Dispelling Myths About Employee Benefits 

Employee benefits have become an increasingly important part of employment agreements in recent years.

Studies have shown that many prospective and current employees may value attractive employee benefits packages more significantly than direct compensation.

Furthermore, employers may garner many advantages from offering ideal benefits programs beyond cultivating an appealing workplace.

For example, benefits may help employees maintain their health and wellness, increasing productivity and limiting absences.

However, employee benefits can also be a complicated subject. With this in mind, the knowledgeable team at True Grown Insurance Services , LLC is eager to assist your company in optimizing its employee benefits portfolio and dispelling potentially counterproductive myths.

Employee Benefit Myth 1: Unnecessary for a Healthy Workforce

Reality: Regardless of how healthy your employees may be, certain health conditions and illnesses may inevitably affect them. In these situations, employee benefits may play a pivotal role in helping them manage their ailments, recover and return to work in a timely manner. Conversely, employees without access to essential medical care or benefits could miss extended time or even need to resign altogether.

Employee Benefit Myth 2: Aren’t Needed if You Have a Good Workplace Culture

Reality: Employee benefits are essential regardless of how happy or satisfied you may believe your workforce to be. In an increasingly dynamic labor market where turnover rates have risen recently, your company must remain competitive with other employers. Employee benefits play a significant role in achieving this goal.

Employee Benefit Myth 3: Too Expensive

Reality: While employee benefits may seem like a significant financial investment, many packages can be customized to suit your company’s budget while offering attractive employee incentives. For example, many insurance carriers may offer discounts to small businesses seeking group health insurance.

And the Biggest Myth of all: Employee Benefits Won’t Help Your Organization’s Profits

Reality: Offering attractive employee benefits packages may positively affect your company’s bottom line. For instance, employer contributions toward group health insurance premiums are typically tax deductible. Offering minimum essential coverage may also help some businesses avoid paying fees due to the Affordable Care Act. Furthermore, ideal benefits may help your company save money on costs related to hiring and onboarding employees due to greater retention.

What Employee Benefits Should a Company Offer?

Your company’s ideal employee benefits portfolio may be unique. Consider surveying employees directly to get feedback on current offerings and learn more about desirable changes and additions. In many cases, the following options should be prioritized:

• Health insurance
• Life insurance
• Dental insurance
• Vision insurance
• Disability insurance
• Retirement plans
• Employee assistance programs

• Wellness programs
• Educational and training opportunities

We’re Here to Help

Contact True Grown Insurance Services , LLC today to learn more about employee benefits or to start building your ideal portfolio.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.