By Tariq Hilaly, CEO of Lumity
Job seekers aren’t the only ones struggling with the job market. Businesses have to work harder than ever to acquire and retain the top-tier talent they want in their ranks—and with health benefits becoming more important to potential employees, businesses need to step up their health plan offerings to be competitive. Doing this is the hard part.
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The health insurance system is famously opaque and there are several factors at play when choosing plans and packages. What’s covered? What are the costs? What challenges could arise? These can be daunting questions but with the right approach they can be answered—potentially saving money in the process. Better benefits are crucial in recruiting top talent; below are tips on making smarter benefit decisions.
There are many things to consider in the search for better benefits. For starters, small employers need to understand where they fit in the health insurance market.
Although medical benefits are a very important component of an organization’s benefit package and the ACA has added a huge additional component to this area, other benefits should be reviewed and used for recruitung and retention as well. Getting input from your employees is an excellent idea because otherwise they will not understand the massive costs many smaller employers pay for insurance. The benefit package should always be shared with candidates as a full package, as different people value different things. Often your benefits both basic medical/dental/vision and PTO/flexible schedules/rewards, can help to define your company culture and identify the right fit for your organization. I would say, focus on the whole package and definitely share that with your candidates.