How Employee Benefit Plans Promote Loyalty

Posted by Paul on Aug 2, 2011 9:49:00 AM

The economic challenges of the past few years have forced a growing number of companies - including many of our small business clients - to do more with less. While this may be good for productivity and the bottom line, it can have an unintended consequence - leading employees to feel overworked and underappreciated.  PWP_Blog_photo 

With the job market still in the doldrums, even dissatisfied employees are tending to hold on to their current jobs. But many surveys, including one by MetLife, have found that a surprisingly high percentage of employees are thinking about changing jobs when the economy improves.

This is a sobering thought. And it reminds us of the importance of taking steps to retain the talent in your organization. Keeping good employees helps build a positive work environment for everyone. It boosts productivity and builds intellectual capital. And it saves both the time and expense of recruiting and training new employees.

So how can a small-to-mid-sized company build employee loyalty and retain its best people? One way is through good employee benefit plans. According to the Small Business Administration, many smaller companies tend to steer clear of benefits packages because they believe the cost is prohibitive.

Fortunately, at Mid-State Insurance, we partner with our clients to develop creative approaches that deliver great value for each dollar invested by both the company and its people.

Let's take disability insurance as an example. Both short- and long-term disability policies can be very expensive for individuals to buy on their own. However, if your company chooses to offer disability insurance on a voluntary basis, you can do it at no cost to the company but with significant benefits for your people. These benefits include discounted rates, simplified underwriting, and tax-free benefits for covered employees who become disabled. In addition, if your company participates in Mid-State's payroll deduction plan, you can also offer your people the added convenience of having the premiums deducted from their paychecks.

Because every business is unique, we invite you to meet with one of our employee benefit advisors to:

  • Review your company's situation
  • Choose from a wide range of health, dental, group life, group disability, and long-term care insurance products
  • Experience the commitment of Mid-State Insurance to 'individualized solutions.'

Topics: disability insurance, voluntary benefits, Paul's Blog, employee benefits, Mid-State Insurance

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