With every passing year, fierce competition has been growing among different businesses in the market. From here on, the tussle will only get fierce among employers to hire and retain the best resources growing in the market. A fat pay package is no longer enough to retain your employees. To score a point above your rivals, you need to think one step ahead of them and come up with employee benefits that really matter. At Arrow Benefits Group, we help you achieve your goal. As a reputable employee benefits service company in Sonoma County, we consider coming up with custom benefit plans for our clients, with a personal promise, and more than just a professional commitment. As 2019 approaches, there are concerns you must be aware of in order to stand out from the crowd of recruiters that will help you attract and retain the best talent. To help you stay on top of your game, we offer a list of some benefits trend that will be game changers in 2019.
1.More Organizations to come up with Student Loan Assistance Programs
Around 44 million Americans own a collective student loan debt of more than $1 trillion. Student loan is a big concern for young employees with limited earnings. Employees with student loans appreciate their employer’s effort to partner with them on their journey to debt-free life. In the U.S., currently just four percent of companies have a student loan assistance program. This number is likely to increase as employees become more demanding.
2.Organizations will Spend More on Medical Insurance
Medical insurance continues to be one of the most sought-after employee benefits. Organizations cover up to 70 percent of their employees’ insurance costs in order to ensure rising healthcare costs does not give their employees sleepless nights. In 2019, it is estimated that the cost of health insurance will rise by 5 percent. Employers will spend around $15,000 to cover every employee. It is also expected that organizations will offer virtual healthcare solutions.
3.More Organizations to come up with Workplace Wellness Programs
More employers are coming up with innovative workplace wellness programs as the link between employee health and their workplace becomes more evident. These programs can help to lower employee healthcare costs by up to 80 percent. You can show your employees that you care by coming up with innovative wellness ideas such as providing healthy snacks in office, conducting pet therapy and meditation sessions (for stress reduction), and launching group fitness challenges.
When it comes to developing an employee benefits plan, a one-size-fits-all approach falls flat. While offering healthcare assistance to their employees or allowing more sick leaves helps most organizations to attract and retain talent, however, these measures may fail to deliver results in your case. No one understands this better than Arrow Benefits Group. Contact us at 707-992-3780 to learn more about our employee benefits service.