money & life summer 2010 issue single gear 2009 10803
DESCRIPTION
Manage Your Money & Life: Quarterly Newsletter for Small Business Owners.TRANSCRIPT
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A Newsletter for Small Business Owners
he perks are as important as ever… here are ways to get the most for what you pay.
Benefits aren’t the largest sum you pay out to compensate your team – they make up 30% of the
total for the average company by some measures1. As motivational tools go, they might not rank
at the top either, since salaries and time off often carry more weight in negotiations with recruits.
Still, there’s no overestimating just how important employee benefits are in today’s economy. The
bottom line is they keep your team focused and motivated. And as a result, they keep your
company competitive and productive.
The fact is employees put more weight into the health, retirement, insurance, dental and other
coverage they get on the job than you might think. Consider the following: According to a recent
Guardian survey2 nearly 60% of the employees interviewed said they’d take a pay cut or forego
their raises or bonuses in order to keep their benefits intact in the current economy. Almost half of
the participants, in fact, said they would be willing to pay part or all of the cost of their benefits.
The recent recession has underscored just how much weight workers put in their benefits. Can
you blame them? For one, employees have needed a morale boost during a tough recession, a
way to soften the effects of the downturn. Many feel a solid benefits package makes up for a
number of belt-tightening measures, from salary cuts to increased workloads, that workers have
had to shoulder during layoffs or hiring freezes. It’s only logical, after all: Benefits are a big
comfort because they offer employees a way for them to take care of themselves and their
families no matter what the economic climate.
Studies show that you and other business owners already get the message. According to research
compiled by the insurance industry organization LIMRA in August 2009, employers recognize the
importance of offering workers an array of benefits.
There’s a problem, of course: Cost. The same 2009 LIMRA survey showed that over 80%
of business owners were gravely concerned about their ability to afford medical and other
employee benefits.
You needn’t expend a lot of energy to find solutions. A few simple steps in fact, can keep costs in
check and at the same time help you get the most out of the benefits you already provide employees.
Choice. Gone are the days when employee benefits were a one-size-fits-all strategy. At the same
time, the 100% employer-paid benefits package is a thing of the past as well.
Fortunately, voluntary benefits help to fill the gap. They are available for everything from medical
coverage to life and disability insurance and allow you to provide your workforce a wide variety
of choices at an economical price. When shopping with carriers, your company’s size can help you
secure discounts for employees. What’s more, voluntary programs come with many price points
and options that allow individual employees the opportunity to tailor coverage to their own needs.
At the same time, they transfer the burden of key benefits from you to your employees. Call it a
win-win strategy.
(continued on page 2)
:
H I G H L I G H T S
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2
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4
Ju s t H o w U n to u c h a b le A r e Y o u r E m p lo y e e B e n e fi ts
T h e B e s t S a fe ty N e ts fo r Y o u r P a r tn e r s h ip
R e c o r d M a n a g e m e n t in T o d a y ’s C r e d it S tr a ig h tja c k e t
D is a b ility In c o m e In s u r a n c e
;
1 Bureau of Labor Statistics, E mployment Cost Index, March 2010
2 Benefits & Behavior: Spotlight on Benefits and the E conomy. The Guardian Life Insurance Company of America, 2009
SU M M E R 2 0 1 0 I SSU E
Michael Pitkin (408) 392-7849 DirectFinancial Representative/Registered [email protected]
Pacific Advisors1740 Technology Drive, Suite 550San Jose, CA 95110www.pacificadvisors.com
Pacific Advisors www.pacificadvisors.com
Registered Representative, ParkAvenue Securities, L L C (PAS).California Insurance L icense # :0D45813Securities products and services areoffered through PAS, an indirect whollyowned sub sidiary of The G uardian L ifeInsurance Company of America(G uardian), N ew Y ork, N Y .Pacific Advisors is not anaffiliate of PAS or G uardian.PAS is a memb er FIN RA, SIPC.
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(B enefi ts - continued from cover)
V is ib ility . As much as your employees
love their benefits, how many people in your
office really know what you’re providing or
how much it costs? The answer: fewer than
you think. In fact, it seems that workers
on average are aware of just a fraction of
the money you put toward their health,
retirement and insurance coverage as part
of employee benefits.
T he solution? Increase visibility.
For starters, consider listing the costs
contributed toward each employee’s benefit
on paychecks. It doesn’t end there. With
the help of your carrier, you can provide
workers a number of avenues to find out
more about just what they have available.
Carriers can provide support through online
sites, videos, telephone hotlines, posters,
pamphlets and any number of handouts.
D on’t be afraid to ask.
T hin k in g O u ts id e the B ox . D on’t limit
your thinking to traditional pay-as-you-need
them benefits alone. N ew products now
available in the benefits marketplace can
help both you and your workforce. When
coupled with medical insurance, wellness
programs not only keep workers healthy
and happy, but can hem in costs at the
same time. H ealth savings accounts make it
possible for employees to save on taxes by
setting aside money for medical expenses
taken from their pre-tax salary.
Remember, benefits are a win-win on
several levels. N ot only do they keep your
employees happy, they have the potential
to boost your bottom line by holding in
expenses and lifting productivity as well.
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3 P rogram P erspectives, U .S. Bureau of Labor Statistics, V ol. 2 Issue 2, March 2010
4 N onfatal O ccupational Injuries and Illnesses Req uiring D ays Away From Work, 2008, U SD L-09-14 5 4 , U .S. D epartment
of Labor, Bureau of Labor Statistics, Table 8, p 18
5 N ational Safety Council, Injury Facts 2009 ed. p. 31 (2007 full year)
6 N ot necessarily protection against increase in the cost of living.