• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

60 Degree

60 Degree

  • Home
  • About
  • Lifestyle
  • Money
  • Travel
  • Business
  • Investing
  • House
  • Health
  • Blog
  • Contact Me

Employee Benefits Still Keep Workers in Place

September 15, 2020 by Josh Leave a Comment

While it is true that today’s employees put more stock in intangible things – like feeling valued by their bosses – a new survey confirms that benefits still play an important role in worker satisfaction. In fact, employee benefits keep workers in place. The survey suggests that a strong benefits package is one of the best ways to retain top talent.

Employee Benefits Still Keep Workers in Place.jpg

Insurance brokers and general agencies have their work cut out for them as open enrollment approaches. Standard health insurance is still a top priority. However, ancillary benefits should play a larger role this year than they have in the past. Companies offering a larger basket of ancillary benefits should be better positioned to compete for talent.

Benefits a Reason to Stay

The previously mentioned survey, conducted by Prudential Financial, showed that some 77% of all employees consider benefits a key part of their total compensation. More importantly, 73% say that their benefits are a big reason for staying at their jobs. That is up from 59% one year ago.

Such a large jump may be partly explained by the coronavirus crisis. As people are fearful about their own health and that of their families, health insurance benefits become so much more important. Any additional benefits are icing on the cake. Employees do not want to lose those benefits, so they commit themselves to staying at their current jobs.

In terms of ancillary benefits, are there things employers can do to raise the stakes? Absolutely. It starts with contacting the company’s health insurance broker to find out what non-health benefits are on the table.

Financial Wellness Benefits

Among the most cited non-health benefits employees say could keep them at their jobs are those that somehow relate to financial wellness. In other words, employees enjoy peace of mind when they are protected against certain types of financial hardship. They are looking for benefits like disability insurance, life insurance, and retirement savings.

Disability insurance is a big one. We all know that government disability payments are not all that generous. Too many stories of disabled workers not being able to pay their bills leaves employees fearful of an accident or illness that would keep them out of work. Disability insurance can ease those fears.

Life insurance is another peace of mind benefit. Employees with affordable life insurance can protect their loved ones against lost income and high burial costs should they die before retirement age. Not having to pay the total cost of life insurance can ease financial stress as well.

Other Ancillary Benefits

Benefits like dental plans and disability insurance can be obtained through an employer’s health insurance broker via its general agency. But such benefits are not the be-all and end-all of ancillary benefits. Employers can look at other options that have nothing to do with insurance.

In a blog posted early in 2020, Dallas-based BenefitMall detailed a few of the expected trends in employee benefits for 2020. Among them is rising interest in student loan benefits. Employers wanting to give their workers something extra are offering to help them repay their student loans through payroll deductions and matching contributions.

A student debt reduction benefit is definitely a financial wellness benefit that can reduce employee stress. After all, how many employees worry that they will never get their student loans paid off? A benefit to help them do just that can go a long way toward improving mental health and productivity.

Employees stay at their jobs for lots of reasons. But there is no denying that benefits packages continue to be one of the most important factors. Workers say so themselves.

 

Filed Under: Business

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

About Me

My name is Josh and I'm the blogger behind 60 Degree. I discuss all kinds of topics, but my main focus is business and investing. Numbers are what I'm good at, so these kinds of topics come easily to me.

Newsletter

Facebook

60 Degree

Follow Us Online

  • Facebook
  • Instagram
  • LinkedIn

3 Ways To Make Sure You’re Financially Ready For Retirement

October 25, 2022 By Josh Leave a Comment

If retirement seems like something that keeps … [Read More...] about 3 Ways To Make Sure You’re Financially Ready For Retirement

Upskirting; FAQS answered

October 10, 2022 By Josh Leave a Comment

Over the last four years in the UK, there have … [Read More...] about Upskirting; FAQS answered

A picture containing cosmetic Description automatically generated

Is orthodontic treatment with clear aligners possible?

September 26, 2022 By Josh Leave a Comment

Orthodontic treatment with clear aligners is … [Read More...] about Is orthodontic treatment with clear aligners possible?

Footer

About Me

My name is Josh and I'm the blogger behind 60 Degree. I discuss all kinds of topics, but my main focus is business and investing. Numbers are what I'm good at, so these kinds of topics come easily to me.

Recent Post

  • Becoming A Responsible Pet Parent To Your Furbabies
  • Tips for Running a Travel Lodge
  • 3 Ways To Help A Child Who’s Struggling With Reading
  • 3 Ways To Make Sure You’re Financially Ready For Retirement
  • Upskirting; FAQS answered

Facebook

60 Degree

COPYRIGHT 2018 · 60 Degree

Copyright © 2023 · News Pro on Genesis Framework · WordPress · Log in