Lately, there has been a lot of conversation around the Great Resignation and the Great Migration. The pandemic has empowered employees everywhere to reconsider what is important to them. This often results in considering leaving their position, looking for a new position, or reconsidering their current benefits.
While pay is still an essential factor in these decisions, your practice can implement more to retain and recruit the best staff to come out ahead. According to recent studies done, the top benefits are:
- Health Insurance
- Paid Time Off
- 401(k) Plans
Health Insurance Benefits
For small business owners, it may not be legally required to provide health insurance coverage for your employees, but it is vital to the satisfaction of your employees. Health insurance ranks as the topmost important benefit employees can receive. In fact, high-quality employees will go to a company offering great benefits, even if the offer has lower pay than another.
Lately, the COVID-19 pandemic has changed how people view health benefits. Not only is it vital to cover physical health, but mental health is becoming increasingly important to get coverage for as well.
Of course, health insurance needs to be continually re-evaluated for cost and effectiveness. There is also a tax benefit your practice can get by offering health insurance that is important to understand.
Maintaining health insurance is an administrative burden that is costly in time and resources for companies without an HR administrator. However, you do not have to go at this alone! Orchard Medical Management has experts that will help guide your practice to choose the best benefits package for your company and your employees.
Paid Time Off
Vacation and spending time with family have become even more important to employees in the United States. Taking a day or two off work and having it covered is crucial to work-life balance.
It’s also a significant component of an employee’s mental health. In the last couple of years, employees have realized it’s crucial to have enough time off to handle unexpected quarantines, illnesses, and more. Plus, they still need time to take off without having to worry about anything else.
As an employer, it’s important to offer a PTO package that satisfies your employees. At Orchard Medical Management, our team of professionals can help decide what is best for you and your employees and help you implement it in a way that won’t interfere with day-to-day operations.
401(k) Plans
Employees often focus on their futures, and a considerable part of this is setting up and contributing to a 401(k) plan regularly. Ensuring you choose the right partner for setting up and maintaining a 401(k) benefit offering is crucial to the satisfaction of your employees.
There are hundreds of providers when it comes to implementing a 401(k) plan. Choosing one that fits your practice’s goals and offers the best options based on cost can be time-consuming and sometimes confusing!
Orchard Medical Management can help assess what provider would suit your practice best. Our expertise in the HR field will prove invaluable to making a decision efficiently.
Partner with Orchard Medical Management for All Your HR Needs
When you run a practice, considering the best benefits at the best price is a significant administrative burden. It also is something that needs to be continually monitored. That’s why it’s an entire profession—but it’s not feasible for many private practices to have an HR-focused member on their staff.
That’s where Orchard Medical Management comes in. We have an experienced human resource team that will serve as your experts. We have partnered with many practices to significantly reduce their administrative burden and guide them through finding the best benefits and insurance coverage for their staff.
HR is important for many reasons, employee satisfaction being one of them. Let Orchard Medical Management take the burden of finding the best benefits to offer your employees to keep them healthy and happy.