them get the most out of it. Voluntary benefits providers can help with this.

 

Highest regards,

 

 

Stacia

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Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial, accidental, voluntary, communicate

Companies Are Getting Benefits Right

There are some companies who’ve clearly thought about their benefits packages. They are usually the businesses you’ll see receiving rave reviews from their employees and topping lists of best places to work.

Here are a few businesses — of all sizes, covering a wide variety of industries — that seem to be getting it right when it comes to offering benefits.

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Radio Flyer
There’s a reason this toy-wagon maker has been going for almost a century. It attracts and retains employees with a wide range of great benefits like flexible working and generous maternity leave as well as some fun perks like free fitness classes.

 

Facebook
Facebook’s employee benefits are widely praised, even those they o er interns. They provide interns with a competitive benefits package which includes health care coverage and free housing.

 

PPR Talent Management
Staff at this recruiting firm benefit from unlimited paid time off, as well as salary continuation up to four weeks for personal sickness, disability, injury or medical leave.

 

Etsy
Etsy came in 6th on the 2015 Great Places to Work medium company list. Sta enjoy a great mix of quirky and practical benefits – from dog-friendly o ices (their employee directory even has a page dedicated to employees’ dogs!) to paid sabbaticals, blood pressure screening and 100% employer-paid standard medical and dental plans for both employees and their dependents.

 

Insomniac Games
Following in the footsteps of tech giants like Google and Facebook, this gaming company uses a range of unusual perks to keep its employees happy. On-site massage therapy, free lunches, fitness classes, car washes and dry cleaning services are all offered.

 

Snagajob
The company benefits are surely one of the reasons why a massive 97% of employees at Snagajob say they feel proud to work there. In addition to three free days of backup childcare a year, workers are matched up to 6% in their 401(k) plans.

 

Follow their lead!

 

Highest regards,

Stacia

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Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial, accidental, voluntary, communicate

Companies Getting Benefits Right

There are some companies who’ve clearly thought about their benefits packages.

They are usually the businesses you’ll see receiving rave reviews from their employees and topping lists of best places to work.

Here are a few businesses — of all sizes, covering a wide variety of industries — that seem to be getting it right when it comes to offering benefits.

Radio Flyer

There’s a reason this toy-wagon maker has been going for almost a century. It attracts and retains employees with a wide range of great benefits like flexible working and generous maternity leave as well as some fun perks like free fitness classes.

Facebook

Facebook’s employee benefits are widely praised, even those they offer interns. They provide interns with a competitive benefits package which includes health care coverage and free housing.

PPR Talent Management

Sta at this recruiting firm benefit from unlimited paid time off, as well as salary continuation up to four weeks for personal sickness, disability, injury or medical leave.

Etsy

Etsy came in 6th on the 2015 Great Places to Work medium company list. Staff enjoy a great mix of quirky and practical benefits — from dog-friendly o ices (their employee directory even has a page dedicated to employees’ dogs!) to paid sabbaticals, blood pressure screening and 100% employer-paid standard medical and dental plans for both employees and their dependents.

Insomniac Games

Following in the footsteps of tech giants like Google and Facebook, this gaming company uses a range of unusual perks to keep its employees happy. On-site massage therapy, free lunches, fitness classes, car washes and dry cleaning services are all offered.

Snagajob

The company benefits are surely one of the reasons why a massive 97% of employees at Snagajob say they feel proud to work there. In addition to three free days of backup childcare a year, workers are matched up to 6% in their 401(k) plans.

 

We’d love to help you create an amazing benefit plan for your staff.

 

Highest regards,

Stacia

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Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial, accidental, voluntary, communicate

Communicate Your Benefits Effectively

For employees, understanding their benefits can be intimidating. It takes a whole lot of math – probabilities, prices, copays and deductibles — not to mention trying to weigh up the other options outside of what their employer o ers. So what do they really need to know? And how can you help?

 

Make sure staff know the value of their benefits

To get the credit you deserve for sta benefits, you need to communicate effectively about what you’re offering.

 

Not many people could accurately tell you what their health care package costs their employer. Not many know that, on average, their benefits package makes up just under a third of their compensation (31.7%).29 The better employees understand the value of their benefits, the more likely they are to judge their employer as a good place to work.

 

Help people get the most out of their benefits

Most employees don’t feel informed. They don’t feel comfortable making decisions about their benefits. It’s especially a problem for people with lower household incomes. And that means they don’t make the most out of the benefits offered to them.

 

Giving people reading material doesn’t work unless they’re already engaged and enthusiastic. More likely, that email will be deleted, or the booklet will end up forgotten under a pile of paperwork. Combining these methods with more direct benefits communication is usually the most effective option.

 

Keep your staff informed. Do your employees know the value of their benefits?

