Increasing Recruiting and Retention Success in Billings
Billings, Montana, enjoys an annual growth rate of around 1.09%, partly because of the affordable housing market. The local economy and low unemployment rate support the low cost of living. This means employers in Billings and across the state often have difficulty finding the help needed to keep their businesses working efficiently. This competitive labor market increases the importance of working with HUB International for employee benefits in Billings.
In Billings, one particular area of concern is the number of individuals retiring. Data suggests that the population isn’t growing fast enough to compensate for the losses the workforce will take on account of retirement. With fewer people available for the open jobs, Billings businesses must scramble to attract skilled workers before their competition can.
There are also concerns about low job satisfaction among skilled workers in Billings, further threatening local companies and their efforts in retention. Employee benefits become an essential part of keeping the current and future workforce stable and engaged.
Using Employee Benefits in Billings for a Motivated Workforce
Locally owned small businesses often are competing with larger organizations when recruiting new help. Unfortunately, big corporations often have the resources to provide sign-on bonuses or other incentives for new recruits. Luckily, though, company size doesn’t matter when working with HUB to provide an employee benefits package that both attracts attention and encourages employee loyalty.
Employee benefits support the employee experience, and when a company gets them right, it can positively impact retention and recruitment. In addition, employee benefits are a way to motivate employees and improve performance, as unmotivated employees tend to have lower productivity levels than their counterparts who are highly satisfied with their job. Our brokers at HUB International understand what current job seekers want from prospective employers, and they have tools available to customize an employee benefits package that is attractive and affordable.
Managing Employee Benefits in Billings With HUB
Once you recognize the need for a stronger benefits plan, you must recognize your budget limitations and any impacting factors from the industry. Healthcare costs are just one of the concerns for many businesses, but our brokers can work with you to develop a plan that provides big healthcare savings. Through the guidance of our brokers, you can also incorporate voluntary and supplemental benefits like the following in your strategy:
- Pharmacy and critical drug coverage
- Life insurance
- Retirement plans
- Telehealth services
- Specialty lines of insurance
HUB can help you manage the costs of your employee benefits and prepare a strategic plan that ensures your employees have what they need in the years to come. Investing in employee benefits is an investment into the workforce of today and tomorrow, as benefits support the finanical and personal health of those you currently employ and those you hope to attract.