Attracting and retaining quality employees is increasingly challenging for many employers. Rising medical insurance rates and scaled-back benefit offerings are prompting candidates to place greater emphasis on their total compensation package “beyond the paycheck.” To remain competitive, more and more employers are offering voluntary benefits to complement their core benefits and fill the so called “caps and gaps”.
Voluntary benefits present a cost-effective opportunity for you to demonstrate your commitment to and foster goodwill among your employees and their families. Because voluntary benefits are funded by your employees, you are able to provide a suite of additional benefits with minimal impact to your budget. Your employees will appreciate the extra level of security, as well as the special group offerings that you can provide.
You spend a great deal of money on your benefits. Be sure that your employees recognize the maximum value for the dollars that you spend.
Working with you and your broker, we will develop an effective communications strategy and voluntary benefits program for your organization. Our unique services allow you to offer a comprehensive menu of voluntary benefits without imposing additional administrative duties on your staff. The key to this strategic program lies in the communications effort from us to your employees. The Farmington Company develops and creates a custom communications platform built around your needs, helping reach your employees with the most valuable messaging at little or no cost to you.
While you may not be able to fund new benefits, use your Group Purchasing Power to provide YOUR employees with benefits that are ONLY available through an employer sponsorship and can’t get anywhere else.
After payroll, the largest expense for most U.S. businesses is Benefits.
According to the U.S. Bureau of Labor Statistics, the average hourly cost for compensating a private sector employee is $30.80, once all employer expenses are added in. Wages and salaries accounted for about 70 percent of the total, while benefits comprised 30 percent.
*Trends in Today’s Marketplace: Benefit Communication & Voluntary Benefits, UNUM & Aisling Partners Insurance Brokerage LLC, 2014