Events over the past couple years has caused many employees to reconsider their priorities when it comes to choosing benefits. Employers who have offered traditional benefit packages until recently are finding they may no longer be the employer of choice with an outdated benefit portfolio that doesn’t meet the evolving needs of their workers. Losing key talent is a risk few businesses can endure.
A good, solid employer sponsored medical program is still a chief concern for employees. At the same time, however, as a result of a heightened awareness of medical and financial needs due to pandemic-related factors, employees have sought to round out their coverage with benefits such as:
- Income protection (short- and long- term disability coverage)
- Critical Illness programs
- Hospital Indemnity programs
- Mental Health benefits
- Financial Wellness benefit programs
Adding these programs is neither expensive nor difficult. And for employers concerned about the impact on their operating budget, an effective solution to accommodate this shift in benefit focus without incurring additional cost is through a voluntary benefits package.
It’s no easy task to continually accommodate shifting employee benefit needs while staying within budgetary restraints, but the employer who does so will not only win the loyalty of their employees, but better position themselves as an employer of choice going forward.
My Benefit Advisor (MBA) guides employers of all sizes through planning, communicating, and managing a successful employee benefits program. We are ready to help you find the solution that fits your needs, from group insurance to individual coverage. For more information about MBA, contact us.