In this episode of the Healthy Business Matters Podcast, hosts Dr. Andrew and Nathan Barr delve into a crucial aspect of employee compensation: the often-overlooked world of total compensation. As business owners and insurance brokers ourselves, we explore how employers can better serve their workforce by considering unconventional approaches to total compensation, particularly by incorporating concierge onsite healthcare.
By emphasizing that total compensation isn't merely a matter of dollars and cents. It involves a comprehensive benefits package, including healthcare, which many employers tend to overlook. We want to stress the importance of looking beyond the conventional approach and thinking creatively about benefits.
With the labor market becoming increasingly competitive, we want to point out that offering a slightly higher hourly wage may not be enough to retain employees. We argue that understanding and addressing the individual needs of employees can be more effective in boosting retention than a straightforward pay raise.
The discussion continues by exploring scenarios where benefits can have a more significant impact than a monetary increase. Through examples of how factors like healthcare access, co-pays, deductibles, and time saved can all contribute to an employee's total compensation. There are also complexities of raising pay for employees who rely on social assistance programs and the delicate balance that employers must strike.
Throughout the episode, we encourage businesses to view their employees as unique individuals and to customize benefits accordingly. This approach can help companies stand out in the labor market by offering benefits that cater to the specific needs and preferences of their workforce.
To highlight a real-world example of a manufacturing client with a predominantly Hispanic female workforce. By understanding their demographic and cultural context, it was determined that childcare support would be a more valuable benefit than a simple pay increase.
Towards the end of the episode, we discuss the value of alternative benefits like concierge healthcare, onsite health services, and virtual care, which can significantly improve an employee's overall compensation by offsetting their healthcare costs.
We recommend employers use transparent templates to help employees understand the true value of their benefits. Total compensation can take various forms and doesn't have to be solely about financial compensation.
As a token of appreciation for listeners like you, we've created a tool to help measure and communicate total compensation, which can be crucial for employees to realize the value of their benefits. Get that here: https://alignco.myflodesk.com/grpjukrjzb
The Healthy Business Matters Podcast releases episodes every Tuesday, making it a valuable resource for those looking to unlock the hidden potential within their employees and enhance overall quality of life.
So, whether you're enjoying your morning coffee or starting your daily commute, this episode provides a fresh perspective on total compensation and its broader implications for employee engagement and satisfaction.
