There is little doubt that employee benefits are on the rise. In fact, they have been for several years. One of the best ways to keep your workforce motivated is to ensure that they are well-taken care of – whatever life throws their way. While it is expected that your employees will work their hardest for you, they can’t reach their full potential if they are worried about how they can provide for themselves and their families, especially when they find themselves in a situation where they are unable to work.
It should go without saying that high-quality healthcare at low costs is of the utmost importance. Even before the coronavirus pandemic spread all across the world, the healthcare industry, and indeed, health insurance providers were already in need of overhauling to be more accessible and less expensive. Two common employee benefits tied to healthcare are known as group insurance and healthcare reimbursement arrangements, or HRA for short. Group health insurance policies are generally how businesses select and implement the perks they offer their employees. Meanwhile, HRAs are a valuable asset because they can be used to pay back the employee if it is necessary due to medical premiums or out-of-pocket medical expenses that qualify for reimbursement.
Even though the modern American workforce typically hinges on younger workers, there is still a generational gap between them and older employees who are looking to finish up and then enjoy retirement. Pivoting towards retirement from a busy day-to-day routine can be difficult and financially frightening, which is why retirement benefits matter so much. Tax benefits and deductions are stored in a special account plan until it is time to withdraw that money to continue a comfortable lifestyle once a worker’s career days are behind them.
A Culture of Flexibility
With the renewed emphasis on social distancing and working remotely, one of the best ways any company can make life easier is to embrace a culture of flexibility. Flexible pay and work schedules are becoming more important, especially considering how rent and mortgage payments are unlikely to be frozen while ordinary families struggle to make ends meet.
Focusing on Overall Wellbeing
Workplace stress both due to office-related pressures and exterior health problems can have an alarming effect on the overall wellbeing of all of your workers – even those in upper management or leadership roles. Wellness programs go a long way towards ensuring that health, fitness, and morale remain at consistently satisfactory levels.
Reimbursement for Educational Tuition Expenses
Many of today’s younger workers, especially those belonging to the so-called “millennial” generation are saddled with crushing amounts of student debt. As such, this consideration should be factored into preparations for creating top-shelf employee benefits packages. This policy should also extend towards reimbursement towards tuition expenses – especially if your workers need to pass courses for certifications relevant to your industry that their university degrees did not cover.
Another Customer Testimonial
We have another satisfied customer to tell you about this week! Duane from Clinton Electric loved his experience working with us regarding an insurance claim. According to him, “Dale and his wife were right on target helping me through my AFLAC questions.” Thanks, Duane, and great job, Dale!
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!