Constructor - September/October 2015 - (Page 53)

Broader Selections Can Yield Greater Rewards for Employers BENEFITS HAVE LONG BEEN a means by which employers have demonstrated their commitment to their employees. Yet, over the past several years, employees have taken on more responsibility for their benefits as employers adjust their strategies to address rising costs, the implications of an uncertain economy, and the institution of Health Care Reform. MetLife's 13th Annual U.S. Employee Benefit Trends Study found that there are three distinct, tangible drivers of benefit success: 1. First, the right benefit mix drives loyalty and satisfaction. 2. Second, more choice within a broader range of benefits helps employees of all ages make their appropriate benefit selections. 3. Finally, enrollment education is an indispensable way to create benefit selection confidence and optimal understanding of all available benefit choices. THE RIGHT BENEFIT MIX DRIVES LOYALTY AND SATISFACTION* * S tandard benefits such as medical, prescription, dental and vision have become benefits "table stakes" over the years. * Voluntary benefits such as critical illness, accident, hospital indemnity, and cancer insurances have become important components of a strong benefit portfolio. @Constr uctor Ma g * P roviding more of these choices in the workplace can yield rewards for not just the employee, but also their employer. * At companies where employees are offered less than five benefits, the percentage of employee who said they do not intend to stay with their employer outweighed those who do intend to stay. * But, at companies where 11-15 benefits are offered, the proportions reverse with the percentage of those who intend to stay outnumbering those who do not. BROADER RANGE OF BENEFITS HELP EMPLOYEES MAKE BETTER BENEFIT SELECTIONS* When employees worry less about unexpected health and financial issues because of the benefits they receive, their overall satisfaction is impacted. In fact, the alleviation of worry due to benefits was the leading factor in this predictive analysis, once again reinforcing the role benefits play in building a satisfied workforce. ENROLLMENT EDUCATION LEADS TO BENEFIT SELECTION CONFIDENCE* Deliver dynamic benefits for a loyal workforce. With a customizable mix of multiple benefits and a focus on the right education at the right time, employers can deliver a positive, 360-degree benefit experience to their employees. By adding empathy and an understanding of employees' diverse financial wellness challenges, employers will be fully equipped to address the needs of today's workers. In summary, offering your employees more choice within a broader range of benefits, coupled with offering the right mix of benefits, will lead to happier and more satisfied employees. Technology platforms, such as The AGC Alternative, help employers offer more and better choice, while reducing the amount of administrative work for the employer. Using this type of technology while restructuring the way the employer pays for benefits allows companies to be much more proactive and flexible in designing benefits programs. This approach will promote employee satisfaction while keeping costs under control for the employer. To learn more about how The AGC Alternative can help you build a better benefits package, please visit us at www.agc.org/exchange or contact us at 1-800-210-5290. ◆ * Insights from MetLife's 13th Annual U.S. Employee Benefit Trends Study L0715431521(exp0916) S E P T E MB E R / O C T O B E R 2 0 1 5 | www.constructormagazine.com 53 http://www.agc.org/exchange http://www.constructormagazine.com

Table of Contents for the Digital Edition of Constructor - September/October 2015

Editor’s Note
President’s Message
CEO’s Letter
Lean in and Learn
Construction Corner
Getting Ready for the Big Ships
Old, New, Tried & True
Simonson Says
The Picture of Health
Technology Toolbox
Inside AGC
Workforce Shortage Report: Southern Region
Bringing the Los Angeles Hall of Justice Back to Life
Employee Benefit Selections Can Yield Greater Rewards
2015 Insurance Guide
Index to Advertisers
Final Inspection

Constructor - September/October 2015

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