On today’s Business Beat, Jeff discusses the increasing importance of having a health care plan for your employees — and how it can be the difference in employee retention and productivity. He also shares findings from Lively’s 2021 Wellness & Wealth report.
Tune in to the Business Beat, below, to learn more about why health care plans for employees are more important now than ever:
“So, if you want the most out of your employees, think health care. If you’re looking to attract top employees and retain them once you have them — and on top of it, if you want to get the most out of your team — offering health care may be your best move ever.”
– Jeff Sloan
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Good morning, Paul!
You know what matters to most to your employees and to prospective employees? Well, according to a recent survey of 1,000 U.S. adults who are either employed or looking for employment, next to salary, it’s health care. Of course, the benefit of a company health care plan has always been an important factor in an employee choosing where to work, but now more than ever, on the heels of the COVID-19 pandemic, it’s a benefit in the spotlight.
The short-term financial impact of COVID-19 has been damaging to the financial health of many Americans, as we know all too well. And we know that COVID-19 has increased the retirement gap, and new data shows the extent of this impact. Sixty percent of Americans withdrew funds from their IRA or 401(k) just to make ends meet during the pandemic, and a staggering 41% of these account holders did so to pay medical expenses.
Key findings from this survey conducted by Lively, known as the 2021 Wellness & Wealth Report, show that rising medical costs are forcing Americans to evaluate their financial futures and where they choose to work. Nearly one-third of Americans are worried about short-term health care costs and, overall, Americans expect to spend 40% of their retirement savings on health care alone.
In addition to attracting employees, health care coverage is a strong factor in employee retention, with 21% ranking it as the number one benefit for staying at a job. And one of the often overlooked but critical reasons to offer health care to your team if you’re a small business owner: the financial stress associated with ensuring the care of one’s family has a direct and real impact on employee productivity.
So, if you want the most out of your employees, think health care. If you’re looking to attract top employees and retain them once you have them — and on top of it, if you want to get the most out of your team — offering health care may be your best move ever.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.