Many companies have begun to offer comprehensive benefits packages in attempts to both retain and attract top talent to their businesses, using benefits as a way to stay competitive in the hiring market. While this has served to be an excellent strategy for companies trying to entice top minds to join their teams, many of these same companies are falling short in one very important area: benefits education.
According to a study by Policygenius Inc., nearly 30% of employees say that they avoid going to doctors for treatment because they do not understand their insurance benefits, while 13% of respondents weren’t even sure if they had health insurance. With the rising costs of healthcare in the United States, it is now more important than ever to be enrolled in an effective benefits package, but understanding how the plan works is crucial. Insurance benefits are inherently complicated, often containing a multitude of options and confusing terminology. Without a proper understanding of their benefits, employees are not able to take full advantage of the plans offered to them.
In a study by Glassdoor, researchers found that 60% of job seekers consider benefits and perks to be a major determining factor when choosing an employer. The same study showed that 80% of employees would elect to have additional benefits over a pay increase. It is easy to see the value that employees put into a solid benefits package, so providing continuing education on those benefits is key.
For many years, PES Benefits has worked with brokers and employers to ensure that employees fully understand their benefit options, allowing them to make informed decisions. If your company’s goal is to attract and retain top talent, reach out to us today. Our team will ensure that your employees feel empowered to use their benefits.