As an employer, one of your goals for the year may be about retaining employees. How can you attract them and have them stay? After all, employees keep the business running and you want the best out there. Typically, employees look at the benefits they receive as an indicator of whether it is a place they want to be or not. One benefit that may help attract and retain your future and current employees is group life insurance.
Group life insurance is coverage offered by a company or large scale units. Meaning, it can be provided by associations, labor organizations, etc. It is typically offered in an employee’s benefits package.1
You may wonder what benefits there are with having group life insurance. Below are three advantages of offering group life insurance:
1. Employees feel valued
They look at it as you care about them. You want to provide the best care for them, and they appreciate it. Knowing they are wanted and cared for leads to loyalty. They are more excited to do their job because they know the Company is grateful for their hard work. Quality candidates want to go where they are valued, so you would potentially be attracting and retaining these new candidates.2
2. Access is simple
Some insurance policies do not require physical exams. That allows for easier access and less time commitment if you may only have to fill out a health questionnaire. When employees know you’re trying to make their lives simpler, they appreciate you.2
3. Rates are favorable
Generally, a group rate is less expensive because it’s being bought in bulk. Depending on the size of the staff at the company, the premium your employees pay may be lower. With that, there is a chance for lower coverage. Even if there is minimal coverage, your employees may appreciate knowing there is something to protect their family after they’re gone.2
To retain and attract the best employees, you have to show them you are the best. Part of that means you show your value for happy employees. They want to see you as someone genuinely interested in what is best for their family. Group life insurance could be the next step to attaining and retaining the employees you’ve always wanted.
- Investopedia, Group Life Insurance, 2018
- com, Should You be Offering Life Insurance as an Employee Benefit?, 2017