Tackling HR Compliance Issues

Chris Freitas • Oct 26, 2023

In today's highly competitive job market, offering a comprehensive and enticing benefits package has become essential for businesses of all sizes. Employee benefits go beyond just salary; they encompass the additional perks and support that employees receive, which can significantly impact their job satisfaction, engagement, and overall retention. With the evolving expectations of the workforce, staying ahead in the benefits game is crucial to attract and retain top talent. In this blog, we will explore popular employee benefits packages that can help improve retention and why they are vital in today's work environment.

Popular Employee Benefits Packages to Improve Retention

One of the key findings from a recent survey by Willis Towers Watson is that 94% of employers believe that voluntary benefits will play a crucial role in their employee value proposition in the coming years. So, what are some of the popular employee benefits packages that are trending in 2023 and beyond?

1. Health Insurance Coverage

The COVID-19 pandemic underscored the importance of health and well-being. According to CVS Health, 77% of people started paying more attention to their health during the pandemic. It's a win-win situation when employees are healthy because they tend to be more productive, take fewer sick days, and are less prone to workplace injuries.

Offering comprehensive health insurance plans is a must, but you can also consider supplementing these with dental insurance, vision insurance, short-term and long-term disability insurance, flexible spending accounts (FSAs), and health savings accounts (HSAs). All of these can greatly improve the employee value proposition and thus contribute to an employee’s sense of gratitude and loyalty for the company. Speak with a KBI Benefits representative today to start customizing your employee benefits package.

2. Flexible Hours

Flexibility in work hours is a highly sought-after benefit, especially among the millennial workforce. Not everyone is at their best during the typical 9-5 workday. Offering flexibility allows employees to choose the hours that suit their productivity and personal lives. This can lead to reduced distractions, improved work-life balance, and increased productivity. For example, Netflix takes this to the extreme by letting employees choose their work hours, as long as they meet their goals. This approach can be tailored to your company's needs by letting employees choose between working mornings, afternoons, or evenings, making adjustments within the day, or even offering part-time work options.

3. Remote Work Arrangements

The pandemic accelerated the adoption of remote work, and it's here to stay. In fact, a survey in 2020 found that two-thirds of employees prefer full-time remote work. Not only does remote work enhance employee satisfaction, but it also saves them time and money on commuting. Remote workers are known to be more productive and less prone to workplace distractions. If you're unsure about full-time remote work, consider starting with a hybrid arrangement, allowing employees to work from home a few days a week. Then you could compare productivity before and after the change and poll employees on their level of satisfaction with the change.

4. Paid Time Off

Offering ample paid time off is a strong signal that you value your employees' work-life balance and well-being. Lack of paid sick days can lead to employees coming to work when ill, affecting both their health and overall productivity. You can offer different types of paid time off, such as maternity leave, vacation time, or even mental health days. Unlimited PTO is another attractive option, with only a small percentage of employers currently offering it. In most cases, employees won’t take more vacation days than if they were given a set amount, and many employees will even take less.

5. Retirement Benefits

Retirement planning is a significant concern for employees, given the increasing cost of living and economic uncertainty. Offering retirement plans, such as 401(k)s, SEP IRAs, or SIMPLE IRAs, can provide employees with peace of mind about their financial future. Employers can sweeten the deal by matching a percentage of their employees' contributions or providing retirement planning services.

Retain your best employees

It's clear that offering an attractive benefits package is essential for retaining top talent. However, the cost of providing these benefits can be a concern for businesses, especially small and mid-sized enterprises. This is where KBI Benefits comes in, with creative financing plans that offer up to a 40% reduction in costs compared to competitors' plans. With KBI Benefits, businesses of all sizes can afford to provide their employees with the popular benefits packages they desire. Reach out to a KBI Benefits agent today to learn more and stay ahead in the race for top talent.

< Older Post Newer Post >

221 Main Street #1462,

Los Altos, CA 94023, United States

408.366.8880

Services

We believe in 100% employee satisfaction

Latest Thinking

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.