Mainebiz

V O L . X X X N O. V I I A P R I L 1 , 2 0 2 4 12 W ith unemployment rates con- tinuing to hover at record lows, finding ways to recruit and retain talent can feel like an insurmountable task for our contingency of small businesses here in Maine. Today's workforce is evolv- ing, as are their needs. Employees expect more from their employers and a strong employee benefits package can make or break the overall employee experience. But what is the real impact of a well- rounded employee benefits program? Employees are increasingly seeking more than just standard compensation pack- ages. ey want better and more creative offerings that encourage personal wellbe- ing and an enhanced work-life balance. at is exactly where employee benefits can make a difference. Disability insurance Let's first consider leave support — a key driver in employee satisfaction. Life is full of surprises, both exciting and challenging. Whether your employee is welcoming a new child to their family, or battling a cancer diagnosis, empow- ering them to take the time they need to navigate these major life moments is critical to their wellbeing. At Unum, the most common claims we see are for pregnancies, musculoskeletal disorders, mental health disorders, injuries and can- cer. Disability insurance helps your employees during times of need by replacing a portion of their income while they are unable to work. And, by giving them the time they need to tend to these situations on the front end, you may ultimately see them back in the office or at the job site more quickly. Financial security Next, there is the financial security that employee benefits provide. Life's surprises often come with a hefty price tag. According to Bankrate, a majority of Americans say they cannot afford a $1,000 emergency expense. Offering support such as accident, critical illness or hospital indemnity insurance can help safeguard your employee's future financial wellbeing. Employee benefits can also provide more than just financial security. ere are employer solutions that are spe- cifically designed to address key driv- ers of leave and disability. At Unum, we work with a number of part- ners that offer access to specialized mental health, caregiving, mater- nity, digestive health and chronic pain supports. ese resources allow employees to take care of and priori- tize their personal wellbeing and can even prevent the need for leave and absence down the line. Employee loyalty So, why should small businesses invest in employee benefits? It's simple. Research shows that employ- ees want to be supported by their employer and are 7.4 times more likely to want to remain with their company if they feel their employer cares about them. We also know that when employees are happy, they are more productive. Employee ben- efits help demonstrate that you are invested in your employees holis- tically, which goes a long way in helping your workforce feel seen and supported. Comprehensive employee ben- efits are strategic and necessary investments in today's labor market. Employee expectations are high and there isn't a one-size-fits-all plan. It is crucial to curate a well-rounded pack- age that can meet employees wherever they are in life. At the end of the day, it is good for business and simply put, it is the right thing to do. C h r i s P y n e i s e x e c u t i v e v i c e p r e s i d e n t o f g r o u p b e n e f i t s a t U n u m . H e i s a B o w d o i n C o l l e g e g r a d u a t e . Inclusion Maine Conference May 1st - 3rd Portland Sheraton Registration: Inclusionmaine.org/conference 50% OFF Registration Fee! Learn more at registration. Maine needs 75,000 workers by 2029. Join us in attracting and retaining talent. www.mced.biz/events May 16, 2024 Ambromson Center, USM Elevate your Network | Empower your Journey! JOIN US as we gather the brightest minds, innovative thinkers, and passionate creators for a day of inspiration, collaboration and growth! Hosted by: B Y C H R I S P Y N E , U N U M B Y C H R I S P Y N E , U N U M H OW TO Benefit your business with employee benefits We also know that when employees are happy, they are more productive.

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