how to sell employee benefits to companies

Here are five things to consider:

• Hire a dedicated employee benefits specialist. ...
• Find the right software. ...
• Measure benefits and costs diligently. ...
• Include a description of benefits and perks in your Employee Handbook. ...
• Monitor employees’ wishes and needs. ...

Full Answer

Are You selling benefits or advantages?

While "selling benefits" is more effective than "selling features," it isn't always clear to the customer why that benefit is important in the larger context of the customer's business.

How to select an employee benefits provider?

Choose the right insurance provider like Vested Risk Strategies for your employee benefits to make the best decision as this has been seen to really matter. The team need to be reliable so that you can deliver the best benefits that will attract top talent in your organization as well as retain the best team, check out here for more info .

Do you offer employee benefits?

Yes, benefits matter. A good benefits program helps you attract and keep the best employees, leads to happier and more productive workers, and ultimately can help your business thrive. To show you what we mean, let’s dive into the top five reasons you should offer an employee benefits package.

Are employee benefits worth it?

Health insurance is definitely something to consider if you are switching jobs. Commuter benefits are worth something different to employees and employers. Employees save up to 40 percent on commuting costs. Since they can set aside $265 per month, it’s possible to “save” up to $3180 per year on the commute.

How do you market employee benefits?

10 Critical Things You Must Do When Marketing Employee BenefitsMake Benefits a Part of Overall Employee Compensation Communication. ... Create Marketing Materials That Speak to the Needs of Employees. ... Develop Marketing That Covers All Media Formats. ... Convey Positive Messaging Around Benefit Use.More items...•

What benefits can a company offer?

10 Most Commonly Offered Employee BenefitsHealth Insurance Benefits. This one is a no-brainer. ... Life Insurance. ... Dental Insurance. ... Retirement Accounts. ... Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs) ... Paid Vacation and Sick Time. ... Paid Holidays. ... Paid Medical Leave.More items...•

What benefits do employers value most?

And then there are specialty benefits and workplace perks that help employers even small ones become an Employer of Choice....The most sought-after employee benefits are:Remote work. ... Healthcare. ... Paid time off. ... Flexible hours. ... Paid family leave. ... Four-day work week. ... Free food in the office.More items...

What happens to health benefits when a company is sold?

By using specific facts and circumstances within the revenue ruling, the IRS guides the buyer and the seller in an asset sale on continuation of participants' healthcare FSA coverage when they become the buyer's employees. However, if the acquisition is a stock sale, benefits continue as is unhindered.

What are the 4 major types of employee benefits?

There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Below, we've loosely categorized these types of employee benefits and given a basic definition of each.

What are 5 employee benefits?

Here is a list of the top five types of benefits employers can offer to employees - each can be a valuable tool for recruiting and retaining employees.1) Health Benefits. ... 2) Retirement. ... 3) Workplace Flexibility. ... 4) Wellness Program. ... 5) Tuition Reimbursement.

What are the top 3 most sought after employee benefits?

What do workers want most from their employers in 2021? Above everything, they're looking for time away from work. Paid time off, flexibility/remote working options and paid family leave are the top non-insurance benefits employees want, according to a new survey of 1,500 U.S. workers by benefits provider Unum.

How much are benefits worth as a percentage of salary?

According to the latest data from the U.S. Bureau of Labor Statistics (BLS), the average total compensation for all civilian employees in 2020 is $37.73 per hour. Benefits make up 32 percent of an employee's total compensation.

Are benefits more important than salary?

According to the Glassdoor survey, 80% of employees prefer additional benefits over a pay increase. Employees are starting to prioritize the benefits they would receive from a company over salary because employee benefits provide better experience and helps increase their job satisfaction.

What happens to employee benefits during a merger?

When companies merge, the combined entity is responsible for all benefit plans that were offered prior to the merger. The acquisition of a company is different. The type of transaction — whether it's an asset purchase or stock purchase — drives what happens to the plans.

When a company is bought out what happens to the employees?

