Attracting and retaining workers is a top concern for employers in today’s economy. But not every company is ready to offer employees perks like unlimited time off or an in-house barista. Employers may be overlooking benefits employees want and need as a part of their overall compensation package that are easier to offer than you think. Consider this: 84% of Generation Z workers and 79% of millennial workers said they would be likely to leave their job for an employer that offered better financial benefits. Financial benefits include offerings like life insurance, disability pay and insurance for accidents or critical illnesses. Financial stability is top of mind for most workers: 70% of respondents to a recent employee survey said their personal financial goals include handing down wealth to their loved ones. The same survey found 57% of the employees surveyed worried that their estate would be a burden to their family. These financial stresses and worries can affect productivity in the office as well: 40% of workers surveyed said they would be able to get more done at work if they weren’t stressed about their bank accounts. As employers, you want to ensure your employees are able to perform their best. Offering a suite of financial benefits to workers can help them feel confident they have their family’s current and future financial well-being taken care of. Here are some of the main types of financial benefits companies can offer their employees:
- Group term life insurance: these policies are typically offered in 10, 15 or 20-year terms that deliver death benefits to beneficiaries if the policy holder dies during the term.
- Group short-term disability: these policies ensure employees can continue to be paid if they experience a qualifying life event – like an injury, accident, illness or birth of a child – until they can return to work.
- Group long-term disability: these policies often serve as an extension of short-term disability to continue to pay qualifying employees who cannot work over a long period of time due to a major event like an injury, accident or illness.
- Group accident insurance: these policies are in addition to car insurance and health insurance, and build in an extra layer of protection to cover qualifying medical and rehabilitative costs.
- Group critical illness insurance: this type of a policy delivers a lump-sum payment to use on expenses not covered by other insurance policies.
Learn more about financial protection products offered by Blue Cross Blue Shield of Michigan online by visiting bcbsm.com/groupspecialty. More from MIBluesPerspectives:
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