The majority of manufacturers as with all employers are struggling to provide employees with a competitive, comprehensive benefit package. Rising medical costs, the high cost of prescription drugs, and increased health care premiums are forcing companies into a delicate balancing act of providing competitive benefits while also managing costs effectively and complying with regulations. However, even in the face of these challenges there are compelling reasons to provide employees with comprehensive employee benefits.
One of the most obvious reasons in coming up with a benefits package that makes sense for both your shop and employees is to keep good workers from jumping ship as well as to attract new talent. Many small to midsize business owners mistakenly believe they cannot afford to offer quality benefits. But while going without a good benefits package may add to your bottom line in the short run, it could impede the future growth of your firm long term. Retaining and attracting top talent is key, especially in today’s environment where the need for highly skilled workers will help firms leverage the next revolution in manufacturing and the digitization of industrial processes (think additive manufacturing, for example). Candidates with the right skills can be more selective about where they work. This means that when it comes to securing qualified employees that are highly skilled, dedicated, and will bring strength to your shop, differentiating yourself from others is imperative to remain competitive. A strong benefits package will help to attract high-quality employees and can be a crucial factor for potential candidates in deciding whether to join a company.
Furthermore, there are certain benefits good employees feel they must have to join and stay with a firm. Topping the list of must-have benefits is health insurance, but many employees are looking for disability insurance, life insurance, retirement plans, and voluntary benefits that meet their specific needs. In providing employees the benefits they value, it only stands to reason that they will be more satisfied, miss fewer workdays, be less likely to quit, and have a higher commitment to meeting the company’s goals. In fact, research shows that when employees feel their benefits needs are satisfied, they’re more productive.
A well-designed benefits program doesn’t have to break the bank. Many employees to obtain the benefits they want are ready to put more skin in the game, especially for certain voluntary benefits. They understand that they’ll have to pay for some of what they’re getting. The key is to give them options that are meaningful, and to work with an employee benefits specialist in the manufacturing industry that can structure a plan that strikes the right balance between employee needs and a firm’s budgetary parameters.
A competitive employee benefits package has the power not only to attract the best, but also to retain the best. Manufacturers who value their staff today will be those that benefit tomorrow. At Precision Manufacturing Insurance Services (PMIS), we can provide you with competitive benefits solutions for your employees. In addition to our portfolio of products, we have created the Precision Manufacturing Benefits Trust (PMBT), which unites precision manufacturers into a benefits pool in order to maximize buying power and lower rates. We welcome the opportunity to discuss how the program works and the competitive package we can create for you to offer your employees. Give us a call at 855.910.5788.