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Tackling the Manufacturing Labor Shortage

By May 24, 2019Employee Benefits
manufacturing labor shortage

If you work in manufacturing, we don’t have to tell you that the industry is facing a labor shortage. You know about the high number of Baby Boomers retiring from the workforce. But the shortage goes beyond that important factor. A skills shortage is facing younger workers entering the workforce. All of this is going to affect recruiting methods for younger workers in the future. Attracting talent is hard. But, there is something you can do. Offering insurance benefits can help you stay competitive in an already competitive workforce.

 

What to Consider When Choosing Insurance

Different generations expect different things from their insurance packages. Finding a package that benefits everyone is hard but possible. Your employees know what they want when it comes to insurance. Listen to them to try and find a flexible option.

Despite the differences between generational insurance needs, there are commonalities. How you market those everyday needs is what attracts new talent to help shrink the labor gap. Since we work with numerous insurers, we can help you compare.

Insurance as a Recruiting Tool

The skills shortage makes it hard to recruit new employees. An insurance plan provides an attractive incentive to potential new hires. It also helps with retention. According to the Society for Human Resource Management, 46 percent say insurance is the deciding — or even positive — influence in choosing a job. Additionally, 56 percent of employees say insurance from their employers is how they decide to stay with their current company.

How Insurance Helps Business

Unless you’re in the state of Hawaii, you aren’t obligated to provide health insurance to your employees. However, most companies try to offer some insurance and benefits package. Today’s workforce is competitive. By offering the best insurance packages for your employees, your business will run more efficiently. You will save on recruiting and onboarding costs. And, if someone does get sick or injured, you know they can afford care so that they can return to work as quickly as possible.

 

Benefits of Offering Insurance Packages

It’s hard to please everyone. But by offering insurance packages, you’re providing benefits into the workplace that can help make you more attractive and competitive in the workplace.

More Employees Enrolled Means Lower Costs

It seems counter-intuitive, but the more employees enrolled in an insurance program means you spend less on insurance costs overall. Offering insurance to your employees can serve as a tax break for your business, helping you save money in the long run.

Improves Office Morale and Decreases Absenteeism

A company functions well if employees perform at peak performance. When employees have an insurance package, they’re more likely to take better care of themselves. When people take better care of themselves, they’re less likely to get sick. This results in better work attendance, which allows your company to fire on all cylinders.

Employees Expect Insurance Benefits

While they may not enjoy the research involved in getting insurance, most people like having insurance. That way, should something happen to their health or anything else, they have a little bit of coverage and protection. FindLaw reports that some employees are okay with a lower salary if it means they’re getting some insurance coverage.

 

At Booker Insurance, we offer a variety of services for all your insurance needs, whether it’s transportation or personal insurance. View our options on our website.

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