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With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.
Employee Benefits Packages: When to Make Changes
Chances are if your business is doing well, your employees have remained loyal and you have a fairly moderate turnover. However, this trend of keeping employees longer can present some problems that you may not expect. You may need to consider updating your employee benefits package, especially if your workforce is fairly steady for the simple reason they are getting older. What an aging workforce may meanbusiness-people Keep in mind, as our employees grow older, their benefits needs often change. In some cases, employees may need a more competitive health care plan, some may no longer have dependent children and others may need to find a better way to save for retirement. Your insurance broker can help you review your existing benefits plan and still make sure it meets the needs of your workforce. Some of the options you may want to consider include:
  • Health insurance coverage - for many employees, growing older may mean more health issues. Having a health care plan option that reduces their out-of-pocket expenses may be more practical. Keep in mind, some employees may also have outgrown their plan as their children may now be grown and off to university or working themselves.
  • Better retirement options - an aging workforce means more people are considering their retirement savings plans. This means your benefits package should include options that are more suitable for a middle-aged employee than for a younger employee.
  • Life insurance options - more of your employees may be looking at their existing life insurance policies and considering increasing their coverage. If your company offers employees the option of increasing their coverage, this could be very helpful.
Those employers who are able to retain their employees over the long-term most likely have a very competitive employee benefits package in place already. However, as your workforce ages, you should consider what other options may be necessary to keep them happy and to encourage them to remain with your firm. Your insurance broker is always prepared to take a look at the demographics of your employees and help you make the best possible decisions regarding your benefits plan. Consider reviewing your plans about every five years, especially if you have a steady workforce.
William Jordan
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