You’ve hired good people, but how do you keep them happy and productive when raises, bonuses, and other forms of compensation may not be in the budget? That’s a dilemma many corporations face—especially in today’s economy.
One possible solution is to improve your company’s benefit package. In fact, a recent report by the Society of Human Resource Management found that “many job seekers frequently place greater importance on health care coverage, flexible work schedules, and other benefits rather than on their base salaries.”
Unfortunately, however, some benefits—such as employer-sponsored health care coverage—can be prohibitively expense. That’s why you may want to look into a Voluntary Payroll Deduction (VPD) program like employee-owned life insurance. VPD has become one of the most popular ways for consumers to purchase life insurance, and it can be an easy, cost-effective way to show your employees you care. In most cases, these programs can be set up using your existing payroll system, and they are therefore simple to administer. Because the insurance company usually provides all the information and materials, there are virtually no direct, out-of-pocket costs to your business.
If your company can’t afford to give raises this year—or if you just want to help your employees feel a bit more secure—consider adding a Voluntary Payroll Deduction program to your benefit package. When it comes to retaining key employees, it could be the best and the least-expensive investment you ever make.
Note: Employee participation in a payroll deduction insurance program is completely voluntary. Since this program is not intended to be subject to the Employee Retirement Income Security Act of 1974 (ERISA), employers cannot contribute to, or endorse, this program.
This educational, third-party article is provided as a courtesy by Simon Bloomfield, Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact Simon at 508 362 4279, [email protected]