If you've got great employee benefits, flaunt ‘em
In MetLife’s 2019 Employee Benefit Trends Study, 6 in 10 employees said benefits were an important reason why they joined their company. Benefits rank second to salary. So, whether you’re focused on hiring or retaining talent (or both!), your benefits package is fundamental to being a great place to work.
A culture of caring
The MetLife study also reveals that 76% of employees feel employers have a responsibility for their health and well-being. So, to start with, if you’ve got a great benefits package, you should definitely promote this.
Whether you’ve got 75, 100, 250, or 1,000+ employees, companies with a serious growth and employee retention strategy are benchmarking their benefits packages against their competitors–and proactively taking steps to reduce both health plan premiums and out-of-pocket expenses for their employees.
What great companies are offering
SHRM's 2018 Employee Benefits research report provides insight into the evolution of benefits offerings, as well as their strategic use for recruiting and retaining talent. Beyond ensuring employees have access to affordable medical, dental, and vision benefits, great companies to work for are helping employees save for retirement. And not just with 401Ks.
Most employers Lumity works with are making contributions to Health Savings Accounts (HSAs), which serve as a sort of “medical 401K”. Employees with low health care needs use HSA funds to complement their retirement savings, while those with high health care needs leverage HSA dollars to offset their deductible.
Employers are also helping with student debt repayment and offering financial wellness programs. In Lumity’s 2019 State of Financial Wellness Benefits survey, 59% of employers said financial wellness benefits are important to recruiting and retaining top talent.
As a benefits consultant, Lumity has also seen a sharp rise in paid parental leave, fertility, and wellness benefits—especially for providing mental and behavioral health benefits beyond a traditional Employee Assistance Program (EAP).
Benchmark your benefits
If you want to know how your benefits stack up against companies similar to yours (by geography, size, and industry), Lumity’s benefits consultants can provide a complimentary benchmark analysis.
Click to learn how your benefits compare.
We’ll also be able to tell you if you’re paying too much for your health plans. Lumity clients typically realize 15-20% savings on comparable coverage (the average annual health plan renewal rate for Lumity clients is -1%). This is discovered savings you can use to offer free health plans, make employer HSA contributions, or offer additional employee perks.