Which Employee Benefit is Most Important?
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Which employee benefit is most important? A simple question, right? It’s often found in employee satisfaction surveys and “Best Places to Work” questionnaires. And it seems easy enough to warrant a quick answer. I'm sure we’re both on the same page: If we asked this question to your employees, the majority would answer "health insurance." Yes?
Although health insurance is arguably one of the most important benefits for any employer’s program, there’s another key benefit that often goes unnoticed. You can uncover the importance of this benefit by asking employees to answer this question: “What is your greatest asset as an individual?” Most employees will say it’s the ability to earn an income and support their family, lifestyle or and simply staying afloat monthly bills. But, what would happen if your employees were unable to do this due to an accident, illness or injury? A devastating thought at best. What most don’t realize is there’s a benefit offered that could help your workforce survive unfortunate, unthinkable situations.
In my opinion, Long Term Disability (LTD) should be viewed equally as important as health insurance. Let's think through this. Most individuals rely on their paycheck on a weekly, bi-weekly or monthly basis. What happens if that goes away? All of us have obligations: mortgage, car payments, children and the list goes on. By offering LTD, this gives employees who are injured some protection to continue on with their life without the burden of figuring out how to pay for every day bills.
If employees become disabled and have LTD coverage, they may have the ability to receive up to 60% of their income while recovering. Or in some cases, until the age of 65, if the disability is serious enough. Statistics show that employees have a greater chance of becoming disabled during their working years than dying. I know, not a pleasant thought, but why not prepare for this to protect your employees and their family.
Yes, health insurance is extremely important, but so is LTD! So, start questioning your employees about what’s most important to them. And if you do offer LTD, ensure they know the true value.
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