 

Highest regards,

Stacia

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Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial, accidental, voluntary

Have the Ability, with Disability Insurance

“Life happens”, the short saying you use when something unplanned or accidental happens.

 

Sometimes we are lucky enough to only have to reschedule minor plans. However, other times we are not so lucky and when “life happens”; we need to be prepared.

 

Disability insurance can help your employees keep one of their most important assets protected, their income. When that unexpected injury, childbirth, or illness occurs, it can hinder their ability to make ends meet for themselves and their families.

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  • Something most people don’t think about is just over one in four of today’s twenty year olds will be disabled before reaching the age of sixty-seven.

 

  • Even more shocking, is that some of the most common disabilities are not covered by workman’s compensation.

 

  • These disabilities include cancer (16%), back disorders (excluding injury) (13%), injuries (12%), cardiovascular (9%), and joint disorders (9%); as you can see these are very common disorders that several people are affected by.

 

In today’s world of ever growing technology comes higher prices for medical care. These troubling times can be less stressful with the help of a disability insurance plan.  Let that sink in. Surely, you want to give your employees and their families protection against the inevitable. You’re probably wondering, how do I achieve this? How does this work without breaking a budget?

 

You have options, from a short term plan that allows you to pay a little at a time for a period of several weeks, to long term coverage for several months to several years. Either way, you can’t really go wrong!

 

These plans work together, with flexible coverage for you and your employees, when disability lingers, have the piece of mind so you and your employees can focus on what’s important. Which shouldn’t be if you have the coverage, or can afford what workman’s compensation won’t cover.

 

Extra protection for your company and employees, that will save you both money in the end.

Warm regards,

Stacia

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Coverage So Good It Looks Like an Accident

Let’s face it, accidents happen, they are an inevitable part of everyday life.

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The fact that accidents happen at all, is just plain stressful.

 

Let’s ask some important questions:

 

  1. What do you do when an accident happens?
  2. Do you have the coverage for yourself and your employees?

 

If you don’t have coverage for accidents included in your benefits package that could be detrimental to your business.

 

The most troubling part about an accident, is the unplanned factor. Which can send your employees out of work for days or weeks on end. Added to that, when hospital bills and other medical expenses are incorporated, it can quickly become overwhelming and seem like there is no hope, especially if the employee is unable to work.

 

This is where accident coverage comes in handy, extra expenses are covered and your employee can focus on getting better faster. Saving you time and money.

 

Almost forty million Americans sought medical help in 2014 for poisoning and injury. You might be thinking, you don’t need accident coverage for your employees because of the work safety policies you have in authority, but almost forty-nine percent of those forty million accidents happened at home.

What’s even more shocking, is that most people don’t have finances or a plan to cover those expenses.

 

Accidental coverage plans can help offset these expenses, along with provide coverage for initial care, transportation, surgery and follow up care your employees may need. Especially when the cost of medical care, not to mention urgent or after hours care,  has skyrocketed and is only going to continue to do so.

 

You can’t put a price on piece of mind that your protected for the inevitable.  So do yourself, and your employees a huge favor, help life go right by getting them the accidental coverage they and their families need.

Warm regards,

 

Stacia

Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial

Know What Coverage Options Benefit You and Your Team Most

When choosing coverage for your company, there are many factors that you need to keep in mind.

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  • Should your coverage include families?
  • Should your benefits be offered to part-time workers?
  • What demographic works best for you and your team (Millenials, Baby Boomers and Generation X)?

 

It is always important to think about how the benefits you want to offer will fit with factor such as the key objectives of your business, what competitors are offering to their employees, the budget you have to work with (are you going to fully fund these coverages, share the cost with your employees, or make your employees solely responsible to fund them), and the wants of your employees. Most employee demographics today span a wide range of generations.

 

Another important thing to consider is what millenials are looking for in coverage as opposed to Generation X.

 

To explain this further, Millenials have a lot of the same values as the older generation, along with benefits that will help with the balance of work and other aspects of their lives.

 

Some of these coverages include, paid leave, retirement plans and parental leave.

 

On the other side of the spectrum, Generation X looks for an employer who will fill the gaps in regular coverages they already have.

 

They ask themselves about the “what ifs” in life, things that will require immediate attention; not later in life like Millennials. Coverages they look for include, hospital indemnity insurance, life insurance, accidental insurance, and disability insurance.

 

Once you know the coverage options you want to offer, it is important that you consider the legal matters, large mistakes can result in large penalties and greatly affect your ability to offer benefits to your employees.

 

Follow these rules, and you will come up with the perfect package to not only benefit you, but your employees and their families as well.

 

Warm regards,

 

Stacia

Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial

The Complications Of Offering Company Benefits

With 77% of workers saying the benefits package is an important factor in their decision to accept or reject a job, it’s clear that, even for smaller companies, offering a competitive employee benefits package is a must.