On average, roughly 30% of employees are deemed redundant after a merger or acquisition in the same industry. In such situations, most people tend to fixate on what they can't control: decisions about who is let go, promoted, reassigned, or relocated.

What happens to employees in an asset sale?

In an asset purchase, the employment relationship is deemed to be terminated, and so the offer of employment is not considered an offer of continued employment, but rather, a new offer of employment, since the buyer of the business is not obligated to hire the previous business' employees.

Keep It Simple

When it comes to attracting and retaining employees, it’s important to keep messaging surrounding benefits simple and easy to understand. Employees want to know the basics of their benefits package and how it will affect their lives.

Keep It Consistent

To adapt to changing workforce and health and safety conditions, many companies are constantly adjusting their policies and benefits. In this ever-changing environment, it’s critical that employers continuously communicate with their workers.

Keep It Accessible

Every employer should provide an employee handbook, which should include information on employee benefits and an overview of how to locate up-to-date benefits information. If possible, provide access to benefits information online. In addition, it’s a must that you provide a direct number for employees to call when benefits questions arise.

Do brokers and benefit administrators do well to approach the value proposition in a more thoughtful way?

Though the solution or offer to employers may seem inherently enticing and like a sure-fire win, brokers and benefit administrators would do well to approach the value proposition in a more thoughtful way.

Can you sell benefits during a recession?

No one wants to sell benefits during a recession, but there’s still plenty of reason for optimism. Employers are counting on brokers and benefit administrators to deliver the encouragement – and solutions – needed to help them through this time. To make sure you deliver a winning presentation:

What is AT&T Rewards?

AT&T shows us that when it comes to promoting your perks, compelling word choices can make all the difference. Instead of an employee benefits section on its careers site, AT&T presents “ Rewards .” This simple word choice delivers the promise of something fun, enticing, a real bonus that isn’t expected.

How long is the AARP benefits PDF?

While AARP takes a more traditional approach to presenting its perks within its career site, at the bottom there’s a click-through to a real goldmine: a complete PDF of benefits – 36 pages long, including healthcare plan pricing, accrual rates for leave, and a lengthy list of contacts for more questions.

What is the most commonly used method for promoting our benefits?

Emails. Emails are easily the most frequently used and broadly accepted method for promoting our benefits. However, although they tend to have the broadest reach, they also occasionally get lost in the shuffle since our employees use email so heavily for their personal job duties.

Why do employers offer multiple health insurance plans?

Most employers even offer multiple choices for health insurance plans because employees’ needs vary so greatly. So it shouldn’t come as a huge surprise that employees won’t use all of their benefits to the same degree. For example, some of our employees may not be interested in the Mass Transit Pass we offer.

Do all employees prefer the same communication channels?

On top of that, not all employees prefer the same communication channels.

Why do businesses have to use a modified community rating?

The rating is “modified” because it allows for age and family size to affect rates , but not health status or medical conditions. In some examples, this could mean that a company with 20 employees who are in their 60s could be paying premium rates based on a 40-year-old. However, the inverse is also true: some companies with many employees in their 20s could be paying rates for those much higher.

Does a life and health license cover COBRA?

In Texas, McLaughlin says that a Life & Health license does not cover discussions pertaining to COBRA, cafeteria plans or flexible spending accounts. He recommends that agents update their E&O coverage to include those activities.

Why did you not sell your business?

You sold the business so you could have more financial freedom, flexibility and/or retirement -- you didn't sell the business to leave a legacy in the community or neighborhood. Let the business evolve and the new owners move onward and upward.

Why don't employees have capital?

First, employees typically don't have the capital to complete the purchase, even if they know the inner workings of the company and could do a good job running the business. Second, an employee may not think the business is worth as much as you do because they're privy to the inner workings and dysfunctional aspects of the business . ...

Is it a good idea to start approaching your employees and telling them you're interested in selling?

Third, it's generally not a good idea to start approaching your employees and telling them you're interested in selling. Employees tend to get a little concerned because they see a situation where they may not have a job if you can't find a buyer, and they tend to start looking for other employment.