Ancillary Benefits Attract & Retain Employees
Over the past few years, employers have realized that ancillary benefits can be a cost-effective way to boost employee’s overall well-being and performance on the job. Multiple studies have shown that employees with high well-being are more engaged, more resilient, and less likely to seek out a new job.
One of the most attractive features of ancillary benefits is that, overall, the cost of offering these benefits is often minimal compared to the positive impact they can have on employee morale and overall well-being. They can be offered on a voluntary basis, where employees pay most or all the cost allowing employers to demonstrate that they value their employees without incurring a heavy financial burden.
It’s important to note that while employees are paying some or all the premiums themselves, they are getting a group discount due to the employer offering the benefit to the entire workforce. In addition to this discounted cost, employees also appreciate the convenience of paying pretax through payroll deductions.
Premiere Workforce Solutions has a full suite of ancillary benefits solutions for your organization. We can take a 360 degree look at your HR Total Rewards package to identify which benefits have the greatest impact on recruiting & retaining employees. Many at no cost to the employer.
ROI of Benefits for the Employer
Billions of dollars in worker productivity are lost by employers each year due to employee’s chronic health conditions. Routine health exams, dental cleanings and annual eye exams alone can result in increased employee productivity and save thousands on insurance costs for employers. Patients are four times more likely to seek professional eye care services when offered vision benefits that cover both an eye exam as well as glasses and contact lenses.2 Chronic conditions when detected early cause less missed work and lower healthcare costs.
Vision and Dental benefits have been standard offerings, so what additional benefits have ROI for employees and employers?
Financial Security
Alleviating financial stress for your employees through payroll loan program or access to financial planners are sought after ancillary programs. Aflac supplemental programs, 401k deductions, life insurance and disability insurance provide an important peace of mind for employees and can eliminate financial worry about the future.
Reduced employee financial stress has a positive impact on businesses, including reduced employee absences, greater productivity, and decreased healthcare costs.
Vision and Dental benefits have been standard offerings, so what additional benefits have ROI for employees and employers?
Health & Wellness Extras
Lower pharmacy costs are possible through several benefits including selecting a PBM as part of your health insurance plan or providing employees access to specialized pharmacogenomics which enables medical providers to be more precise when prescribing medications. Another exciting new benefit which is very popular in 2022 is Nutrigenomics technology. Precision Nutrition is a dietitian-driven to help employees manage health and chronic illness, by offering nutrition recommendations based on individuals’ genetic makeup.
Employee benefits programs play a dynamic role in your organizations’ ability to recruit and retain high-performing talent. Ancillary benefits give you an edge in the marketplace and have a direct bottom-line impact through increased productivity and fewer employee absences due to improved well-being.
Ancillary benefits are a cost-effective way for businesses of all sizes to remain competitive, while supporting the health and financial well-being of their employees at the same time.
It can be difficult to choose between decisions that are good for organization and those that are good for your people—but when it comes to employee benefits, it doesn’t have to be one or the other.
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