 

Consider your last job interview. Did you consider the company benefit package as part of your total compensation or did you just expect that you’d be offered that?

 

The larger price tag that can come with offering some the more conventional benefits, such as health care and life insurance, and even softer benefits such as pet insurance and concierge services, can understandably be a major barrier for a number of companies.

 

There is always a way around this.

 

Voluntary benefits – at no cost to you.

 

Voluntary benefits are benefits that are offered by the employer through the workplace. To suit their budget, employers can choose whether or not they are 100% employee-funded or partially funded by both employee and employer.

 

Many employers offer them in addition to their core employee benefits package, to enable employees to enhance their coverage where they feel they need it most. Employers who are unable to offer core benefits often offer voluntary benefits to provide their employees financial protection in key areas. Either way, voluntary benefits can provide an employer a competitive advantage when it comes to benefit packages.

 

81% of employee say they buy voluntary products because of the convenience of purchasing at work.

 

Right now, voluntary benefits make sense for a lot of reasons:

  • They can help fill in the gaps in health care coverage caused by high co-pays and deductibles.
  • For a diverse workforce, the element of choice means they can handpick benefits that best suit their lifestyle, needs and budget.
  • They pay benefits regardless of any other insurance coverage employees have in place, including policies available through government health care exchanges.
  • They let you offer attractive benefits at no or low cost to your company.

 

Highest regards,

Stacia

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Learn Why You Need Disability Insurance

I get it; you are healthy. You are young. You have a successful career. You may or may not have started your family. Why think about the daunting idea of disability insurance and furthermore, why have it?

Why? Because you NEED your income and beginning becoming disabled is not something your “young age” will save you from getting.

Think about this: one of your most valuable assets while young is your ability to earn an income. When surveyed, people ranked their top three important things in life as having a home, having their health, and having an income. If the threat of one is at stake, all are at stake. If your health declines, you’re unable to go to work thus lowering your income and threatening having a roof over your head for a home.

This brings up a very important question: what are you doing to protect the things that are the most valuable to you? How do you protect your home, health, and income?

The answer is simple: disability insurance.

Disability insurance can be purchased through your workplace or individually. It can provide an affordable financial safety net; a way to protect you and your family’s way of life. When you think about your daily expenses – the mortgage, utilities, food, gas etc – think about what you’d be able to pay if you were disabled short term or long term. Disability insurance gives you the peace of mind to not worry about a total loss of income should something happen.

Realistically, the odds work more in the favour of something happening to put you out of work, if even only briefly. Think about this: you have a 1 in 259,000,000 that you will win the lotto jackpot, but you have a 1 in 4 chance that you will be disabled during your career. With gambling odds being 25% against you and the protection of your family is at stake, disability insurance is a safety net worth having!

Talk to your employer about your options for disability insurance to find the best solution to for your individual needs.

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Disability Insurance Awareness

Disability Insurance Is Vitally Important

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We have gathered information to help you look at your risk of income interruption and the value of disability insurance.

Purchasing disability insurance is insuring yourself: your experience, skills, and ability to work normally. Ultimately, having disability insurance is having protection for yourself and your family; it can mean the difference between surviving financially or facing an imminent catastrophe.

While the detailed information for each policy will vary, understanding the importance will help you make the best decision for yourself and your family financially.

How would you / your family survive financially if you were unable to work for one week? What about a month or more? A harsh reality is that most American’s are living paycheck to paycheck; having a savings of more than a few months of salary set aside takes time to build.

What disability insurance does is replace some of your income so that you can still pay your bills monthly. Disability insurance may even pay a portion of your income if you are only able to return to work part time as well.

Your initial thought may be “I’m healthy. I’ll be careful and not get disabled so I don’t need disability insurance coverage.” However, think about this statistic from the Social Security Administration: 25 percent of today’s 20-year-olds will become disabled before the age of 67. A disability may not be the result of a major, once-in-a-lifetime accident or injury. For most people, disabilities find a way to slowly sneak into their lives by hiding through common health conditions.

To help drive that point further home: last year the Council for Disability Awareness did a study asking people under the age of 40 to guess their likelihood of becoming unable to work due to illness or injury. In this study, 10 percent of workers stated that they were more likely to win the lottery than be unable to work due to illness or injury.

In reality, there is a 1 in 259,000,000 chance of winning the lottery jackpot and a 1 in 4 chance that you may be disabled during your career.

You read that correctly: a 1 in 4 chance.

After the likelihood of becoming disabled during your career sets in, the value of having disability insurance becomes even more evident. Protect the financial future of yourself and your family with disability insurance.

Please consider talking to an agent from the BeneChoice Companies today.

Kindest regards,

Stacia