Benefits offered by employers not only help their employees but can also help the business be more productive and increase their employee retention. Happy employees are more likely to stay with a company longer. So what benefits do employees value the most and why should you, as an insurance agent, care?
Sure, a hefty salary and positive work environment are going to bring a smile to every employee’s face, but to find out what really matters to workers long-term, we have to look deeper at benefits.
Most Sought After Employee Benefits
It comes as no surprise that the majority of employees want better health benefits from their employers. Health insurance in this respect refers to more than just the standard plan. It also includes dental and vision insurance, along with other health coverage.
Offering employees better benefits and a wider selection of coverage helps keep them happy and healthy on the job. Happier (and healthier) employees are great for a company’s bottom line, as they are likely to be more productive. Current and potential employees recognize the deficiency in standard health coverage and seek out employers that offer benefits like dental, vision, and life insurance, as well.
According to a survey of 738 HR professionals, 95% of employees consider health insurance the most important benefit. Another survey of 2,000 U.S. workers, shows that 88% of employees would give some to heavy consideration to health insurance before choosing a lower-paying job with better benefits over a higher-paying job.
More and more different kinds of insurance and benefits are becoming important to employees, with perks like pet insurance and family-friendly benefits on the rise. After health insurance, however, some of the most important perks to employees are:
- 401(k) Match or other retirement benefits
- Paid time off
- Flexible working benefits
- Professional development
- Student loan forgiveness
One problem facing employees, particularly Millennials, however, is a lack of understanding when it comes to certain benefits offered to them. Long-term disability, accident, short-term disability, critical illness, and hospital insurance are voluntary benefits that employees tend to know the least about. Without understanding what these types of insurance can do for them, employees are less likely to take part and be covered in the event of an illness or injury. Disability insurance can also help in cases of employee pregnancy.
How This Helps You
It is the responsibility of insurance agents to do the most they can for their clients. This means finding them the most affordable insurance and coverage with the best benefits, as well as making sure they understand all of their options. Fifty-one percent of employees want to learn about the benefits offered to them from printed or online resources. Having information available to the employees of your group clients is a great way to help them, too.
With health insurance being the highest priority for the average employee, it makes your job of selling health coverage to employers and individuals fairly simple. However, health insurance is not a be-all, end-all solution. Your next step would be to supplement those gaps by offering ancillary health benefits as a solution to that problem. We already know how important health is to employees and this includes vision and dental health, as well. These and other coverage are areas not covered by standard health plans, making ancillary insurance products a necessity.
Ancillary products are a great way to enhance your clients’ benefits and retain valued customers. Employers are a great market for selling ancillary products. By offering their employees additional coverage, they are contributing to happier and more productive workers. You can help your clients do this, all while solving the problem of gaps in healthcare coverage.
If you want more information on selling ancillary products to employers download our guide here. AgentLink is here to help you provide the best service to your clients.
Ready to sell more ancillary products? Our team can help. Let’s talk!