At Pacific Resources, we understand that in this new world of benefits, you can’t take a wait and see attitude. You know that when the economy recovers — and it will — you have to be ready to respond, having adapted your benefits strategies to retain and attract talented employees. To that end, new and expanded plans must be developed now. Plans that include more flexibility, customization and choice. Plans that offer non-medical and voluntary benefits. Why? Because these benefits drive loyalties. And loyal employees bolster business growth.
According to recent industry surveys, less than two in ten employers today say they are very likely to increase the number of voluntary benefits they’ll offer in the next two years. This could be a risky strategy, given that more than one in three employees plans to be working elsewhere in the next 12 months.
With Pacific Resources, you’ll get a dynamic, integrated benefits program that makes your employees feel more appreciated and better protected. Such employees stay put. In fact, market evidence again shows that employees who are satisfied with their benefits are nearly three times as likely to have a strong sense of loyalty to their employers. They are highly likely to be more productive as well, bolstering business growth.
At the same time, employers must recognize the diverse age-related attitudes and needs of employees. Unfortunately, research has shown that there’s a large gap between what employers think their workers want and what they actually do want.
The reality: non-medical benefits, such as Life and Disability, are nearly twice as important for driving loyalty than employers suspect. Clearly, a fully fleshed out generational strategy for benefits programs — utilizing flexibility, customization and choice — is essential.
When it comes to well-rounded benefits plans, it’s not about spending more; it’s about spending differently. Given today’s difficult economic climate, with healthcare costs spiking and a growing aging population, employers must provide benefits without busting budgets.
But the good news here is that industry studies also indicate employees are increasingly willing to pay for more personally relevant benefits. It's more proof that non-medical benefits — as a tool to attract and retain top talent — will soon become critical to highly competitive, well-rounded corporate benefits programs.
The Insurance Industry: A Perfect Storm?
Pacific Resources fully understands the rhythms, trends and opportunities of the non-medical benefits world. Put our expert advisors to work for you today.
For more information about our proven methodology — and how it relates to delivering the most enticing and rewarding non-medical benefits program — CLICK HERE to view our Evidence-Based Brochure.
"For the past 12 years, Pacific Resources has partnered with us every step of the way. They have consistently focused on our company’s and our employees’ best interests. They listen to our needs and offer creative cost-effective solutions to address them."
Eighty-eight percent of employers report that cost control is a very important benefits objective. Retention also continues to be an equally important benefits objective for employers.