WBA Insurance Services Resources To Help You Win
It is nearly impossible to drive to and from work these days without noticing the "Now Hiring" signs in front of businesses. The signs may even list catchy phrases like "Great Benefits and Wages," as well. Your employees notice these signs, too. To attract and retain talent, bank employers must offer high-quality benefits as well as competitive wages.
Many of you as HR professionals or CFOs have just gone through another year of health renewals for your business. The challenge of what to change in the form of deductibles and back-end risk for your employees seems to be a never-ending balancing act. It can be a difficult process to make those decisions and explain them to employees. One tool that can help banking HR professionals navigate renewals is the Wisconsin Banking Industry Compensation and Benefits Report, the largest Wisconsin-specific report; it contains salary and benefit information for 113 different jobs with data from 111 participating Wisconsin banks. The report is an excellent tool to help banks compare their benefit packages with peers. Visit www.wisbank.com/WIcompensation for more information or to purchase your copy of the report and to learn about participating in the 2019 report.
Another strategy to help create increased employee satisfaction and engagement is the idea of a "Benefit Stipend." It is a simple concept where the employee gets a set amount of premium dollars to use on supplemental coverages that the employee deems to be important to them. While many banks importantly provide company-paid life insurance and long-term disability coverage, these are plans that some employees may not see the immediate value today. Providing your employees with access and some financial assistance to take care of pressing medical costs like deductibles and coinsurance gives them a greater feeling of financial security as a bank employee.
Benefit stipends for supplemental insurance can start out at $5 to $10 per week and can be set up in a way to be used for plans that range from Accident, Hospital, and Critical Illness. WBA EBC is now offering a special pricing partnership with Aflac for bank employees to take advantage of these supplemental insurance plans. These benefit stipends can be designed to reflect length of service; with more tenured employees eligible for a higher amount which creates another value proposition for longevity of employment.
Here at the WBA, we would love to talk to you about creative ways that a benefit stipend and other programs can help you maintain long-term employee relationships. WBA EBC has many product lines for your employees, including our WBA AHP, dental, vision, life/disability, and other ancillary products to help banks attract and retain the best talent. To start that conversation, please contact Brian Siegenthaler at 608-441-1211 or via email.
Lund is WBA executive vice president – chief of staff and president of EBC and MBIS.