Employee Benefits: How Digitization Is Helping New Jersey Business Owners
Have you heard of digitization? In recent years, digitization has come to represent companies that use cutting-edge apps, software-as-a-service, and high-tech artificial intelligence (AI) to serve their customers better.
You may have read, on this website, about the advantages of privatizing your NJ TDB coverage. But you may not have given a second thought to digitization. How tech-friendly is your New Jersey insurance broker?
If you’re a New Jersey small business owner struggling to attract or retain employees during the labor shortage, working with an insurance broker with the technology tools to serve you, round-the-clock, in real-time, is important.
New Jersey and the Labor Shortage
It is, perhaps, not a surprise that the pandemic left us with record high unemployment rates across the country. What is surprising, however, is that even as New Jersey businesses, restaurants, venues, and retail shops re-open, business owners face a labor shortage.
The shortage is compounded in New Jersey by the number of people leaving the state. For the third time in a row in 2020, New Jersey has had more residents flee the state than any other state in the country.
A large part of the exodus has to do with the cost of living. According to a survey by United Van Lines, 32.25% of the people who left the state did so to retire, while another 19.03% cited “lifestyle” as the reason for their move.
On the bright side, however, 46.61% of people moved into the state for job opportunities, while only 22.74% left.
Robust Statutory Benefits Draw Employees
It helps that New Jersey has one of the most robust statutory TDB (temporary disability benefits) programs, and this year, added a generous Family Leave Insurance (FLI) component, which rivals neighboring New York’s PFL program that was rolled out in 2017. New York and New Jersey often compete for tech workers and other skilled talent in the workforce.
New Jersey’s FLI program is also better than New York’s for middle income employees, offering 85% of average weekly pay. The cap for New York’s program is slightly higher, but New York only pays 67% of average weekly wages for PFL.
Smart employers sweeten the deal for New Jersey employees with ancillary benefits such as dental, vision, Group Life/AD&D and long-term disability insurance. They can also provide privatized TDB coverage that offers:
- Better service
- Flexible payouts
- Potentially lower rates
These advantages benefit both employers and employees, making it easier for employers, HR directors, and employee benefits supervisors to manage employee benefits.
If you’re looking to privatize TDB coverage in NJ, however, there’s one more factor you should look at: the advantage of digitization.
Managing Employee Benefits for Your New Jersey Business
As a business owner, it’s not always easy to manage employee benefits. As you’re juggling cash flow and focusing on paying your monthly bills, quarterly premiums for NJ TDB can sneak up on you.
That’s why it’s important to have a resource to help you and your employees manage claims, provide superior customer service, and track your insurance renewals before they become cancellations. EZTDB, in business more than 45 years, uses state-of-the-art digital tools to keep clients in the loop regarding renewals and pending cancellations. We can also backdate policies so you are never without coverage.
Our website chat keeps you in direct touch with us to answer questions, explore expanded benefits, and help you save money.
Most importantly, we are continuously innovating ways to use technology to serve our customers even better. We leverage the advantage of digitization alongside our relationships with top carriers to offer New Jersey business owners the best rates on private TDB coverage plus white-glove, personalized service that you won’t receive from the State of New Jersey.
Experience the benefits of a tech-savvy NJ TDB insurance provider today.