In today’s competitive job market, employee turnover is one of the biggest challenges faced by HR professionals. One factor that significantly influences employee satisfaction and retention is the benefits package offered by employers. While health, dental, and vision insurance are often seen as a primary concern, auto & home insurance benefits can also play a crucial role in attracting and retaining talent.
The Importance of Employee Benefits for Retention
According to a recent Economist Impact Study, 70% of employees would consider changing jobs for better benefits (1). This statistic underscores the direct link between comprehensive benefits packages and employee loyalty. Furthermore, the Global Benefits Attitudes Survey conducted by Willis Towers Watson reveals that the importance of benefits has increased dramatically, with 51% of employees citing benefits as a key reason for staying with their current employer—up from 35% in 2017 (2).
So, what does this have to do with voluntary benefits and discounted insurance? Voluntary Benefits, or additional perks and incentives that companies can offer to their employees beyond the standard benefits package, are becoming more and more commonplace as employee expectations increase. Oftentimes, employers will provide these additional perks to be more competitive in the hiring process, or to help keep up with rising costs when inflation outpaces salary raises. One area that is gaining traction and seeing some serious savings for employees is discounted auto & home insurance. Through their employer, individuals can knock off an average of $1,092 off their insurance bills by taking advantage of perks like group discounts, in-house insurance agents, payroll deduction, and more.
Financial Security and Peace of Mind
In a landscape where 44% of full-time US workers do not earn a living wage, offering supplementary benefits like auto & home insurance provides much-needed financial security and peace of mind (3). These benefits help employees safeguard their most valuable assets without the added stress of high insurance premiums. Experts note that these trends, including stagnating wages, are indicative of broader economic challenges. Hence, companies that offer holistic benefits are better positioned to support their workforce through financial pressures.
Plus, it's not just an act of goodwill. According to Metlife's 22nd Annual U.S. Employee Benefit Trends Study, 35% of employees state that they are less productive because of financial stress (4).
Competitive and Cost-Effective Insurance Options
The perception of value is also crucial. According to J.D. Power's 2023 Insurance Shopping Study, 65% of employees who were offered auto and home insurance through their employer found the rates to be competitive or even better than those available on the individual market (5). Employers who leverage partnerships with providers like BenefitHub can offer these discounted rates, thereby enhancing their overall benefits package without substantial cost increases. More savings = more employee loyalty = better retention (not to mention satisfaction and productivity)!!
How BenefitHub Enhances Employee Benefits
By allowing employees access to competitive insurance options through BenefitHub's in-house agency, HR departments can bolster their benefits offerings significantly. This not only aids in attracting new talent but is also instrumental in keeping existing employees who value comprehensive benefits over salary alone.
The Role of HR Professionals
For HR professionals, understanding the full spectrum of employee needs is essential. As the data suggests, offering a broad range of benefits, including auto and home insurance, can serve as a powerful tool for improving employee satisfaction and reducing turnover rates. By collaborating with service providers like BenefitHub, HR can ensure that employees perceive true value in their benefits package, thereby fostering a more committed and loyal workforce.
Conclusion
Incorporating auto and home insurance into your employee benefits can have a profound impact on retention. With increasing demand for comprehensive benefits, now is the time to evaluate and potentially expand your offerings. Consider partnering with providers like BenefitHub to offer competitive rates and added value to your employees. Doing so could be the key to maintaining a happy and dedicated team in the long term.
By prioritizing benefits that address both health and personal assets, HR professionals can significantly enhance employee satisfaction and retention. In a market where employees are actively seeking value, offering extra insurance benefits not only attracts talent but also keeps it. Contact us today to learn more!
Sources:
(1): The Economist Group, "70% of US workers would be willing to switch jobs for better benefits according to an Economist Impact study"
(2): Willis Towers Watson, 2024 Global Benefits Attitude Survey
(3): SHRM, "Nearly Half of Full-Time Workers Aren't Making a Living Wage"
(4): Metlife's 22nd Annual U.S. Employee Benefit Trends Study 2024
(5): J.D. Power 2023 Insurance Shopping Study