As Hiring Ramps Up, Should You Revisit Your Statutory Insurance?
The “Great Resignation” of late 2021 and early 2022 has led to another employment trend for New Jersey business owners and HR managers: an increase in hiring.
In a trend Recruiter.com has deemed “the job hopper economy,” 60% of all millennials would leave their job within the first year for a better offer. And many are doing so, giving the Great Resignation a second moniker: The Great Reshuffling.
Employees are seeking a better work/life balance, opportunities to work remotely, and enhanced employee benefits packages. This is leading to increased recruiting and hiring costs for businesses. Recruiter.com said that recruiting and hiring costs will increase by $50 billion in 2022.
With increased hiring costs – along with greater payroll expenses and expanding workforces – New Jersey business owners may be looking for ways to save money.
Revisit Your Statutory Insurance for Increased Savings
As the profile of your workforce changes with employees leaving and new employees – often remote – taking their places, it may be time to re-evaluate your employee benefits, including statutory insurance.
You may be able to save money by privatizing TDB coverage and bundling it with other employee benefits, such as voluntary worksite benefits and ancillary benefits like dental and vision.
Voluntary worksite benefits encompass coverage such as:
- Long-term care insurance to help protect savings and assets and pay for nursing home, assisted living, and at-home care
- Accident insurance
- Critical illness coverage
Other ancillary benefits include:
- Group Life / AD&D
- Long-term disability
You can sweeten the package with these benefits at a low cost. These benefits can be fully funded by the employer or offered on a voluntary cost-shared basis or fully funded by the employee.
Work with a Broker Who Understands New Jersey Business Needs
Your EZTDB insurance broker in New Jersey can help you evaluate your employee benefits and find gaps in coverage. Filling these holes could benefit everyone in your organization – from hourly workers to executive employees who may face an increased need to protect their assets in a bear stock market.
As employees are evaluating their needs and changing workplaces, business owners need to keep pace and re-evaluate where they are spending their money.
Let EZTDB Provide You with a Free Quote Today
It’s easy to see if you can save money on your statutory TBD insurance in New Jersey. Request a free quote and provide us with the number of lives, male and female, in your organization. We will also need you to download and fill out form AC174.1. Your EZTDB representative can help with this process.
When you privatize TDB insurance, you’ll enjoy personalized service, faster claims payouts with no waiting period, and potential cost savings when you bundle statutory insurance with other benefits that help attract employees to your organization.
There’s no better time than now, when your workforce is expanding and payroll costs are rising, to look at ways you can provide your employees with better benefits while reducing expenses.
EZTDB is here to help you save by privatizing New Jersey TDB now before you pay another quarter’s worth of premiums to the New Jersey State Insurance Fund. Contact us today for your free quote.