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