Corey Slavik, Property and Casualty Advisor, HUB International
Traditionally, employee benefits for construction workers, including roofers, have not kept pace with those offered in other industries.
In recent years, construction employers have stepped up with health benefits: some 74 percent now offer them, higher than the 69 percent national average for all employees. But only 29 percent offer short-term disability insurance and 17 percent long-term – both below average and paid family leave is only provided by 11 percent, versus the 20 percent national average.
Given the ongoing and increasingly pressing challenge of finding employees to meet the current workload and the shortfall of people as the construction workforce ages, roofing companies should consider benefit options that go beyond industry standards. One option is to take a look at voluntary benefits.
Benefits that go beyond the “expected” health, dental, vision and a nominal life policy are prized by employees. Three-fourths of workers in one survey said voluntary benefits would make a difference in their decision to stay with their employers.
And employers are seeing the payoff of offering them even beyond recruitment and retention success. Employers also believe, the survey found, that adding to their voluntary benefits lineup will save employees money (63 percent) and ultimately, boost productivity (53 percent).
Even better, many of the most sought-after types of voluntary benefits won’t necessarily add to the employer’s costs. When offered under the employer’s umbrella, typically at group rates, they still cost employees half of what they would if purchased directly. Plus, employees have more confidence in benefits that first have been vetted by employers.
There is a fast-growing universe of voluntary benefits to add to the package, from those that support physical, emotional and financial wellness to those that help individuals advance professionally.
Supplemental health: The out-of-pocket costs of unexpected medical events can be catastrophic. Supplemental benefits directly reimburse plan members for treatments related to accidental injury, if they are hospitalized or are diagnosed with a covered
critical condition.
Accident insurance: This covers treatment costs for an off-the-job accidental injury.
Financial assistance programs: Assistance dealing with financial pressures is invaluable to improve overall wellness. Financial stress is also linked to mental health, so these programs address many issues. The most popular programs provide access to vetted purchasing, low-cost loans and debt refinancing programs. These also support engagement: 80 percent of employees today say they would use these programs. Legal services benefits: Group legal plans can be a boon to every employee demographic, ensuring professional help for needs from traffic tickets to landlord disputes to immigration situations.
An effective benefits program takes a sound strategy that is built on a deep understanding of employees and their unique, individual circumstances. Here are the underpinnings that must be taken into account:
Cookie-cutter solutions don’t work. Employers need to understand their employees’ needs based on where they are in life and in work. Standard demographics and generational factors provide a basis for planning, but it takes a deeper dive into where they
are at professionally to gain a broader perspective of needs. Personal analysis is a valuable way to get a better profile.
Determine goals and measure results. HR may think a particular roster of voluntary benefits is a good idea. But before deciding on a lineup, it’s important to gauge their potential impact on retention and recruitment. These are the kinds of metrics that, applied over time, will refine the program and ensure it meets everyone’s needs.
Educate and communicate. Employees must be educated and informed for voluntary benefits to make a difference. It’s not enough to tell them the benefits are available. They need to know how to access them and assisted over potential hurdles of costs or need. Education can’t be a one-and-done matter. It must be undertaken consistently and over time.
Corey Slavik, Property and Casualty advisor for HUB International in Melbourne. He is responsible for new business development and maintaining client relationships. Corey specializes in complex property and liability insurance and risk management programs for businesses, with a focus on contractors, commercial real estate and manufacturers.
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