Employees come and go from companies, but what helps a company keep an employee and keep them happy? A recent article by the Employee Benefits Research Institute says that the benefits both attract and retain the best workers. In a 2013 survey EBRI discovered that the benefits package is an important factor in a potential employees decision to accept or reject a job. The survey was also able to show that many workers weren’t satisfied with the benefits package being offered.
One of the best advantages of defined contribution health benefits is that an employee has the option to choose their own individual health plan rather than being given a one size fits all group plan. With this option an employer gives back the freedom of choice to the employee. This way they can choose a plan tailored to their healthcare needs for both themselves and their families. Defined contribution plans also allow employers to tailor their contribution to each employee. Unfortunately group plans do not allow this freedom on the employer or employee side.
As a company if you want a high employee retention rate are you looking into other options for your employees that give them more choices than a traditional group plan does?
Read the full article from the Employee Benefits Research Institute HERE