Recruit & Retain with Employee Benefits - Kyle Minick
The evolving employer market is placing a greater emphasis on HR policies, benefits, and healthcare transparency. In this episode of the podcast "Self Funded" hosted by Spencer Smith and featuring Kyle Minick, the importance of these factors in talent management strategies was discussed.
Traditionally, financial compensation has been the primary focus for employers when it comes to attracting and retaining talent. However, surveys have consistently shown that compensation is not the top priority for employees. Instead, factors such as flexibility and paid time off are often cited as more important. This highlights the need for employers to look beyond monetary rewards and invest in HR policies and benefits that foster a supportive work culture.
Creating a sense of value among employees is crucial for retaining them. This can be achieved through leadership that demonstrates emotional attachment and loyalty. Employees want to feel that their employer cares about their success and well-being. HR policies and fringe benefits play a significant role in creating this sense of value. Offering assistance with buying a home or expanding financial futures are examples of how employers can show their commitment to their employees' long-term well-being.
The insurance industry is also evolving to offer creative and tangible business solutions. Benefits are a major expense for businesses, and insurance companies are recognizing the need to go beyond traditional coverage. They are now focusing on HR policies, fringe benefits, and talent attraction and retention. Summit, a company specializing in benefits, insurance, and investments, is leading the way in serving businesses of all sizes, with a particular interest in blue-collar companies. They are also taking steps to address the high costs of specialty drugs through new pharmacy initiatives.
Chapters:
(00:00:08) Podcasts and Education in Employer Market
(00:01:24) Creating a Culture of Employee Satisfaction
(00:06:05) Creating a Supportive Environment for Employee Retention
(00:10:09) Kyle's Journey in the Insurance Industry
(00:16:00) Innovative Solutions in the Insurance Industry
(00:24:52) Specialized Benefit Solutions for Businesses of All Sizes
(00:30:43) Challenges and Solutions for Blue-Collar Companies
(00:46:26) Pharmacy Initiatives: Addressing Specialty Drug Costs
(00:51:49) Unveiling the Elusive Healthcare Expenses
(00:58:08) Disruptive Innovation for Positive Change
