Beckworth Beneficial Blog

30 Jun

Posted by: Admin

Posted on: Jun 30, 2023 at 10:47 am

Why Are Health Insurance and Benefits Important to Employees?

For employers, hiring and retaining a reliable workforce is one of the most essential parts of maintaining operations and pursuing growth. Organizations must prioritize the health and wellness of their employees to maintain their well-being and keep them as part of the workforce. 

Amid a time of dynamic workplace trends, such as the rise of remote and hybrid arrangements and a limited labor market with many employers struggling to find qualified candidates for open positions, maximizing what you can control is critical. To aid your attraction and retention efforts, you should prioritize understanding the importance of offering optimal employee benefits, such as group health insurance.   

What Are Employee Benefits? 

Employee benefits provide your workforce with additional incentives, opportunities and compensation beyond their salary. Your employee benefits portfolio may include health insurance, life insurance, paid time off, wellness incentives, retirement plans, and voluntary benefits such as dental and vision. By compiling and offering an ideal collection of employee benefits, your business can garner many advantages for itself and its workers. 

Why Do Benefits Matter? 

Employee benefits play a critical role as employees attempt to stretch their paychecks further and maintain their health and wellness. These offerings may provide cost-effective solutions that might otherwise be unavailable to your workforce. For example, group health insurance can generally cover employees, as well as their spouses and dependents, for lower costs than they would otherwise be able to find on the open market. 

Offering retirement-related incentives, including matching employees’ 401k contributions, or helping employees manage difficult situations in their personal lives, such as by providing employee assistance programs and access to mental health services, can boost morale and cultivate a healthy workplace culture. 

For many of your current workers and prospective candidates, benefits may be critical in their decision-making process as they weigh various employment options. Some employees may even prioritize certain benefits, such as superior health insurance, over higher direct compensation. With this in mind, your organization must optimize its employee benefits portfolio by revisiting and adjusting offerings regularly. Consider surveying your workers directly to determine what benefits are important to them. 

We’re Here to Help 

With decades of experience specializing in employee benefits, the dedicated staff at Beckworth Beneficial is well-equipped to help your organization understand the importance of these offerings. We will use our extensive knowledge to explain your options, assess your needs and assemble an optimal portfolio. Visit our website or call 559-389-5837 to get started today.

NOTICE: This blog and website are for educational and informational use only and do not offer exhaustive legal, insurance, or tax advice. No broker-client relationship is established by your use of the site. For professional advice, consult a licensed expert in your state.