By Karen Gustin, LLIF, Ameritas Group
Employee benefits are among the top 10 concerns on the minds of business owners and management team leaders at companies across the food industry. Many are wondering, “What type of benefits should we offer, and at what coverage levels?” “How much of the premium should we cover?” “Are voluntary-only plans the best option for our employee group?” “Should we offer different levels of benefits choices for employees?”
Why do you offer benefits to employees? What do you hope to accomplish? Do you want to offer employees access to health-care benefits? Do you want to be competitive to attract and retain quality workers? These are important questions to answer as you define your benefits philosophy, which will guide you in making decisions on options that best fit your needs.
Analyze employee demographics and financial status. Can most employees quality for benefits and afford the premiums? If employees elect not to participate, it may impact coverage options and premium prices.
Many employers believe benefits information in English and Spanish meets the needs of their employees. However, many workers today are from countries in which residents speak neither English nor Spanish.
As benefits plans and regulations become more complex, you may need additional human-resource professionals to handle the workload and monitor the changing needs of employees. Insurance records also must be updated continually to avoid overpayments. This is time-consuming work that cannot just be absorbed by existing personnel.
Since many benefit plans are complex, work with insurance consultants and carriers you can trust to provide accurate information, honest advice and solutions-based plans.