With the rising cost of health insurance and other benefits looming, companies are being forces to take a look at their benefit offerings and considering alternative benefits for their employers. AlphaStaff suggests the following information to employers looking to provide better work/life balance while increasing morale and reducing health care claims.
1. Cafeteria Plans: In this plan, employees are typically given a certain dollar amount that the company will contribute for their benefits each year. The employee then has the choice of which benefits and program levels they wish to participate in. Some companies even offer money or additional benefits if an employee does not sign up. For example, a company may allocate $150 per month for health insurance, but if the employee does not sign up for insurance, they can convert that amount into extra paid time off or apply it to another benefit instead.
2. Wellness Programs: This can include onsite gym memberships, massages (or discounts to offsite vendors), stress relief products, or educational programming designed to help employees make healthy choices in their lives. Many times a company can use resources available to them through their medical insurance provider at low or no cost. This can again reinforce the idea that companies care about their employees both on and off the job and want their lives to be stress-free and productive ones.
3. Pre-Paid Legal Services: More and more, people are finding themselves in need of legal representation, for a variety of issues, and are without the funds to pay for it. Pre-paid legal services allow employees to set aside funding for such occasions, including motor vehicle legal services, trial defense services and the increasingly in-demand identity theft services.
4. Supplemental Insurance: Everyone has different insurance needs, and supplemental insurance, beyond basic health insurance, allows you to group this with your other benefits through the employer. Supplemental insurance is offered for a range of coverage types, including disability, hospital indemnity, accident and cancer.
5. Pet Insurance: Pet owners don't want finances to get in the way of providing their furry or scaly loved ones with the best care possible. Pet care insurance policies cover a multitude of medical problems and conditions related to accidents or illnesses (even cancer) for dogs, cats, birds and other exotic pets.
Offering a comprehensive, creative benefits package can go a long way towards keeping morale high and making staff feel they are valued. Alternative benefits can also reduce costs associated with absenteeism, sick time and premature turnover, equaling cost savings for the employer.
AlphaStaff Group, Inc., a full range of human resource outsourcing (HRO), delivers services to small and medium sized businesses and mid-market companies through a shared employment model. The company specializes in helping companies save money, time and free up administrative resources while reducing risk and ensuring compliance. Unlike other Professional Employment Organizations (PEO) or HRO providers, AlphaStaff has a unique, coordinated delivery approach as they work exclusively with insurance broker partners to distribute services. AlphaStaff’s experienced HR professionals deliver personal and flexible service to more than 1,300 client companies in the U.S. For more information, visit www.alphastaff.com.
AlphaStaff Group, Inc.
800 Corporate Drive
Ft. Lauderdale, FL 33334