Employees have gotten out of the habit of seeing their doctor for preventive care the…
Competition for workers is at an all-time high as the economy bounces back and businesses work to get fully staffed again. The number of available jobs has reached record highs, with employers across the state struggling to find and keep talented employees. The tight labor market has many business owners rethinking their compensation and benefits packages in order to recruit and retain talented employees.
The vast majority (98%) of small businesses (those employing fewer than 100 people) provide a healthcare plan to employees, according to the Society of Human Resource Management (SHRM). It’s no wonder, given that employees consistently rank health benefits as the most important benefit of a job.
Benefits are Key
The majority (57%) of job candidates reported that benefits and perks are among their top considerations before accepting a job, according to Glassdoor.com. What should be of even more concern to employers is the fact that half of currently employed workers plan to actively search for a new job in 2021, up from 35% in 2020. The main reason? They’re looking for better compensation and benefits (per the Achievers Workforce Institute).
In fact, nearly 80% of all workers said they would prefer new or additional benefits to a pay increase. Younger workers are especially keen on benefits, with 90% of those 18 to 34 years old saying they would prefer new or additional benefits over a pay increase.
Providing for Part-Timers, Sharing Costs
Employers with 99 or fewer employees are more likely than larger organizations to cover the full cost of health insurance for full-time employees (SHRM). Organizations with more than 100 employees are more likely to share the cost of healthcare benefits with part-time employees than small organizations.
According to SHRM:
Offering benefits to part-time employees is becoming a popular method for employers to retain and attract talent. The majority (36%) of employers report that they share the cost of premiums for part-time employees, although some (19%) still require that part-time employees bear the burden in full.
PPOs Remain Popular
Preferred Provider Organization (PPO) plans such as those offered by Michigan Beverage Collective continue to be the most popular health care insurance offering, with 85% of employers including a PPO option, according to SHRM. Employers have begun replacing traditional health plans or offering as an additional choice high-deductible health plans (HDHPs), either linked or unlinked with a health saving account (HSA) or health reimbursement arrangement (HRA). HSAs were offered by more than 50% of employers as of 2019.
Benefits That Help You Recruit and Retain Talent
Employee recruitment and retention is top of mind for beverage business owners, now more than ever. Fortunately, Michigan Beverage Collective provides hand-crafted benefits and customized service that makes it easy and affordable to offer the benefits that current and potential employees value. Contact us today to learn more.