Group benefits and employee retention: Can Group Insurance keep your team together?

/ Health Insurance / Feb 14, 2023

Employee retention is an ongoing challenge for most companies, particularly since competition for good employees has never been higher.

Offering valuable benefits like group insurance and retirement benefits can be one way to keep your best people around, but there are many factors to consider. One of the biggest questions to ask yourself is whether group insurance will benefit your company as much as it will help your employees.

If you’re not quite sure how group benefits work, here’s what you need to know about how group insurance can improve employee retention.

What is Group Insurance?

Group insurance is a type of insurance that companies purchase for their employees. It is usually less expensive than individual health insurance plans, and it can cover a wide range of benefits, including medical, dental, vision, life, and disability.

Group health insurance can be an important tool in attracting and retaining employees. It can also help create a sense of camaraderie among employees and help them feel like an integral part of the team.

What are the reasons why an employer would want to invest in group health benefits for their employees?

Group health insurance is one of the most popular employee benefits, and for good reason. It helps to attract and retain quality employees, as well as keep them healthy and productive. Here are some of the top reasons why employers offer group health insurance:

  • To Attract and Retain Top Talent – Group health insurance is one of the most important factors that employees consider when deciding whether to accept a job offer.
  • To Keep Employees Healthy – Group health insurance helps employees stay healthy, which in turn can lead to increased productivity and decreased absenteeism.
  • To Save Money on Taxes – Employers can deduct the cost of group health insurance premiums from their taxes.

Group Insurance Benefits for employees

  • Group Benefits make employees feel that they are supported by their company.
  • Quality group insurance gives peace of mind to your employees.
  • Group Benefits increase financial safety for your employees as well as their families.

Group Insurance Benefits for employers

  • Group Benefits significantly increase employee engagement and loyalty.
  • It makes you a standout employer of choice.
  • Group Benefits can help you attract and retain exceptionally talented people in the workforce.
  • By increasing employee retention, group benefits help you reduce the cost of hiring as well as training new team members.

Know more about Group Benefits. Get in touch with our Group Benefits advisors and find out how it can benefit your business. For further reading, refer to our blog below:

The importance of Group Health Benefits for your Organization