Describing How Total Job Benefits and Total Employee Compensation Differ

Chris Freitas • Oct 13, 2023

Your company’s culture, mission, and impact are key factors in attracting and retaining top talent. However, a competitive compensation and benefits package is equally essential. According to a recent Gallup poll, "a significant increase in income or benefits" took the top spot for what employees wanted in their next job.

Highlighting the value of the benefits you provide to your employees helps them comprehend their worth to the company beyond their salary. Delineating the true significance of a comprehensive compensation package begins with distinguishing between total employee compensation and total job benefits. This distinction can be somewhat intricate, but the employee benefits experts at KBI Benefits are here to guide you. Let's delve into the specifics!

Describing how total job benefits and total employee compensation differ

Compensation encompasses all that employees receive in return for their efforts, constituting their income and directly translatable to cash. This includes their salary, hourly wages, incentives like bonuses, equity, and stock options.

Benefits, on the other hand, are non-wage compensation provided to employees, making up a vital part of their overall compensation package. These benefits include various categories such as paid leave, supplementary pay, retirement plans, insurance, and legally required benefits.

Understanding Total Job Benefits

Benefits cover a wide array of offerings essential for employees' overall wellbeing and satisfaction. These comprise paid time off, health, dental, and vision insurance, retirement plans like 401(k) and pension schemes, educational benefits, and more. Notably, benefits play a critical role in employee retention and satisfaction, with a significant percentage of employees staying with an employer due to favorable benefits.

Employee turnover can have substantial financial implications for a business. The cost associated with turnover includes hiring expenses, onboarding resources, and lost productivity during the learning curve, especially for specialized roles. Providing a comprehensive total benefits package can significantly reduce turnover rates and the associated costs by keeping well-trained employees on your team longer.

Leveraging Total Benefits for Recruitment and Retention

When recruiting new talent, effectively communicating the value of the total compensation package, including benefits, is crucial. Many potential candidates primarily focus on the base salary; hence, incorporating benefits information immediately after mentioning the base pay in job postings can effectively showcase the complete compensation package.

During the onboarding process, providing a comprehensive overview of the available benefits and opportunities for questions and discussions ensures that employees understand and appreciate the value of the benefits offered. This sets the stage for a motivated workforce, contributing to the company's success.

Employee benefit plan administration and more

KBI Benefits specializes in optimizing employee benefit plan administration for mid-size business benefit plans and benefits for small businesses. By partnering with KBI Benefits, you can potentially save up to 30-40% on your employee benefits expenditures while still offering sought-after employee benefits such as wellness programs, healthcare, and retirement plans for employees. Utilizing proprietary creative financing models and regular optimization reviews, KBI Benefits ensures you pay a competitive price for your employee benefits while fostering a motivated workforce. Speak with a KBI agent today to explore how your business can benefit from this strategic partnership.

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How to Receive UnitedAg Medical Insurance

by Chris Freitas • 06 May, 2024

As the agricultural sector evolves and expands, the need for comprehensive medical plans tailored to the unique demands of this industry has become more pronounced. That’s why KBI Benefits is proud to offer UnitedAg medical plans designed specifically for agribusinesses, providing a robust solution to protect your employees and your agribusiness. Let’s discuss what agriculture medical insurance is, who it’s for, and how KBI Benefits can help you get started. What is Agriculture Medical Insurance? Agriculture medical insurance, particularly in the context of medical plans, offers coverage that protects farm owners, operators, and their employees against the financial burdens of medical expenses. This insurance is essential for mitigating the risks associated with illnesses and injuries that can be common in a physically demanding job. Health insurance for agribusinesses not only covers medical and hospital bills but often also includes wellness programs and preventive care, which are crucial in maintaining a healthy workforce. How to Receive Agriculture Insurance for Your Agribusiness The scope of agriculture medical insurance, extends to many entities in the agricultural sector, including entities that empower or influence agricultural businesses. This includes: Agriculture Production: Businesses engaged in crop and livestock production. Agricultural Services: Companies providing support services to the agriculture sector, such as soil preparation, planting, and harvesting. Forestry and Timber: Entities involved in the management and production of forest resources. Commercial Fishing and Hatcheries: Businesses focused on the breeding, raising, and harvesting of fish and other aquatic species. Agribusiness Support: Firms involved in the processing, distribution, and marketing of agricultural products, as well as those supplying equipment and inputs like seeds, chemicals, and machinery. To qualify for UnitedAg medical plans through KBI Benefits, companies must demonstrate that they derive at least 51% of their income from production agriculture or agribusiness-related activities. Most businesses within the Standard Industrial Classification (SIC) Codes for Agriculture, Forestry, and Fishing are eligible, although there are specific criteria and exceptions that may apply. Speak with a KBI Benefits agent today to learn more. How KBI Benefits Facilitates Agriculture Insurance KBI Benefits, in collaboration with UnitedAg, provides specialized medical plans tailored to the needs of the agricultural industry. Our recent appointment to offer agriculture medical plans underscores our commitment to enhancing the well-being of those who work hard to feed the nation. Here's how we help: Customized Solutions: We understand that no two agribusinesses are the same. KBI Benefits offers personalized consultations to ensure that the coverage meets the specific needs of each business, considering factors like company size, types of activities, and employee needs. Easy Accessibility: Our team of dedicated agents is just a call away, ready to guide you through the process of selecting and setting up the right plan for your business. Comprehensive Coverage: The UnitedAg medical plans offered by KBI Benefits cover a range of health services, from emergency care and hospitalization to preventive wellness programs, ensuring comprehensive coverage for your workforce. Support and Advisory: Beyond just providing insurance, we serve as a partner in ensuring the health and productivity of your employees, offering ongoing support and advice regarding your agriculture medical insurance to keep your operations running smoothly. Conclusion The health of your employees is as critical as the health of your agribusiness. In an industry as physically demanding as agriculture, having the right medical coverage is not just beneficial; it's essential. Protect your most valuable asset—your people— by speaking with a KBI Benefits agent today . We'll help you choose the agriculture medical insurance plan that best suits your agribusiness's needs, ensuring peace of mind and fostering a healthier, more productive workforce.