My company’s 2017 Happiness Report revealed that an incredible 84% of small-business employees are happy with their current jobs; however, the report also showed a recurring weakness among small businesses: their benefits offerings.
For small-business owners, it can be difficult to understand exactly what makes an employee happy and what they can do to ensure they are providing employees with a happy workplace.
(Related: 3 Reasons Financial Wellness Might Sting)
Fortunately, employee survey also revealed that 72% small-business employees stated that an improvement in their benefits offerings would make them happier employees.
This presents advisors with an opportunity to step in and help small-business employers improve their benefits packages and increase their employees’ happiness.
Here are three tips to share with clients to make sure they’re making the right decisions when it comes to benefits and maintaining a happy workforce.
1. Offer a wide range of health benefits.
Thirty-one percent of small-business employees said their companies’ benefits portfolios were missing health benefits.
To address this issue, advisors should educate employers on the benefits of supplemental insurance, showing them that these benefits options can allow companies to offer a robust benefits package at little to no direct cost to their bottom line.
Offering supplemental insurance, including products like accident, disability, critical illness and hospital insurance, as well as value-added services such as telemedicine, medical bill negotiation and fraud protection, lets employees customize their benefits package according to their individual needs, family history and lifestyle.
These benefits appeal to employees at all different stages of life, from a young adult needing accident insurance to cover intramural basketball injuries to parents using hospital insurance to help cover treatment for appendicitis or a child’s earache. Employees can have peace of mind knowing they’ll receive cash payments quickly if an injury or illness were to occur and possibly keep them from going to work.