Start with a shrinking workforce

A couple weeks ago, I attended a luncheon in which a member of the Federal Reserve Bank mentioned that there is a shortage of labor workers not just nationally, but globally.  He said that this trend would continue to rise because many families aren’t having children or they are waiting to have them later in life.  Hence, the labor force isn’t being replenished as many others retire.  It’s also interesting to note that while many have been encouraged to get a college diploma, the demand for jobs is actually more prominent for trade industries, like electricians, welders, plumbers, etc.  Even though much of the need relies on physical labor, IT companies also struggle to find talent.  Sometimes, it’s because schools aren’t teaching real life solutions – only textbook ones.  This is another reason that the rapid advancement of technology can make it difficult to find individuals with the appropriate skill set.  On top of this, unemployment is at an all-time low, which is why employers are looking for ways to recruit and retain the necessary staff.

You see where this is going……

The impact a voluntary plan makes tends to be greater than a medical one.  This is because the individual or family gets the payout.  When an employee gets sick or hurt, he or she usually doesn’t want that disruption of their lifestyle.  This is where the employer becomes the hero and that employee experience gets shared company-wide.  Since the beginning of my career, I have seen how grateful employees are when they are able to put food on their table and take care of their families all because their supplemental plan carried them through the sickness or injury they endured.  It’s important, however, to truly understand what’s important to your workforce and communicate the strategy correctly.   Too many times have I seen employers take short cuts in educating their staff on the true value these plans have to offer or they don’t teach them how to properly file claims.  This causes employee dissatisfaction and zero return on investment.  Having the right agent is crucial to assist your employees with filing claims since they are not used to collecting the necessary paperwork from their doctor or hospital.  I encourage you to reach out to us and let us know what challenges you are faced with as a company.  You could be asking yourself: “why don’t I just ask my broker or current provider?”  To that I say, “Why haven’t they brought it up?”  If you continue to be reactive in these areas instead of proactive, you will always be chasing a solution instead of avoiding the problem.