In order to be competitive with large corporations, Detroit-based small business need to ensure that their workforces are composed of the most talented and most committed employees. And a 2016 Glassdoor study found that the biggest driver of employee satisfaction is quality health benefits. Given the diverse needs of the current US workforce, it’s difficult to quantify exactly what that means. However, there is evidence to suggest that being able to have multiple benefits options is a priority for a majority of today’s workers.
The Costs Of Benefits Options
Because of the extensive time commitment required to run a small business, owners may feel that it’s not worth it to find a provider that allows its partners to offer their employees health benefits options. However, there can be serious financial implications for curtailing your staff’s health care choices. A 2017 survey found that 58 percent of workers want to be able to customize their benefits based on their personal needs. Additionally, 52 percent indicated that they are willing to pay for the privilege. With more than half the workforce making it clear they want benefits options, this is not an issue you can afford to ignore.
Different Employees, Different Needs
It’s important to understand why having a choice in benefits is so important. Essentially, there isn’t a one-size-fits-all health benefit option for the modern multigenerational workforce. For instance, a younger employee with no pre-existing conditions is likely to find a health plan with low monthly premiums and higher out-of-pocket costs appealing. For these workers, their primary interest is having medical insurance in case of emergency.
Conversely, an older employee with ongoing medical issues will likely want to keep their out-of-pocket expenses as low as possible. If they need regular doctors’ visits and prescription medication to maintain their quality of life, they’ll be more okay with high monthly premiums.
To keep both of those employees happy, you’ll need to work with a provider that offers small group health care plans with different levels of coverage. Health Alliance Plan offers multiple plan options to Detroit-area entrepreneurs looking to offer their employees more choices.
If you’re a Detroit-area entrepreneur who’s concerned about find meeting all of their employees’ benefits needs, contact Health Alliance Plan. They have the benefits options available to satisfy your company’s needs.
To learn more about affordable healthcare plans for your small business, visit Health Alliance Plan.
For more tips and inspiration for small business owners,
visit CBS Small Business Pulse Detroit.