Businesses Fight to Keep Health Plan Rates Down, Benefits Up - Paying Off in Employee Loyalty - Insurance News

Businesses Fight to Keep Health Plan Rates Down, Benefits Up – Paying Off in Employee Loyalty

PR Newswire

ALPHARETTA, Ga., Nov. 8, 2023 /PRNewswire/ -- Providing health insurance to employees is a challenge for small businesses, but it can increase retention. A white paper from Decisely explores the issues that small businesses face when trying to offer employee benefits. Small risk pools, high deductible plans, and other barriers make it difficult for small businesses and their employees to afford and use health plans.

However, Decisely client research shows how benefits affect employee loyalty in different sectors, such as:

AUTOMOTIVE. With a shrinking workforce, employee retention becomes more critical as the pipeline of new employees continues to diminish. Benefits make a difference, as employees with benefits will stay eighteen months longer with their employer than those without.
LOGISTICS & TRANSPORTATION. This industry's workforce is transient, even among its full-time community. However, the impact of benefits on these full-time employees is evident: those with benefits will remain with their employer twice as long as those without. In fact, a closer look into the Decisely client population showed that many of individual employers experienced no full-time employee turnover year over year – better for business productivity, consistency, and morale.
QUICK SERVICE RESTAURANTS. In 2021, The Quick Service Restaurant (QSR) industry reported an annual turnover of 144% for all employees. Decisely examined retention among full-time QSR employees (Managers, Supervisors). Among this employee population, the impact of benefits was undeniable: those with benefits stayed nearly a year longer than those without.
EDUCATION. High turnover rates can negatively impact the quality of education and support services provided to students, resulting in disruptions in their learning experiences. The impact of benefits on long-term job retention in education was clear; educators who are full-time with benefits will stay nearly a year longer compared to those without benefits.

Decisely addresses small business benefits challenges by offering integrated technology solutions that help them access health plans that contribute to retaining their employees and competing with larger employers.

Learn more at https://decisely.com/businesses-fight-to-keep-health-plan-rates-down-benefits-up-paying-off-in-employee-loyalty/.

About: Decisely is a benefits brokerage and HR services firm specializing in integrated technology solutions for small businesses. Supported by licensed benefit brokers and industry professionals, the Decisely solution provides the right mix of healthcare benefits, recruiting, HR admin, compliance, and payroll on one easy-to-use platform.