We’ve seen the numbers. New Frontier Data, one of the leaders in providing data analytics for the cannabis industry, reported that they expect the cannabis industry to create almost 300,000 jobs by 2020. With so much opportunity for employment, what can your company do to attract the best employees and, once you have them, retain and prevent them from leaving?
One of the best tools for attracting and retaining employees is to implement and offer a company benefit package. When employees compare job offers and compensation, the scope and cost of the benefit package is a key factor in whether or not they will take the job. According to a study conducted by the Society for Human Resource Management (SHRM), some statistics that show the impact of offering a benefit package include:
- 92% of employees indicated that benefits are important to their overall job satisfaction
- 29% of employees cited that their overall benefit package was the reason for them to look for a new job, while 32% stated that they were unlikely to look elsewhere strictly due to the benefit package that they receive
- 72% of organizations have increased their benefit offerings in the last 12 months to retain employees, while 58% did so to attract new talent
- 98% of organizations offered at least one type of health care plan in 2018 while over two-thirds (69%) offered their employees multiple plan options
As you can see, organizations that offer benefit packages attract employees at a higher rate and are more successful at retaining those employees.
Now I know what you’re thinking: “I’m just starting my business and can’t afford to pay for benefits for all of my employees!” I completely understand. However, you don’t need to pay for the entire cost of the benefits. In the same study by SHRM, the table below shows the breakdown on how organizations share the costs of health care benefits with their employees:
The table above is specifically referencing health care but there are also benefits outside of just health care that you can provide to your employees. They include:
- Wellness Programs
- Paid Leave
- Retirement Savings and Planning
- Work-Life Balance
- Financial and Career
- Professional and Career Development
- Travel and Relocation
Now, knowing that there are ways to make implementing a benefit package cost-effective for both you and your employees, you’re probably thinking: “How the hell am I supposed to figure out how to put something like this together?” and the answer is simple: reach out!
Our team at Brown & Brown is dedicated to working with businesses and putting together benefit packages that align with the organization’s goals and budget, along with crafting these packages to cater to the requests and needs of employees. All we need to do is set up a call, talk about your business and the benefits you and your employees are looking for, get a census of your employees, and then talk about different plan options that we can put together for you—figuring out which one makes the most sense to move forward with.
Reach out today and we’ll work to separate your business from the rest and make sure that you retain your employees while also continuing to attract the best of the best.
Cannabis Insurance Advisor Brown & Brown