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How to Boost the Perceived Value of


Your Employee Benefits
 
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Published October 12, 2017
Last updated April 19, 2021


Do you know what your employees really think about their benefits? While you keep track of benefit enrollment and participation trends, you might not know how valuable they actually are (or aren’t) to your workforce. Understanding how your employees perceive their benefits is becoming more important, because it impacts your company’s ability to attract and retain top talent.

If you think about it, your benefits are a significant part of your employer brand. The benefits you provide are connected to employee satisfaction and loyalty, not to mention health and productivity. Even if you’ve spent a lot of money on a great benefits package, if your employees don’t see it that way, it might affect their desire to find a new employer with benefits they value.
 
Securing your investment

Your benefits spend is probably on the rise. Or, at the very least, you may be allocating your budgets differently than you did just a few years ago. According to the Business Group on Health, employers project that healthcare costs could increase 5.3% in 2021, with employers covering nearly 70% of costs for their workforce.1 This is a significant increase—and it’s important that your employees, the recipients of this investment, see the value in how you’re spending your employee benefit dollars.

How can you be sure that you are making the most of your investment? And what can you do to boost your employees’ perception of your offerings? Here are some best practices to consider:

Consider voluntary benefits to ease financial worries

What benefits do your employees want and expect? According to a Glassdoor survey, nearly fifty-seven percent (57%) of people say benefits are a top priority to accepting a job.2 In fact, for the younger generation of 18-to-34-year-olds, benefits are even more important than pay. According to the Glassdoor Economic Research, the five benefits that have the highest correlation with employee satisfaction are:

 



  • Health insurance 
     
  • Vacation and paid time off
  • Pension plan
  • 401K plan
  • Retirement plan


Employers have the opportunity to step in and help employees manage their money and protect their health and healthcare dollars. While employees seem generally satisfied with their core major medical and retirement programs, there’s room for supplemental, or voluntary, benefits that fill the gap.

Employees may see more value in their benefits package when they see its financial impact. This is why supplemental lines of insurance can be powerful. They help meet healthcare and financial needs, as an unexpected accident or illness can quickly deplete their savings.

About Combined Insurance

Combined Insurance Company of America (Chicago, Ill.) is a leading provider of supplemental accident, disability, health, and life insurance products and a Chubb company. With a tradition of nearly 100 years of success, Combined Insurance is committed to making the world of supplemental insurance easy to understand. The company has an A+ rating by the Better Business Bureau and is one of Ward’s Top 50® Performing Life-Health Insurance Companies. Combined Insurance is also a 2017 Top 10 Military Friendly® Employer named by G.I. Jobs Magazine—marking the fifth consecutive year on the Top 10 employer list and third consecutive year in the Top 5. In New York, products are underwritten by Combined Life Insurance Company of New York (Latham, N.Y.)



For more information, please visit combinedinsurance.com.

 



References:

1 Business Group on Health. 2021 Large Employers’ Health Care Strategy and Plan Design Survey. August 2020. Available at: https://www.businessgroup health.org/resources/2021-large-employers-health-care-strategy-and-plan-design-survey

 





2Edelman. (n.d.). Retrieved May 17, 2021, from https://www.edelman.com/

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