09 Dec Small groups responding to pandemic-driven changes
By Grant Dattilo
Guardian Life’s 10th Annual Workplace Benefits Study[i] shows how small employers are responding to the challenges created by COVID-19. Experiencing a loss of revenue and a reduction in workforce as the pandemic rolled on, small employers searched for and found several options that might result in a stronger, more productive and profitable business down the road.
One critical response is that employers are placing a new emphasis on improving their employee’s workplace experiences. This reflects the increasingly competitive nature of retaining and attracting employees – and that means great employee benefits.
“More than two-thirds of employers with fewer than 100 employees say they aim to offer better benefits to remain competitive,” according to the survey’s findings.
Though it starts with strong group health insurance, the quest for “better benefits” increasingly means offering employees a variety of alternative benefits. Guardian Life survey showed that 85 percent of employers are looking for affordable benefits that they wish to add to their employee options.[ii]
In addition, employers are adding flexible work policies and telecommuting to the list of desirable employer offerings.
Cornerstone benefit – BENIC
The cornerstone of the benefits program remains a strong, more affordable medical plan. That is why at Dattilo Consulting, Inc. we created the BENIC Plan – Benefit Employers Not Insurance Companies.
The BENIC Plan gives employers a less costly medical plan option that still maintains comprehensive coverage. And it frees up more cash for the employer and employee to offer a broader package of alternative benefits.
Guardian Life reports that although small employers know they must improve their benefits package, 86 percent of them express that those costs must be controlled. This is precisely why we created with the BENIC Plan – more affordable health insurance to enable offering more and better alternative benefits.
For more information about the BENIC Plan and how it creates more flexibility for desirable alternative benefits, contact us at Dattilo Consulting, Inc. – 952.448.8800.
[i] Staff. “Inflection Point – Small Business Report 2021,” 2021. http://review.theinsuranceassist.com/inflection-point-small-business-2021-1.
[ii] Ibid. P 9.