Small employers should think big with benefits
As a small employer, you might feel lost in the sea of larger competition with benefits you think you can’t match.
But, don’t forget: you can use your company’s size to your advantage. It takes the same big ideas that helped first establish your business in order to solve present and future challenges. Having a knack for creative solutions and adopting the mindset of a large employer can help you discover new ways to think strategically about your benefits offerings to help you manage and grow your business.
Robust benefits aren’t just for large companies.
Offering a competitive compensation package that attracts talent is not exclusive to large employers. Voluntary benefits can be a cost-effective solution that entices qualified candidates and positions your company to be competitive today and as you grow in the future. Our research has shown that employees at small companies value benefits coverage, and voluntary benefits allow you to offer even more robust protection.
Our survey reported:
- “51% of employees that work for small employers with fewer than 100 employees rank healthcare coverage as one of their top two benefits when considering a new job.”
- “58% of employees that work for small employers with 100-250 employees rank healthcare coverage as their top two benefits when considering a new job.”
Of course, selecting the right provider and coverage is critical to getting the most out of those benefits – for both you and your employees. Choosing a carrier is like making a key hiring decision: you need to ask the right questions, review their capabilities and evaluate whether they can offer customized solutions as your company grows.
A trusted benefits provider can help you every step of the way.
Many benefits providers offer similar coverage. So how do you select the one that’s “best” for you? You need a benefits partner who can help with the following:
- Identify gaps in your current coverage –The right benefits partner knows what a comprehensive benefits plan looks like in your industry, with an understanding of not only your employees’ potential needs, but what your competitors may be offering, as well.
- Help you and your employees make informed decisions – Like any good partner, your provider needs to be an expert who can simplify the things you don’t know. Getting the most out of your benefits requires education.
- Develop and execute a comprehensive communication and education strategy – Enhancing your compensation package with voluntary benefits requires that your employees understand what’s available to them, the value of those protections and what their individual needs are today and in the future.
A successful benefits strategy is an ongoing benefits strategy.
Benefits communication and education is an ongoing process that your provider can tailor to your business’s growth and development. That, combined with a strong enrollment strategy, will drive awareness of the coverage available to new and existing employees year after year. As your company grows, and your employees’ needs grow, your provider’s ability to help you should stay ahead of the pace.
You can compete with large employers for talent right now simply by approaching compensation the way they do – with an eye toward providing financial protection for your employees today and into the future. Voluntary benefits allow you to do that. Find a benefits provider who can do it all – someone who will be there for you and your employees before, during and after the enrollment process.
Your big ideas got you started. Let them take you to where you want to be.
Colonial Life, “Consumer Survey,” 2019. 1,505 U.S. consumers working full-time responded to the survey from January 29-February 1.